Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 JANUARY 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 (undiluted)          7.2%     1.7%    -10.1%    146.0%
Net asset value (diluted)            7.2%     1.7%     -3.0%    146.0%
Share price                         12.7%     9.3%     -5.7%    171.9%
HGSC plus AIM (ex Inv Cos)           8.3%     4.3%     -6.7%    100.7%

Sources: BlackRock and Datastream

At month end
Net asset value capital only:                212.87p
Net asset value incl. income:                215.59p
Share price:                                 177.00p
Discount to cum income NAV                      17.9%
Net yield:                                      1.7%*
Total assets:                                £159.1m**
Net market exposure as
a % of net asset value:                       104.2%
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

Support Services                               10.0
Oil & Gas Producers                             8.9
Software & Computer Services                    8.7
Electronic & Electrical Equipment               8.2
Mining                                          7.1
Media                                           5.7
Chemicals                                       4.9
General Retailers                               4.8
Pharmaceuticals & Biotechnology                 4.7
Financial Services                              4.6
                                               ----
Total                                          67.6
                                               ====

Market Exposure (Quarterly)

                   28.02.11  31.05.11  31.08.11   30.11.11

Long                 129.2%    118.7%    116.4%     113.7%
Short                  9.3%     13.8%     12.7%      13.4%
Gross exposure       138.5%    132.5%    129.1%     127.1%
Net exposure         119.9%    104.9%    103.7%     100.3%

Ten Largest Equity Investments (in alphabetical order)
Company

Aveva Group
Bellway
City of London Group
Fidessa
Hargreaves Services
ITE
Oxford Instruments
Senior
Spirax-Sarco Engineering
Yule Catto

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

During January the NAV on a cum income basis rose by 7.2%; the benchmark rose
by 8.3%. By contrast, the FTSE 100 Index rose by only 2.0% during the month.

Performance was driven by good sector allocation; in particular the large
overweight position in electronics companies was beneficial. Stock selection
was rather disappointing; our largest detractor from performance came from
Oxford Instruments. This company is our largest holding and after a strong
share price performance in prior months the shares were dull, falling 4.2% in a
rising market, despite a good trading statement mid-month. Stock selection was
also negatively impacted by not owning a number of larger constituents of our
benchmark, a number of which joined it when it was rebalanced on 1 January
2012.

The CFD portfolio had a difficult month. Some of the stocks in which we were
short performed strongly, suggesting short closing. Our long CFDs performed
well, but overall the CFD portfolio lost money.

Newsflow from the portfolio was generally good during the month, with many
holdings announcing trading updates. Given the uncertainty over the funding of
peripheral European countries, these trading updates were rather more robust
than might have been expected.

During the month we looked to increase portfolio risk modestly. This was a
reflection of improving sentiment in equity markets, improving macro-economic
data especially from the US, and the better than expected portfolio trading
updates over the last 6 weeks or so. We decided to reduce our underweight
position in oil & gas producers, adding holdings in Valiant Petroleum and
Salamander Energy, both existing oil producers with interesting drilling
programmes in 2012, and both trading at attractive valuations. Despite these
and other moves, our long only portfolio beta remains 0.90. We have closed some
short CFD positions; the net exposure of the Company to the market has
increased to 104%.

22 February 2012

ENDS

Latest information is available by typing www.thrgplc.co.uk 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.