Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 30 April 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*                    -3.1%    -1.5%     24.9%     39.4%
Net asset value                     -3.1%    -1.5%     24.9%     47.3%
Share price                         -2.1%    -2.2%     33.6%     63.6%
Benchmark**                         -2.7%    -0.5%     21.3%     34.3%

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:                336.25p
Net asset value incl. income:                338.10p
Share price:                                 304.50p
Discount to cum income NAV                      9.9%
Net yield:                                      1.3%*
Total assets:                                £247.3m**
Net market exposure as
a % of net asset value^:                      106.1%
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                                    28.1
Financials                                     19.0
Consumer Services                              19.0
Technology                                      8.0
Consumer Goods                                  7.1
Basic Materials                                 6.9
Health Care                                     6.8
Oil & Gas                                       4.0
Telecommunications                              1.7
Net current liabilities                        -0.6
                                              -----
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

Workspace Group                                1.8
Senior Engineering                             1.8
Optimal Payments                               1.7
Elementis                                      1.7
Avon Rubber                                    1.7
Headlam Group                                  1.7
Polar Capital Holdings                         1.6
Restaurant Group                               1.6
Dunelm Group                                   1.4
Paragon Group                                  1.4

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

During April the Company's NAV per share fell by 3.1% whilst the benchmark
index fell by 2.7%; by contrast the FTSE 100 Index rose by 3.1%, helped by the
bid approach for AstraZeneca (all figures on a total return basis).

April was a difficult month for midcaps and AIM with a reversal of the recent
momentum trend. It seems hedge funds were reducing their market exposures, and
this often meant taking profit in the generally higher quality stocks which
have performed well and buying back shorts in some lower quality companies. In
such phases it is clearly more difficult to hold good companies and also
outperform. We think this phase is now largely over. 

The relative contribution from long only portfolio stock selection was slightly
positive during April. There was no overall contribution from sector allocation
but the contribution from the CFD portfolio was negative. With markets falling
and the CFD portfolio net long we experienced losses on the long CFD portfolio
which exceeded the gains on the short CFDs.

Looking at stock selection the best relative contribution from holdings in the
month came from Faroe Petroleum and ITE Group. Faroe had a discovery in the
Norwegian Sea which tested well; increased acquisition activity in the sector
probably also helped. ITE shares partly recovered from the large fall in March.

The largest negative contributor to stock selection in the month came from
Blinkx. Blinkx shares continued to come under pressure despite a positive
capital markets day and trading update.

Sector allocation was impacted negatively by our overweight position in
housebuilders which were sold off in April. Investors are worried that the
housing market is too hot and measures will be taken to calm it. We do not see
this as necessarily being bad for either the housebuilders or the estate
agents. However, our overweight position in general financials was helpful and
this counterbalanced the negative contribution from housebuilders.

We continued to reduce some of our holdings in larger midcaps and used the
proceeds to gain greater exposure to companies benefitting from the gradual
improvement in the economies of Continental Europe. We also added a small
holding in Skyepharma, a drug delivery company, which completed a large
placing.  Skyepharma uses its know-how, capabilities and proprietary drug
delivery technologies to develop new formulations of existing products as well
as new chemical entities. Their best selling product is Flutiform, a treatment
for asthma. Flutiform is approved for sale in many European countries and
Japan; the first sales were achieved in September 2012 and are growing
strongly.

*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 May 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.