Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 30 November 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*                     2.5%    -3.1%      -1.0%      65.6%
Net asset value                      2.5%    -3.1%      -1.0%      65.6%
Share price                         -1.0%    -5.9%      -5.7%      66.2%
Benchmark**                          0.7%    -3.3%      -0.6%      52.4%

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. 
For the three year period the indices have been blended to reflect this.

At month end
Net asset value capital only:                317.59p
Net asset value incl. income:                322.01p
Share price:                                 270.00p
Discount to cum income NAV                     16.2%
Net yield:                                      1.5%*
Total Gross assets:                          £236.9m**
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                                    26.7
Consumer Services                              19.9
Financials                                     18.3
Basic Materials                                 8.3
Technology                                      8.3
Health Care                                     7.8
Consumer Goods                                  6.9
Oil & Gas                                       2.1
Telecommunications                              1.8
Net current liabilities                        -0.1
                                              -----
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                                2.5
Senior Engineering                             2.5
Rathbone Brothers                              2.2
Elementis                                      2.1
Victrex                                        2.1
Ted Baker                                      2.1
Tyman                                          2.0
4imprint                                       2.0
Polar Capital Holdings                         2.0
Lookers                                        2.0

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

During November the Company's NAV per share rose by 2.5% on a cum income basis
whilst the benchmark index rose by 0.7%; the FTSE 100 Index rose by 3.1%. (All
returns in sterling terms with net income reinvested.)

Both the long only portfolio and the CFD portfolio performed well. The CFD
portfolio achieved gains in excess of £1.3 million during the month with both
the long and short positions adding value.

Outperformance was helped by a number of stocks including Hutchison China
Meditech, on further consideration of good interims and director's share
buying; Topps Tiles, on final results showing earnings per share growth of
21.9%; and Fevertree Drinks, on a successful IPO. Our holdings in Quintain
Estates and Avon Rubber also performed well and we had good meetings with the
management of both companies following results.

The largest detractor during the month was our holding Amerisur Resources,
which, like most oil producers, was sold aggressively as the oil price fell
sharply late in November.

We decided to take some profit in a few of our AIM holdings, including some of
our holdings in oil producers. We took part in a few IPOs including Fevertree
Drinks, which develops and sells high quality soft drinks including tonic
water; and Virgin Money. We added a few other small holdings in companies that
have recently impressed us during meetings.

11 December 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.