Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 28 February 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)*         4.5%     9.4%      -0.9%      57.4%  168.4%
Net asset value (fully diluted)      4.5%     9.4%      -0.9%      57.4%  150.5%
Share price                          2.9%     7.8%      -8.2%      59.6%  156.6%
Benchmark**                          6.0%     8.2%      -1.8%      45.1%   88.8%

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

At month end
Net asset value capital only:                347.52p
Net asset value incl. income:                348.72p
Share price:                                 287.50p
Discount to cum income NAV                     17.6%
Net yield:                                      1.5%*
Total Gross assets:                          £255.9m**
Net market exposure as
a% of net asset value^:                       111.6%
Ordinary shares in issue:                 73,130,326***
2014 Ongoing charges:                           1.1%****
2014 ongoing charges ratio (including
performance fees):                              1.2%
 
* Calculated using the current year interim dividend paid of 0.80p per share
and the final dividend declared of 3.60p per share.
** 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.

Sector Weightings                        % of Total Gross Assets

Industrials                                    27.3
Consumer Services                              19.5
Financials                                     18.7
Consumer Goods                                  9.2
Basic Materials                                 8.4
Health Care                                     7.4
Technology                                      6.6
Oil & Gas                                       3.8
Telecommunications                              0.9
Net current liabilities                        -1.8
                                              -----
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

Workspace Group                                2.7
Senior Engineering                             2.5
Lookers                                        2.4
Rathbone Brothers                              2.4
Bodycote                                       2.3
4imprint                                       2.3
Ted Baker                                      2.2
Tyman                                          2.2
Bovis Homes                                    2.2
Savills                                        2.1
 
Commenting on the markets, Mike Prentis and Ralph Cox, representing the
Investment Manager noted:

During February the Company's NAV per share rose by 4.5% on a cum income basis
whilst the benchmark index rose by 6.0%; the FTSE 100 Index rose by 3.3%.

The major driver of underperformance was an under-representation of FTSE 250
stocks in the long only portfolio; the FTSE 250 increased by 6.5% during the
month. Conversely AIM rose by 3.5%; the long only portfolio is over-represented
in AIM stocks.

There were no significant stock contributors to, or detractors from,
performance during the month. However newsflow from the portfolio continues to
be strong with particularly good recent results from companies such as 4imprint
and Lookers. 4imprint is a leading supplier of promotional products operating
almost wholly in the US market. Its growth continues to be very strong; in 2014
it grew revenues organically by 25% and earnings per share rose by 32%. It
continues to have excellent growth prospects not least because of the strength
of the US economy but also its low market share, of less than 5%, in a highly
fragmented market. In 2014 Lookers, a leading UK retailer of cars, and
distributor of car parts, grew sales by 23% and earnings per share by 30%; the
shares still trade at only 12 times forecast earnings.

The CFD portfolio added value during the month, with strong gains on long CFD
positions exceeding losses on short CFD positions.

Activity in the portfolio during the month was fairly limited although we added
a holding in industrial property company Hansteen, which we see as being well
placed to benefit from a likely reduction in the relatively high yields in
industrial property.

17 March 2015

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.