Interim Management Statement

Interim Management Statement - 3 months to 28 February 2014          

To the members of BlackRock Throgmorton Trust plc

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure & Transparency Rules. It
should not be relied on by any other party for any other reason.

This interim management statement relates to the period from 1 December 2013 to
28 February 2014, and contains information that covers this period, and up to
the date of publication of this interim management statement. Please note more
detailed performance information, including the latest month end announcements
are available on the Manager's website-www.blackrock.co.uk/thrg.

The Company's objective is to provide shareholders with capital growth and an
attractive total return through investment primarily in UK smaller and
mid-capitalisation companies listed on the main market of the London Stock
Exchange.

Stock Performance

Cumulative Performance (%):

                          One       Three        One      Three
                        Month      Months       Year      Years
Net Asset Value*         3.8%        9.2%      34.4%      61.0%
Net Asset Value          3.8%        9.2%      34.4%      52.5%
Share Price              2.2%       10.8%      43.7%      73.2%
Benchmark**              5.1%        9.5%      28.2%      46.0%

All performance figures are in £ on a total return basis.

*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 above indices have been blended to
reflect this.

Ten Largest Equity Holdings at 28 February 2014

Company               % of total assets

Optimal Payments              2.3
Bellway                       2.0
Workspace Group               1.9
Senior                        1.8
Xaar                          1.7
Elementis                     1.7
Restaurant Group              1.6
Avon Rubber                   1.6
Dunelm Group                  1.6
Polar Capital Holdings        1.6

Financial position and performance as at 28 February 2014

Gross Assets (£m)*                                      263.2
Short term borrowings (£m)                                Nil
Net asset value - capital only                        355.57p
Net asset value - including income                    356.34p
Share Price                                           318.13p
Ordinary Shares in issue**                         73,130,326
Net market exposure as a % of net asset value          108.1%
CFDs - short (£m)                                        27.8
CFDs - long (£m)                                         42.2

*includes net revenue of £0.6m and excludes the gross exposure through
contracts for difference.
**not including 7,400,000 shares held in treasury

Material Events/Transactions

Material events or transactions, during the three months to 28 February 2014,
and from 1 March 2014 to the date of publication of this report are set out
below. The Company was not involved in any other material transactions during
the period except for the purchase and sale of securities undertaken in the
normal course of its business.

Change in Directorate

It was announced on 5 February 2014 that Loudon Greenlees had been appointed as
an additional non-executive director of the Company with effect from 26 March
2014. Mr Greenlees will also serve as a member of the Company's Audit,
Management Engagement and Nomination Committees.

The Company also announced that Harry Westropp who has served as a Director of
the Company since 2003 will retire following the Annual General Meeting on 26
March 2014.

Dividend

A final dividend of 3.25 pence was declared on 10 February 2014, payable on 4
April 2014 to shareholders on the register on 21 February 2014, making a total
dividend of 4.00 pence per share in respect of the year ended 30 November 2013.

Financial Report

The Company announced its financial results for the year ended 30 November 2013
on 10 February 2014.

Fund Manager

The Board announced on 4 March 2014 that Richard Plackett, manager of the
Company's CFD (Contracts for Difference) portfolio, which represented
approximately 29% of the Company's net assets as at 30 January 2014, has been
granted a six month sabbatical by BlackRock Investment Management (UK) Ltd to
commence on 1 April 2014.  

Ralph Cox will assume full responsibility for the Company's CFD portfolio.
Ralph has been the co-manager of the BlackRock UK Emerging Hedge Companies Fund
since its inception in May 2007 and has worked alongside Richard in managing
the Company's CFD portfolio. He has also been manager of the BlackRock UK
Smaller Companies Fund since August 2007. He will be supported by Dan
Whitestone, a senior member of the UK Small/Mid Cap equity team.

Annual General Meeting

At the Company's Annual General Meeting held on Wednesday, 26 March 2014, all
resolutions were passed.

Change in NAV and Share Price

For the period 1 March 2014 to 25 March 2014, the Company's NAV decreased by
2.3% and the share price decreased by 1.9%.

The Board is not aware of any material events or transactions, except as
disclosed herein, occurring between 28 February 2014 and the date of
publication of this interim management statement which would have a material
impact on the financial position of the Company.

Contact details:
Kerry Higgins
Secretary

Tel: [phone]

Please note more detailed performance information is available on the
Investment Manager's website: www.blackrock.co.uk/its/thrg. 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.