Interim Management Statement

BLACKROCK THROGMORTON TRUST PLC   

Interim Management Statement - 3 months to 31 August 2014

To the members of BlackRock 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 2014 to 
31 August 2014, 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 by investing primarily in UK smaller companies and
mid-capitalisation companies listed on the main market of the London Stock
Exchange.

Stock Performance
Cumulative Performance (%):

                                   One      Three        One      Three
                                 Month     Months       Year      Years
Net Asset Value*                  2.6%      -0.5%      11.9%      66.9%
Net Asset Value                   2.6%      -0.5%      11.9%      62.4%
Share Price                       4.6%      -1.2%       9.3%      67.8%
Benchmark**                       1.6%      -1.3%      11.2%      51.8%

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

*Prior to dilution arising on conversion of subscription shares.

**With effect from 1 December 2013 the Numis Smaller Companies excluding AIM
(excluding investment companies) Index replaced the Numis Smaller Companies
plus AIM (excluding investment companies) Index as the Company's benchmark. For
the one year and three year periods the above indices have been blended to
reflect this.

Ten Largest Investments at 31 August 2014

Company                % of total assets

Workspace Group               2.5
Senior Engineering            2.4
Bodycote                      1.9
Elementis                     1.9
Ted Baker                     1.9
Optimal Payments              1.8
Restaurant Group              1.8
Rathbone Brothers             1.7
Keller Group                  1.7
Avon Rubber                   1.7

Financial position and performance as at 31 August 2014

Gross assets (includes current year revenue    £243.0m  
and excludes gross exposure through                   
contracts for difference)                             
                                                      
Short term borrowings                              Nil    
                                                      
Net asset value capital only                   329.27p  
                                                      
Net asset value including income               332.25p  
                                                      
Share price                                    287.00p  
                                                      
Ordinary shares in issue (excluding         73,130,326
7,400,000 shares held in treasury)                    
                                                      
Discount to cum income NAV                       13.6%   
                                                      
Net yield (calculated using current year          1.4%   
interim and prior year final dividends                
paid)                                                 
                                                      
Net market exposure as a % of net asset         100.0%  
value (long positions less short positions            
as a % of net asset value)                            
                                                      
2013 ongoing charges (calculated as a             1.1%   
percentage of average net assets and using            
expenses, excluding performance fees and              
interest costs for the year ended 30                  
November 2013)                                        
                                                      
2013 ongoing charges ratio (including             3.0%   
performance fees)                                     
                                                      
CFDs - short                                    £32.8m  
                                                     
CFDs - long                                     £33.0m  

Material Events/Transactions

Material events or transactions, during the three months to 31 August 2014, and
from 1 September 2014 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 2014 on 24 July 2014.

Dividend

An interim dividend of 0.80 pence per share was declared on 24 July 2014,
payable on 22 August 2014 to shareholders on the register on 1 August 2014
(ex-dividend date 30 July 2014).

Alternative Investment Fund Managers Directive ("AIFMD")

On 2 July 2014 the Company announced that with immediate effect it had entered
into arrangements necessary to ensure compliance with the AIFMD.

The Company's board of Directors ("the Board") approved the appointment of
BlackRock Fund Managers Ltd ("BFM") as the Company's alternative investment
fund manager (the "AIFM") on the terms of and subject to the conditions of a
new investment management agreement between the Company and BFM. BFM was
approved as an AIFM by the UK's Financial Conduct Authority on 1 May 2014. The
existing investment management agreement between the Company and BlackRock
Investment Management (UK) Limited ("BIMUK"), which is not authorised as an
AIFM, was terminated.

The Board appointed BNY Mellon Trust & Depositary (UK) Limited (the
"Depositary") to act as the Company's depositary (as required by the AIFMD) on
the terms and subject to the conditions of a depositary agreement between the
Company, BFM and the Depositary.

BIMUK continues to act as company secretary to the Company and as the Company's
Investment Manager under a delegation agreement with BFM.

Change in NAV and Share Price

For the period 1 September 2014 to 24 September 2014 the Company's NAV decreased 
by 2.7% and the share price by 2.7%.

The unaudited cum-income net asset value for the BlackRock Throgmorton Trust
plc at the close of business on 24 September 2014 was 323.20 pence.

Portfolio Management Team

On 26 September 2014 the Board of BlackRock Throgmorton Trust plc announced a 
change in the lead portfolio manager of its Contracts for Difference (CFD) 
portfolio.

Richard Plackett, formerly manager of the Company's CFD portfolio, which
represented approximately 27% of the Company's net assets as at 31 August, will
return to BlackRock from sabbatical leave on 7 October 2014. On his return Richard
will step down as lead manager of the Company's CFD portfolio but will remain a
member of BlackRock's UK Mid and Small Cap equity team with a particular focus
on stock picking.

Ralph Cox, who assumed responsibility for the portfolio from 1 April, will
continue as lead fund manager, supported by Richard Plackett, Dan Whitestone
and Lucy Marmion, all members of the UK Mid and Small Cap team. Ralph has
worked alongside Richard in managing the Company's CFD portfolio since 2008. He
has also been co-manager of the BlackRock UK Emerging Companies Hedge Fund Limited 
since May 2004.

Mike Prentis remains manager of the Company's long only portfolio.

The Board is not aware of any other material events or transactions, except as
disclosed herein, occurring between 1 September 2014 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.