Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 31 January 2014 and unaudited.

Performance at month end is calculated on a cum income basis

                                      One    Three       One     Three
                                    Month   Months      Year     Years
Net asset value*                     1.2%     7.8%     36.6%     57.7%
Net asset value                      1.2%     7.8%     36.6%     48.3%
Share price                         -0.1%     9.2%     49.7%     73.1%
Benchmark~                           1.2%     5.5%     26.8%     40.1%

Sources: BlackRock and Datastream

~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 three month, one year and three year periods the above indices have
been blended to reflect this.

* Prior to dilution arising on conversion of subscription shares.

At month end
Net asset value capital only:                341.72p
Net asset value incl. income:                346.49p
Share price:                                 314.50p
Discount to cum income NAV                      9.2%
Net yield:                                      1.1%*
Total assets:                                £254.9m**
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                                    28.1
Financials                                     19.8
Consumer Services                              19.0
Consumer Goods                                  9.1
Technology                                      7.2
Health Care                                     7.1
Basic Materials                                 6.5
Oil & Gas                                       3.0
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                                         2.2
Optimal Payments                                2.2    
Workspace Group                                 2.0
Senior                                          1.9
Xaar                                            1.9
Howden Joinery                                  1.7
Avon Rubber                                     1.7
Polar Capital Holdings                          1.7
ITE Group                                       1.7
Dunelm Group                                    1.6
 
Commenting on the markets, Mike Prentis and Richard Plackett, representing the
Investment Manager noted:

During January the Company's NAV per share rose by 1.2% on a cum income basis;
this was in line with the increase in the benchmark index. The FTSE 100 Index
fell by 3.5%; all figures on a cum income basis.

The relative contribution from sector allocation was positive, but the
contributions from stock selection and the CFD portfolio were negative.  Sector
allocation was helped by our overweight position in housebuilders and our
underweight position in oil & gas companies.

The largest negative contributor to stock selection was our holding in Blinkx,
which fell by 38% during the month; the negative impact on relative
performance was 0.4%. The fall was caused by the publication of research into
Blinkx's business model which effectively suggested that Blinkx was charging
for some adverts which were not seen by consumers of its video content. This
research was commissioned by anonymous parties, believed to be US hedge funds
with a short interest. Blinkx's management has strongly refuted the assertions in
the research.

Positive contributors to stock selection included Optimal Payments, UTV Media
and Headlam.

The CFD portfolio had a difficult month, not helped by holding a long CFD in 
Blinkx shares.

During January we sold or trimmed some of our holdings in larger midcaps,
including Thomas Cook and Jupiter Fund Management. They are no longer in our
benchmark, and both are high beta shares where we are less close to management
than usual. We have used the proceeds to take small new positions in a few
interesting microcaps, including Netcall, Incadea and Tracsis.

12 February 2014

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.