Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 28 February 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*                     3.8%     9.2%     34.4%     61.0%
Net asset value                      3.8%     9.2%     34.4%     52.5%
Share price                          2.2%    10.8%     43.7%     73.2%
Benchmark**                          5.1%     9.5%     28.2%     46.0%

Sources: BlackRock and Datastream

* 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.

At month end
Net asset value capital only:                355.57p
Net asset value incl. income:                356.34p
Share price:                                 318.12p
Discount to cum income NAV                     10.7%
Net yield:                                      1.3%*
Total assets:                                £263.2**
Net market exposure as
a % of net asset value^:                      108.1%
Ordinary shares in issue:                73,130,326***

*Calculated using current year interim and final dividends paid or payable.
**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                                    26.9
Financials                                     21.9
Consumer Services                              18.6
Consumer Goods                                  8.6
Technology                                      7.8
Basic Materials                                 6.7
Health Care                                     6.6
Oil & Gas                                       3.2
Telecommunications                              1.5
Net current liabilities                        -1.8
                                              -----
Total                                         100.0
                                              =====

Market Exposure (Quarterly)

                      31.05.13   31.08.13   30.11.13   28.02.14  

Long                    117.3%     117.5%     118.4%     118.8%    
Short                    10.2%      12.0%      11.2%      10.7%     
Gross exposure          127.5%     129.5%     129.6%     129.5%    
Net exposure            107.1%     105.4%     107.2%     108.1%    

Ten Largest Equity Investments

Company                                  % of total assets

Optimal Payments                                2.3
Bellway                                         2.0    
Workspace Group                                 1.9
Senior                                          1.8
Xaar                                            1.7
Elementis                                       1.7
Restaurant Group                                1.6
Avon Rubber                                     1.6
Dunelm Group                                    1.6
Polar Capital Holdings                          1.6
 
Commenting on the markets, Mike Prentis and Richard Plackett, representing the
Investment Manager noted:

During February the Company's NAV per share rose by 3.8%. The benchmark index
rose by 5.1% whilst the FTSE 100 Index rose by 5.0%; all figures on a total
return basis.

The relative contribution from stock selection was negative, the contribution
from sector allocation was negligible whereas the contribution from the CFD
portfolio was positive.

The largest negative contributor to stock selection was our holding in Hyder
Consulting, whose shares fell by 33% during the month; the negative impact on
relative performance was 0.5%. Hyder, a firm of consulting engineers, warned
that profits for the year ending 31 March 2014 would fall short of
expectations. The main reason for this was attributed to contract award delays
in Australia, as the relatively new Government decides on how to finance
planned infrastructure projects, some of which Hyder is helping to design.
Earnings forecasts were cut by an average of 20% for the current and following
financial year. We regard Hyder management highly, and recognise this type of
business can be lumpy.  The shares are now valued at approximately 12 times
current year earnings and 60% of sales which we consider to be attractive in
the current market; the balance sheet is strong. Although the shares continue
to have risks we feel the risk reward balance is skewed to the upside on a
medium term view.

On the positive side Optimal Payments made another good contribution to
performance. Optimal is growing fast, is high margin and very cash generative.

The CFD portfolio had a positive month with significant gains on the long CFDs
exceeding losses on the shorts.

During February we trimmed further some of our holdings in larger midcaps, many
of which have performed well and look quite fully valued. We have used the
proceeds to take small new positions in DX Group, a mail, parcels and logistics
business which completed an IPO at an attractive valuation. We also took part
in placings in Tarsus, the exhibitions group which has an emerging market focus
that has held back its valuation recently, but which is expected work in its
favour over the medium term; and Hayward Tyler, a manufacturer of electric
motors and pumps used in high temperature and pressure applications, often in
the oil & gas and power sectors.

12 March 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.