Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 31 July 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*                    -0.7%    -4.0%     10.3%      43.5%
Net asset value                     -0.7%    -4.0%     10.3%      37.7%
Share price                         -1.3%    -9.6%      8.2%      45.0%
Benchmark**                         -1.1%    -2.4%     11.0%      35.3%

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:                320.82p
Net asset value incl. income:                323.78p
Share price:                                 274.50p
Discount to cum income NAV                     15.2%
Net yield:                                      1.5%*
Total Gross assets:                          £236.8m**
Net market exposure as
a % of net asset value^:                      100.9%
Ordinary shares in issue:                73,130,326***
2014 Ongoing charges^^:                         1.1%
2014 Ongoing charges ratio (including
performance fees):                              3.0%

* 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.
^^Calculated as a percentage of average net assets and using expenses,
excluding performance fees and interest costs for the year ended
30 November 2013.

Sector Weightings                        % of total assets

Industrials                                    30.6
Consumer Services                              18.3
Financials                                     17.6
Basic Materials                                 8.7
Technology                                      7.9
Health Care                                     6.7
Consumer Goods                                  5.4
Oil & Gas                                       3.7
Telecommunications                              2.0
Net current liabilities                        (0.9)
                                              -----
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

Workspace Group                                2.6
Senior Engineering                             2.4
Restaurant Group                               2.0
Rathbone Brothers                              2.0
Bodycote                                       1.9
Optimal Payments                               1.8
Elementis                                      1.8
Avon Rubber                                    1.8
Tyman                                          1.8
Keller Group                                   1.7
 
Commenting on the markets, Mike Prentis and Ralph Cox*, representing the
Investment Manager noted:

During July the Company's NAV per share fell by 0.7%, whilst the benchmark
index fell by 1.1%; by contrast the FTSE 100 Index fell by 0.1%. All data is on
a cum income basis.

Modest outperformance was driven by stock selection. The impact from sector
allocation was neutral, as was the contribution from the CFD portfolio where
losses on the long CFDs were very closely matched by gains on the short CFDs.

The largest individual stock contributor to relative outperformance was Hyder
Consulting. Hyder received a bid from Arcadis. In early August, Nippon Koei
announced a slightly higher offer for Hyder. During July, Hyder shares rose by
41%, a welcome and full recovery to the level before the profit warning earlier 
this year.

On the negative side, Blinkx indicated that revenue growth had slowed;
forecasts were cut. We decided to sell our holding.

Activity within the portfolio was limited during the month.

*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.

15 August 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.