Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 31 March 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*                    -2.1%    2.8%       28.4%    49.7%
Net asset value                     -2.1%    2.8%       28.4%    58.1%
Share price                         -2.2%   -0.2%       39.1%    69.1%
Benchmark**                         -2.8%    3.5%       23.8%    43.2%

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 above indices have been blended to
reflect this.

At month end
Net asset value capital only:                347.77p
Net asset value incl. income:                348.76p
Share price:                                 311.00p
Discount to cum income NAV                     10.8%
Net yield:                                      1.3%*
Total assets:                                £255.1**
Net market exposure as
a % of net asset value^:                      108.2%
Ordinary shares in issue:                 73,130,326***
 
* Calculated using prior year interim and final dividends paid.
**Includes current year revenue and excludes the gross exposure through
contracts for difference.
***Excluding 7,400,000 shares held in treasury.
^Long positions less short positions as a percentage of net asset value.

Sector Weightings                        % of total assets

Industrials                                    27.2
Financials                                     19.9
Consumer Services                              19.8
Technology                                      8.6
Consumer Goods                                  8.3
Basic Materials                                 7.0
Health Care                                     5.9
Oil & Gas                                       3.7
Telecommunications                              1.8
Net current liabilities                        -2.2
                                              -----
Total                                         100.0
                                              =====
Market Exposure (Quarterly)

                      31.05.13   31.08.13   30.11.13   28.02.14  
Long                    117.3%     117.5%     118.4%     118.8%    
Short                    10.2%      12.0%      11.2%      10.7%     
Gross exposure          127.5%     129.5%     129.6%     129.5%    
Net exposure            107.1%     105.4%     107.2%     108.1%    

Ten Largest Equity Investments

Company                                  % of total assets
 
Senior                                          2.0
Workspace Group                                 1.8     
Restaurant Group                                1.8
Elementis                                       1.7
Bellway                                         1.7
Headlam                                         1.6
Avon Rubber                                     1.6
Polar Capital Holdings                          1.6
Paragon                                         1.5
Dunelm Group                                    1.5
 
Commenting on the markets, Mike Prentis and Richard Plackett*, representing the
Investment Manager noted:

During March the Company's NAV per share fell by 2.1%. The benchmark index fell
by 2.8% whilst the FTSE 100 Index fell by 3.1%; all figures on a total return
basis.

The relative contribution from stock selection and sector allocation were both
positive. The CFD portfolio had a difficult month and lost money on the long
CFDs in a weaker market.

Looking at stock selection the best relative contribution from holdings in the
month came from Telit Communications, Walker Greenbank, and Lookers. Telit is
achieving strong growth in sales of its machine to machine communications
modules. Walker Greenbank is seeing improving demand for its wallcoverings and
soft furnishings, with good sales increases in the US and Western Europe.
Lookers has seen good new and used car sales in the UK, and also good
performances from its aftermarket and parts businesses. All of these companies
are well set and confident.

The largest negative contributors to stock selection in the month came from
Optimal Payments and ITE Group. Optimal shares had performed strongly in
February and saw some profit taking. It announced full year results with
revenues up by 41% and EBITDA up by 89%. We met with management who remain
positive about prospects for 2014 and especially 2015 when the opportunities in
US online gaming should begin to benefit Optimal significantly.

Shares in ITE fell sharply given its exposure to Russia and the former Soviet
Union, where it generates most of its revenues from the exhibitions it
organizes. ITE announced a trading update confirming that its exhibitions in
Russia and the Ukraine had so far taken place as planned. However revenues from
the recent exhibitions in the Ukraine have been impacted and currency weakness
is also reducing revenues and profits. Earnings have been downgraded for this
year and next, but post downgrades the shares are now trading on only 10 times
current year earnings; the Company has net cash on its balance sheet. This has
been an excellent long term and high quality growth company and in time we
expect this to be recognised again. 

Sector allocation benefitted from our lack of holdings in the non-life
insurance space. In particular, companies providing annuities suffered
following the Chancellor's budget announcement that individuals would no longer
be required to convert their pension funds into annuities.

We trimmed further some of our holdings in larger midcaps and used the proceeds
to gain greater exposure to companies benefitting from the gradual improvement
in the economies of Continental Europe. We also added a holding in Boohoo, the
online fashion clothing retailer which completed a successful IPO during the
month.

*From 1 April 2014, Richard Plackett is on a six-month sabbatical. During this 
period the BlackRock Throgmorton Trust plc will be co-managed by Ralph Cox

7 April 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.