Merger Update

NET ASSET VALUE

BLACKROCK THROGMORTON TRUST PLC

The unaudited net asset values for BlackRock Throgmorton Trust plc at close of
business on 8 April 2014 were:

342.63p Capital only
343.59p including current year revenue
342.63p Capital only (adjusted for treasury shares)
343.59p including current year income (adjusted for treasury shares)

Notes:
1. Investments have been valued on a bid price basis.
2. The Company's issued share capital comprises 73,130,326 Ordinary Shares and
7,400,000 Treasury Shares.
3. Revenue items included in net asset value, with dividends payable deducted
on the ex-dividend date.