Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 31 October 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*                    -2.2%    -3.0%     -1.1%      58.1%
Net asset value                     -2.2%    -3.0%     -1.1%      53.9%
Share price                         -1.8%    -0.6%     -4.0%      76.2%
Benchmark**                         -0.7%    -2.5%     -0.1%      48.3%

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:                309.78p
Net asset value incl. income:                314.02p
Share price:                                 272.75p
Discount to cum income NAV                     13.1%
Net yield:                                      1.5%*
Total Gross assets:                          £229.6m**
Net market exposure as
a% of net asset value^:                      107.6%
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                                    26.8
Consumer Services                              20.2
Financials                                     18.0
Basic Materials                                 8.3
Technology                                      8.2
Health Care                                     7.3
Consumer Goods                                  6.3
Oil & Gas                                       3.0
Telecommunications                              2.2
Net current liabilities                        -0.3
                                              -----
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 Gross assets

Workspace Group                                2.6
Senior                                         2.4
Elementis                                      2.2
Rathbone Brothers                              2.2
Polar Capital Holdings                         2.1
Restaurant Group                               2.1
Bodycote                                       2.0
Lookers                                        2.0
Victrex                                        2.0
Savills                                        2.0
 
Commenting on the markets, Mike Prentis and Ralph Cox, representing the
Investment Manager noted:

During October the Company's NAV per share fell by 2.2% on a cum income basis
whilst the benchmark index, the Numis Smaller Companies Index excluding AIM,
fell by 0.7%; the FTSE 100 Index fell by 1.0%. Global stock markets were
volatile during the month, falling sharply in the first half before recovering
in the second half. The weakness continued to be driven partly by concerns
about GDP growth prospects, especially in Continental Europe. Towards the end
of October markets were encouraged by the Bank of Japan taking steps to
stimulate the Japanese economy. Within the UK, the FTSE 250 Index actually
finished up on the month. However smaller companies, and especially AIM listed
companies, recovered less strongly finishing significantly down over the month.

Turning to our portfolio, long only portfolio performance was negatively
impacted by our exposure to AIM, and our lack of exposure to companies in the
benchmark which were bid for during October, especially New Britain Palm Oil
and Synergy Healthcare. We suffered from profit taking in some of our AIM
stocks, in particular Optimal Payments and Walker Greenbank, both of which have
had positive trading updates in recent months. On the positive side Avon Rubber
issued a positive trading update, with earnings upgraded by 6%, and Polar
Capital shares bounced back after a weak September. Encouragingly, the CFD
portfolio almost broke even during the month despite being net long in a weak
market.

We decided to take some profit in a few of our AIM holdings, which are all off
benchmark, and selectively added to core holdings such as Elementis and
Rathbones during the month.

17 November 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.