Change of investment objective/policy/change of...

The Throgmorton Trust PLC

Proposed amendment to investment objective and policy and change of name of the
Company

25 September 2013

Following positive consultation with the Company's largest shareholders, the
Board of The Throgmorton Trust PLC (the "Company") is today announcing
proposals to adopt a new benchmark which will require an amendment to the
current investment objective and policy of the Company. The proposal to adopt
the new benchmark reflects the evolution of the portfolio in recent years
during which time exposure to AIM stocks has declined from c.40% to c.20% of
the portfolio.

The Board is proposing to change the benchmark index from the Numis Smaller
Companies plus AIM (excluding Investment Companies) Index to the Numis Smaller
Companies excluding AIM (excluding Investment Companies) Index, and to reduce
the maximum percentage which may be held in AIM stocks from 50% of the equity
portfolio to 25% of gross assets.

Shareholder approval for the proposed amendment to the Company's investment
objective and policy will be sought at a general meeting to be held in November
2013. A circular and notice of general meeting setting out further details of
the proposals will be sent to shareholders in due course.

Subject to shareholder approval, the proposed changes will take effect from 
1 December 2013.

The Directors also intend to reduce the performance fee cap and to change the
name of the Company to BlackRock Throgmorton Trust PLC with effect from 1
December 2013 under the authority provided to them in the Company's Articles of
Association.

Subject to shareholder and regulatory approval, the full text of the proposed
new investment objective and policy is as follows:

"The Company's objective is to provide shareholders with capital growth and an
attractive total return through investment primarily in UK smaller and mid
capitalisation companies listed on the main market of the London Stock
Exchange.

The Company's performance will be measured against the Numis Smaller Companies
excluding AIM (excluding Investment Companies) Index (the "Index").

The Company may hold up to 25% of its gross assets, measured at the time of
investment, in equities or collective investment vehicles traded on the AIM
Market of the London Stock Exchange.

The Investment Manager may invest in companies outside the Index without
restriction subject to the limits noted above.

In addition to holding a conventional long only portfolio of UK smaller and mid
capitalisation equities, the Company also holds approximately 30% of its net
assets in a portfolio of contracts for difference ("CFDs") and / or comparable
equity derivatives which provide both long and short exposure. Under normal
circumstances, the long only portfolio is expected to comprise 100% of the
Company's net assets. Therefore, the Company typically has gross exposure of
130% of net assets, albeit that some of this exposure represents short
positions.

Portfolio risk will be mitigated by investment in a diversified portfolio of
companies. No more than 5% of the Company's gross assets, at the time of
acquisition, may be invested in any one single company and the Company will not
invest more than 10% of its gross assets, at the time of acquisition, in other
listed closed-ended investment funds, unless such companies have a stated
investment policy not to invest more than 15% of their gross assets in other
listed closed-ended investment funds, in which case the limit is 15% of gross
assets.

The Board's policy is that the net gearing ie borrowings less cash, should not
exceed 20% of gross assets, however, the Company is geared primarily through
its CFD portfolio."

Enquiries:

BlackRock Investment Management (UK) Limited
Simon White
0207 743 5284

Oriel Securities
Mark Bloomfield
Neil Winward
0207 710 7600