Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 30 November 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*                    2.4%     9.6%     40.1%     71.0%
Net asset value                     2.4%     9.6%     40.1%     60.8%
Share price                         0.7%     9.0%     52.3%     86.5%
Numis plus AIM (ex Inv Cos)         1.2%     8.1%     31.6%     48.5%

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

At month end
Net asset value capital only:                325.28p
Net asset value incl. income:                329.19p
Share price:                                 290.00p
Discount to cum income NAV                     11.9%
Net yield:                                      1.2%*
Total assets:                                £240.7m**
Net market exposure as
a % of net asset value^:                      107.2%
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                                    25.2
Consumer Services                              21.8
Financials                                     20.2
Consumer Goods                                  9.2
Technology                                      7.5
Health Care                                     6.5
Basic Materials                                 6.2
Oil & Gas                                       3.2
Telecommunications                              1.5
Net current liabilities                        -1.3
                                              -----
Total                                         100.0
                                              =====

Market Exposure (Quarterly)

                      28.02.13   31.05.13   31.08.13   30.11.13

Long                    118.0%     117.3%     117.5%     118.4%
Short                    10.5%      10.2%      12.0%      11.2%
Gross exposure          128.5%     127.5%     129.5%     129.6%
Net exposure            107.5%     107.1%     105.4%     107.2%

Ten Largest Equity Investments

Company                                  % of total assets

Bellway                                         2.4
Booker Group                                    2.1
Workspace Group                                 2.1
Senior                                          2.0
ITE Group                                       1.9
Optimal Payments                                1.9
Howden Joinery Group                            1.8
Xaar                                            1.8
Dunelm Group                                    1.6
Oxford Instruments                              1.6

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

During November the Company's NAV per share rose by 2.4% on a cum income basis.
The benchmark index rose by 1.2% whilst the FTSE 100 Index fell by 0.8%; 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. The CFD portfolio
performed well during the month with good gains achieved on long CFD positions
and only very modest losses on short CFD positions.

Stock selection was helped by our holding in Telit Communications, as its
shares rose by 60% during month. Telit design machine to machine modules used
in most cellular technologies including short range technologies. During
October Telit indicated that revenues for the first 9 months of the year were
up by 14% and it anticipated meeting market expectations for the full year.
Other strong share price performances came from our holdings in Xaar and
Blinkx.

The largest detractor from relative performance during the month was BTG, a
company which is in the benchmark index but not held in the portfolio. BTG
shares rose by 32% during the month. The portfolio suffered from a profit
warning by Speedy Hire during the month. Speedy Hire experienced accounting
fraud in its Middle Eastern subsidiary and its shares fell by 22% during the
month. However, the holding is quite small and the impact on relative
contribution was 9 basis points.

12 December 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.
  ND