Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 31 August 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*                     2.6%    -0.5%     11.9%      66.9%
Net asset value                      2.6%    -0.5%     11.9%      62.4%
Share price                          4.6%    -1.2%      9.3%      67.8%
Benchmark**                          1.6%    -1.3%     11.2%      51.8%

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:                329.27p
Net asset value incl. income:                332.25p
Share price:                                 287.00p
Discount to cum income NAV                     13.6%
Net yield:                                      1.4%*
Total Gross assets:                          £243.0m**
Net market exposure as
a % of net asset value^:                      100.0%
Ordinary shares in issue:                73,130,326***
2013 Ongoing charges^^:                         1.1%
2013 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.
^^ Calculated as a percentage of average net assets and using expenses,
excluding performance fees and interest costs for the year ended
30 November 2013.
^Long positions less short positions as a percentage of net asset value.

Sector Weightings                        % of total assets

Industrials                                    29.5
Consumer Services                              18.3
Financials                                     17.0
Technology                                      8.3
Basic Materials                                 8.3
Health Care                                     6.9
Consumer Goods                                  5.9
Oil & Gas                                       3.6
Telecommunications                              2.3
Net current liabilities                        -0.1
                                              -----
Total                                         100.0
                                              =====

Market Exposure (Quarterly)

                      30.11.13   28.02.14   31.05.14   31.08.14

Long                    118.4%     118.8%     116.9%     113.5%
Short                    11.2%      10.7%      12.4%      13.5%
Gross exposure          129.6%     129.5%     129.3%     127.0%
Net exposure            107.2%     108.1%     104.5%     100.0%

Ten Largest Investments

Company                                  % of total assets

Workspace Group                                2.5
Senior Engineering                             2.4
Bodycote                                       1.9
Elementis                                      1.9
Ted Baker                                      1.9
Optimal Payments                               1.8
Restaurant Group                               1.8
Rathbone Brothers                              1.7
Keller Group                                   1.7
Avon Rubber                                    1.7
 
Commenting on the markets, Mike Prentis and Ralph Cox*, representing the
Investment Manager noted:

During August the Company's NAV per share rose by 2.6% whilst the benchmark
index rose by 1.6%; by contrast the FTSE 100 Index rose by 2.1%. All data is on
a cum income basis.

Outperformance was driven mainly by stock selection although sector allocation
was also positive without any one sector making a meaningful contribution. The
CFD portfolio incurred a small loss with losses on short CFDs exceeding gains
on long CFDs.

The largest individual stock contributor to relative outperformance was
Skyepharma, a relatively new holding. Skyepharma announced interim results in
the month with operating profits up by 187%. This is largely driven by the
success of Flutiform, Skyeparma's treatment for asthma, which has now been
launched in 23 countries. Market sales of Flutiform grew by 34% in Q2 2014
compared to Q1 2014.

There were no significant detractors from relative performance during the
month.

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.

11 September 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.