Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 April 2012 and unaudited.

Performance at month end is calculated on a cum income basis

                                      One    Three       One     Three
                                    Month   Months      Year     Years
Net asset value*                     1.2%    10.1%     -0.3%    147.5%
Net asset value                      1.2%    10.1%     -5.6%    131.0%
Share price                         -2.3%     8.5%     -1.1%    135.5%
Numis plus AIM (ex Inv Cos)**       -0.9%     6.4%     -4.3%     72.9%

Sources: BlackRock and Datastream

* Prior to dilution arising on conversion of subscription shares.
** The Hoare Govett Smaller Companies (ex Investment Companies) Index against
which the Company's benchmark was renamed the Numis Smaller Companies (ex
Investment Companies) Index with effect from 28 March 2012.

At month end
Net asset value capital only:                233.68p
Net asset value incl. income:                234.67p
Share price:                                 189.38p
Discount to cum income NAV                     19.3%
Net yield:                                      1.7%*
Total assets:                                £174.7m**
Net market exposure as
a% of net asset value:                        109.9%
Ordinary shares in issue:                 73,130,326***
 
*Calculated using prior year interim and final dividends paid.
**Includes current year revenue.
***Excluding 7,400,000 shares held in treasury.

Ten Largest Sector
Weightings                            % of total assets

Oil & Gas Producers                            10.2
Support Services                               10.0
Electronic & Electrical Equipment               8.5
Software & Computer Services                    7.5
Mining                                          6.4
Chemicals                                       6.3
Media                                           5.5
Financial Services                              5.1
General Retailers                               4.4
Industrial Engineering                          3.9
                                               ----
Total                                          67.8
                                               ====

Market Exposure (Quarterly)

                      29.02.12   30.11.11   31.08.11   31.05.11

Long   	               119.8%     113.7%     116.4%     118.7%
Short                    13.0%      13.4%      12.7%      13.8%
Gross exposure          132.8%     127.1%     129.1%     132.5%
Net exposure            106.8%     100.3%     103.7%     104.9%

Ten Largest Equity Investments (in alphabetical order)
Company

Bellway
Booker
Elementis
Hargreaves Services
ITE
Oxford Instruments
Senior
Spirax Sarco Engineering
Victrex
Yule Catto

Commenting on the markets, Mike Prentis and Richard Plackett, representing the
Investment Manager noted:

During April the NAV on a cum income basis rose by 1.2%; the benchmark fell by
0.9%. The FTSE 100 Index fell by 1.7% during the month.

Outperformance was driven by both stock selection and sector allocation, with
sector allocation more substantial, and a strong performance from the CFD
portfolio. Positive sector allocation was driven largely by our 
overweight position in electronics and electrical equipment, a complete
reversal of March's underperformance in this sector.

No one long only portfolio stock contributed more than 0.25% to relative
performance, the largest contributor being our holding in Spirax Sarco
Engineering, whose shares rose 12% over the month. Newsflow in the month was
generally positive; this included good trading updates from core holdings
Senior and Elementis, and from Vectura whose partner, Novartis, disclosed good
Phase 111 QVA149 data.

There were no significant individual detractors from relative performance
during the month.

The CFD portfolio had a strong month with realised and unrealised gains of just
over £1.5million. Substantial gains were achieved on the long CFDs and good
gains on the shorts.

Following disposal of our holding in Cove Energy, which was bid for by Shell,
we invested in Ophir Energy, exploring, like Cove, off the coasts of Africa;
and Coastal Energy, an oil producer mainly producing offshore Thailand.

Net exposure to the market stock currently stands at 108%.

17 May 2012

ENDS

Latest information is available by typing www.blackrock.co.uk/thrg on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).  Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.