Interim Management Statement

THE THROGMORTON TRUST PLC    

Interim Management Statement - 3 months to 31 August 2013

To the members of The Throgmorton Trust PLC

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure & Transparency Rules. It
should not be relied on by any other party for any other reason.

This interim management statement relates to the period from 1 June 2013 to 
31 August 2013, and contains information that covers this period, and up to the
date of publication of this interim management statement. Please note more
detailed performance information, including the latest month end announcements
are available on the Manager's website-www.blackrock.co.uk/thrg.

The Company's objective is to provide shareholders with capital growth and an
attractive total return from investment predominantly in UK smaller companies
which are listed on the main market or traded on the AIM market.

Stock Performance

Cumulative Performance (%):
                                   One      Three        One      Three
                                 Month     Months       Year      Years
Net Asset Value*                  1.1%       4.7%      35.8%      93.5%
Net Asset Value                   1.1%       4.7%      35.8%      80.7%
Share Price                       3.5%       9.6%      48.3%      99.5%
Numis plus AIM (ex Inv Cos)       1.5%       4.8%      28.7%      54.5%

All performance figures are in £ on a total return basis.

*Prior to dilution arising on conversion of subscription shares.

Ten Largest Equity Holdings at 31 August 2013 (in alphabetical order)

Bellway
Howden Joinery
Workspace Group
Senior
Dunelm Group
ITE Group
Booker
Restaurant Group
Oxford Instruments
Ashtead Group

Financial position and performance as at 31 August 2013

Gross Assets (£m)*                                219.7
Short term borrowings (£m)                          Nil
Net asset value - capital only                  297.17p
Net asset value - including income              300.35p
Share Price                                     266.00p
Ordinary Shares in issue**                   73,130,326
Net market exposure as a % of net                105.4%
asset value (long positions less short                 
positions as a % of net asset value)                   
CFDs - short (£m)                                  26.4
CFDs - long (£m)                                   34.5

*Includes current year revenue and excludes the gross exposure through
contracts for difference.

**not including 7,400,000 shares held in treasury

Material Events/Transactions

Material events or transactions, during the three months to 31 August 2013, and
from 1 September 2013 to the date of publication of this report are disclosed
below. The Company was not involved in any other material transactions during
the period except the purchase and sale of securities undertaken in the normal
course of its business.

Half Yearly Financial Report

The Company announced its half yearly financial results for the period ended 
31 May 2013 on 23 July 2013.

Dividend

An interim dividend of 0.75 pence per share was declared on 23 July 2013,
payable on 23 August 2013 to shareholders on the register on 2 August 2013
(ex-dividend date 31 July 2013).

Proposed Amendment to the Investment Objective and Policy

On 25 September 2013, following positive consultation with the Company’s 
largest shareholders, the Board of The Throgmorton Trust PLC (the “Company”) 
announced 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.”

Change in NAV and Share Price

For the period 1 September 2013 to 24 September 2013 the Company's NAV rose by
2.8% and the share price by 7.5%.

The unaudited cum-income net asset value for The Throgmorton Trust PLC at the
close of business on 24 September 2013 was 308.67 pence.

The Board is not aware of any other material events or transactions, except as
disclosed herein, occurring between 31 July 2013 and the date of publication of
this interim management statement which would have a material impact on the
financial position of the Company.

Contact details:

Kerry Higgins
Secretary
Tel: [phone]

Please note more detailed performance information is available on the
Investment Manager's website: www.blackrock.co.uk/thrg. 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.