Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 31 December 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                      2.7%     3.0%      -2.3%      70.9%
Share price                          2.5%    -0.3%     -10.9%      84.5%
Benchmark*                           1.7%     1.7%      -1.9%      57.7%

Sources: BlackRock and Datastream

*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. 
The three year period indices have been blended to reflect this.

At month end
Net asset value capital only:                325.76p
Net asset value incl. income:                330.62p
Share price:                                 276.88p
Discount to cum income NAV                     16.3%
Net yield:                                      1.5%*
Total Gross assets:                          £243.3m**
Net market exposure as
a % of net asset value^:                      107.3%
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 Gross assets

Industrials                                    27.8
Consumer Services                              20.2
Financials                                     17.8
Basic Materials                                 8.3
Health Care                                     7.9
Technology                                      7.5
Consumer Goods                                  6.9
Telecommunications                              1.8
Oil & Gas                                       1.5
Net current liabilities                         0.3
                                              -----
Total                                         100.0
                                              =====

Market Exposure (Quarterly)

                      28.02.14   31.05.14   31.08.14   30.11.14  

Long                    118.8%     116.9%     113.5%     117.4%    
Short                    10.7%      12.4%      13.5%       9.8%     
Gross exposure          129.5%     129.3%     127.0%     127.2%    
Net exposure            108.1%     104.5%     100.0%     107.6%    

Ten Largest Investments

Company                                  % of Total Gross assets

Workspace Group                                2.7
Senior Engineering                             2.6
Rathbone Brothers                              2.2
Victrex                                        2.2
Tyman                                          2.1
Ted Baker                                      2.0
Bovis Homes Group                              2.0
Lookers                                        2.0
4imprint                                       2.0
CVS Group                                      2.0

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

During December the Company's NAV per share rose by 2.7% on a cum income basis
whilst the benchmark index rose by 1.7 %. By contrast the FTSE 100 Index fell
by 2.3 %. Performance was good in both the long only and the CFD portfolio. The
CFD portfolio added 0.6% of NAV to performance during the month, making
December one of its best ever months. As in November both the long CFDs and the
short CFDs added value; the majority of the gains arose from the long CFDs in
each month.

Portfolio outperformance was helped by a number of stocks including Victrex,
Consort Medical, Incadea, Northgate and CVS Group. Victrex reported good final
results with earnings per share up by 9%, partly held back by currency
headwinds. An excellent cash generator, they also announced a special dividend.
Most importantly their confidence about the outlook remains strong and they see
several large new opportunities for Victrex PEEK, a high performance polymer,
over the coming years. Consort Medical's interim results showed good profit
growth and their shares partly recovered from the recent sell off as investors
reflected on the company's highly predictable revenues and good pipeline of
opportunities. Incadea, a small but interesting software company, attracted a
bid from Dealertrack at a 59% premium. Northgate announced strong interim
results with a 56% increase in earnings per share. Like Victrex management,
Northgate's management were on confident form when we met with them. CVS Group
announced at their AGM that like for like sales had grown by 8.7% in the prior
4 month period, an excellent performance.

The largest detractors from relative performance were Polar Capital Holdings,
Northbridge Industrial and Faroe Petroleum. Polar Capital Holdings announced
good interim results with earnings per share up by 22% but pointed to higher
costs and their exposure to the Japanese equity market. We see this as a
well-run business facing the same pressures as many similar businesses but also
having some great opportunities; we also see some attractions in exposure to
the relatively lowly valued Japanese equity market. Nevertheless, the shares
slipped on the news of higher costs. Northbridge Industrial mainly supplies
loadbanks to the power sector but also tools to the oil sector. This exposure
to the oil sector has unnerved the market given the fall in the oil price.
Northbridge shares fell by 28% during the month. We regard Northbridge
management highly and expect them to cope with the greater oil-related
challenges they face whilst making the most of the opportunities in the power
sector. Faroe Petroleum also suffered from the fall in the oil price. It is
well financed with significant cash balances and a good level of oil production
from the North Sea.  We have been underweight, and in some cases short, both
oil producers and oil service companies for some time, and this proved
beneficial in December. 

The results and other newsflow we have seen from our portfolio in recent months
have generally been very encouraging.

Activity in the portfolio during the month was fairly limited especially in our
larger positions. We did add to a few smaller holdings and continued to build a
few new positions in small companies; this is a gradual process with liquidity
still quite thin at the bottom end of the market.

12 January 2015

ENDS

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