Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 30 April 2015 and unaudited.

Performance at month end is calculated on a cum income basis
 

                                     One    Three      One   Three       Five
                                   Month   Months     Year   Years      Years
Net asset value (undiluted)#        4.2%     8.3%     8.3%   59.9%     142.6%
Net asset value (fully diluted)     4.2%     8.3%     8.3%   59.9%     126.4%
Share price                         2.3%     4.7%    -2.4%   61.6%     123.8%
Benchmark*                          3.5%     8.3%     6.0%   48.8%      74.4%

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

At month end
Net asset value capital only:                357.52p
Net asset value incl. income:                361.40p
Share price:                                 292.75p
Discount to cum income NAV                     19.0%
Net yield:                                      1.5%*
Total Gross assets:                          £264.7m**
Net market exposure as
a % of net asset value^:                      108.6%
Ordinary shares in issue:                 73,130,326***
2014 ongoing charges (excluding
performance fees):                              1.1%****
2014 ongoing charges ratio (including
performance fees):                              1.2%
 
* 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.
**** Calculated as a percentage of average net assets and using expenses,
excluding performance fees and interest costs for the year ended
30 November 2014.
^Long positions less short positions as a percentage of net asset value.

Industry Weightings                        % of Total Gross assets

Industrials                                    26.8
Consumer Services                              18.9
Financials                                     18.7
Consumer Goods                                  9.0
Basic Materials                                 8.6
Health Care                                     8.2
Technology                                      5.9
Oil & Gas                                       3.8
Telecommunications                              0.5
Net current liabilities                        -0.4
                                              -----
Total                                         100.0
                                              =====

Market Exposure (Quarterly)

                      31.05.14   31.08.14   30.11.14   28.02.15

Long                    116.9%     113.5%     117.4%     121.9%    
Short                    12.4%      13.5%       9.8%      10.3%     
Gross exposure          129.3%     127.0%     127.2%     132.2%    
Net exposure            104.5%     100.0%     107.6%     111.6%    

Ten Largest Investments

Company                                  % of Total Gross assets

4imprint                                        2.7
CVS Group                                       2.6
Workspace Group                                 2.4
Lookers                                         2.3
Savills                                         2.3
Northgate                                       2.2
Rathbone Brothers                               2.2
Ted Baker                                       2.1
Senior Engineering                              2.1
Tyman                                           2.0
 
Commenting on the markets, Mike Prentis and Dan Whitestone, representing the
Investment Manager noted:

During April the Company's NAV per share rose by 4.2% on a cum income basis
whilst the benchmark index rose by 3.5%; the FTSE 100 Index rose by 3.2%.

Both the long only portfolio and the CFD portfolio performed well during the
month. Strong gains on the long CFDs exceeded modest losses on the short CFDs.

The major positive contributors to stock selection in the long only portfolio
during the month were our holdings in Hutchison China Meditech and CVS Group.
Shares in Hutchison China Meditech were strong performers following the
announcement that the first trial of fruquintinib in patients achieved the
primary endpoint, and also following directors' share buying. We had an excellent
meeting with CVS Group management who continue to grow their veterinary business both
organically and by small bolt on acquisitions. Interim results showed sales up
by 19%, with like for like sales growth of 10% and earnings per share growth of
34%. CVS Group still has only 11% of the UK veterinary surgery market.

The largest detractor from relative outperformance during the month was
Northbridge Industrial Services. Northbridge was impacted by the decline in the
oil price. Approximately 30% of the company's sales relate to the rental of oil
tools and demand for these has weakened significantly. The majority of its
revenues involve the sale and rental of loadbanks in power related applications
and demand remains firm in these areas.

We added a portfolio holding in JD Sports, a leading retailer and distributor
of branded sportswear and fashionwear. The group now has more than 800 stores
across six countries. Growth has been strong with revenues up by 25% to £1.5
billion in the year to 31 January 2015 and earnings per share up by 26%. The
business has also generated strong cashflow and had net cash of £84 million at
31 January 2015.

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.