Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 October 2013 and unaudited.

Performance at month end is calculated on a cum income basis

                                     One    Three       One     Three
                                   Month   Months      Year     Years
Net asset value*                    4.6%     8.2%     36.8%     70.8%
Net asset value                     4.6%     8.2%     36.8%     59.4%
Share price                         2.3%    12.1%     51.3%     81.3%
Numis plus AIM (ex Inv Cos)         3.7%     8.4%     30.2%     46.4%

Sources: BlackRock and Datastream
* Prior to dilution arising on conversion of subscription shares.

At month end
Net asset value capital only:                317.40p
Net asset value incl. income:                321.32p
Share price:                                 288.00p
Discount to cum income NAV                     10.4%
Net yield:                                      1.2%*
Total assets:                                £235.0m**
Net market exposure as
a % of net asset value^:                      104.7%
Ordinary shares in issue:                73,130,326***

*Calculated using current year interim and prior year final dividends paid.
**Includes current year revenue and excludes the gross exposure through
contracts for difference.
***Excluding 7,400,000 shares held in treasury.
^Long positions less short positions as a percentage of net asset value.

Sector Weightings                        % of total assets

Industrials                                    25.1
Consumer Services                              21.2
Financials                                     21.1
Consumer Goods                                  8.8
Health Care                                     6.7
Technology                                      6.3
Basic Materials                                 6.2
Oil & Gas                                       3.5
Telecommunications                              1.4
Net current liabilities                        -0.3
                                              -----
Total                                         100.0
                                              =====

Market Exposure (Quarterly)

                      30.11.12   28.02.13   31.05.13   31.08.13

Long                    115.6%     118.0%     117.3%     117.5%
Short                    10.8%      10.5%      10.2%      12.0%
Gross exposure          126.4%     128.5%     127.5%     129.5%
Net exposure            104.8%     107.5%     107.1%     105.4%

Ten Largest Equity Investments

Company                                   % of total assets

Bellway                                         2.5
Howden Joinery Group                            2.2
Workspace Group                                 2.1
Senior                                          2.1
ITE Group                                       2.1
Booker Group                                    2.0
Optimal Payments                                1.7
Polar Capital                                   1.6
Dunelm Group                                    1.6
Xaar                                            1.5
 
Commenting on the markets, Mike Prentis and Richard Plackett, representing the
Investment Manager noted:

During October the Company's NAV per share rose by 4.6% on a cum income basis.
The benchmark index rose by 3.7% whilst the FTSE 100 Index rose by 4.3%; again
both on a cum income basis.

The relative contribution in the long only portfolio from stock selection was
positive and from sector allocation was slightly positive. Sector allocation
benefitted from our overweight sector position in housebuilders which again
performed well during the month.

Stock selection was helped by our holdings in ITE Group, Bellway and Polar
Capital. ITE confirmed that it was trading in line with expectations; like for
like revenues were 4% higher in its 4th quarter to 30 September 2013. Bellway
announced strong final results with earnings per share up by 36%. Polar Capital
indicated assets under management had climbed to $11.4billion at 30 September
2013, an impressive rise of 58% since 31 March 2013.

The portfolio suffered from two profit warnings during the month; Anite and
Next Fifteen. Anite experienced contract delays in its handset testing
business, which tends to be lumpy; and Next Fifteen had problems, mainly in its
German subsidiary. Neither are large holdings and the aggregate negative impact
of these two holdings on relative performance was 19 basis points.

The CFD portfolio was flat during the month; gains on the long CFD positions
were substantial but matched by losses on the short CFD positions.

We added a few small holdings during the month: Tungsten, an IPO of an
e-invoicing company; Judges Scientific, a supplier of precision instruments;
and Marshalls, a leading supplier of natural stone and landscaping products.

18 November 2013

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.