Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 30 June 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*                    -2.4%    -6.2%     19.1%      44.1%
Net asset value                     -2.4%    -6.2%     19.1%      38.3%
Share price                         -4.2%   -10.3%     20.0%      50.9%
Benchmark**                         -1.8%    -3.9%     19.7%      35.6%

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 indices have been blended to
reflect this.

At month end
Net asset value capital only:                323.76p
Net asset value incl. income:                326.98p
Share price:                                 279.00p
Discount to cum income NAV                     14.7%
Net yield:                                      1.4%*
Total Gross assets:                          £239.1m**
Net market exposure as
a % of net asset value^:                      104.8%
Ordinary shares in issue:                 73,130,326***
 
*Calculated using prior year interim and 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                                    29.3
Consumer Services                              18.2
Financials                                     17.9
Technology                                      8.4
Basic Materials                                 7.6
Health Care                                     6.5
Consumer Goods                                  5.6
Oil & Gas                                       4.0
Telecommunications                              1.8
Net current liabilities                         0.7
                                              -----
Total                                         100.0
                                              =====
 
Market Exposure (Quarterly)

                      31.08.13   30.11.13   28.02.14   31.05.14  

Long                    117.5%     118.4%     118.8%     116.9%    
Short                    12.0%      11.2%      10.7%      12.4%     
Gross exposure          129.5%     129.6%     129.5%     129.3%    
Net exposure            105.5%     107.2%     108.1%     104.5%    

Ten Largest Investments

Company                                  % of total assets

Senior Engineering                             2.6
Workspace Group                                2.4
Restaurant Group                               2.0
Optimal Payments                               1.8
Elementis                                      1.8
Victrex                                        1.8
Dunelm Group                                   1.8
Bodycote                                       1.8
Polar Capital Holdings                         1.7
Rathbone Brothers                              1.7

Commenting on the markets, Mike Prentis and Ralph Cox*, representing the
Investment Manager noted:

During June the Company's NAV per share fell by 2.4% on a cum income basis
whilst the benchmark index fell by 1.8%.  By contrast the FTSE 100 Index fell
by 1.2% (all on a total return basis).

Slight underperformance was driven by stock selection, sector allocation was
slightly positive. The CFD portfolio incurred a loss with losses on the long
portfolio exceeding gains on the short portfolio.

The only individual stock which materially impacted on relative performance
during the month was Xaar, which is held in the long only portfolio and also as
a long CFD. Following a strong operational and share price performance in
2013, Xaar had already indicated that 2014 was likely to be a dull year, and the
shares gave up some of the gains of 2013. In June, Xaar released a further
update which indicated 2014 revenues are expected to be 3% lower than in 2013,
and that it had seen a higher level of competition in the ceramics market with
some price pressure. New product launches are still a way off, but indications
from potential customers to date have been encouraging. The shares fell by a
further 39% during the month and have more than halved from their highs at the
turn of the calendar year. We decided to reduce our holding for now, taking it
down to approximately 0.7% of the gross portfolio.

We further reduced our exposure to the UK housing market, an exposure which has
served us well over the last 18 months or so. We completed the disposal of
our holdings in Bellway and Countrywide and used the proceeds to start a
holding in Hellermann Tyton, a global supplier of cable fasteners, mainly to the
automotive market. We see the company doing well as a consequence of increasing 
car production, especially in Europe.  Its products are designed in for car model
life spans, so revenues are relatively predictable and the shares are
attractively valued.

We have continued to be wary of most IPOs. However we did make an investment in
FDM during the month. FDM Group is an international professional services
provider specialising in the recruitment, training and deployment of its own
permanent IT Consultants. FDM employs high-calibre graduates, typically with
science, technology, engineering and maths degrees, as well as ex-military
personnel, providing them with high quality training to qualify them to become
FDM Consultants. On completion of their training, FDM Consultants are deployed
on client sites, as full-time employees of the Group. FDM's track record is
good and the shares were offered at a sensible price at IPO.

*From 1 April 2014, Richard Plackett is on a six-month sabbatical. During this
period the BlackRock Throgmorton Trust plc is being co-managed by Ralph Cox.

16 July 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.