Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 30 September 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*                    -3.4%    -1.6%      5.7%      70.9%
Net asset value                     -3.4%    -1.6%      5.7%      66.3%
Share price                         -3.3%    -0.2%     -0.1%      76.4%
Benchmark**                         -3.4%    -2.9%      4.3%      56.3%

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:                317.38p
Net asset value incl. income:                320.98p
Share price:                                 277.63p
Discount to cum income NAV                     13.5%
Net yield:                                      1.5%*
Total Gross assets:                          £234.7m**
Net market exposure as
a % of net asset value^:                      104.7%
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 assets

Industrials                                    29.6
Consumer Services                              18.5
Financials                                     16.8
Basic Materials                                 8.5
Technology                                      8.2
Health Care                                     7.2
Consumer Goods                                  6.1
Oil & Gas                                       3.5
Telecommunications                              2.3
Net current liabilities                        -0.7
                                              -----
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 assets

Workspace Group                                2.5
Senior Engineering                             2.3
Bodycote                                       2.0
Restaurant Group                               1.9
Rathbone Brothers                              1.9
Savills                                        1.9
Elementis                                      1.8
Ted Baker                                      1.8
Keller Group                                   1.7
Avon Rubber                                    1.7
 
Commenting on the markets, Mike Prentis and Ralph Cox, representing the
Investment Manager noted:

During September, the Company's NAV per share fell by 3.4% on a cum income
basis which was in line with the benchmark index. The FTSE 100 Index fell by
2.8%. Global stock markets were weak during the month, partly driven by
concerns about GDP growth prospects, especially in Continental Europe, partly
by conflict in the Middle East and Ukraine and partly by some weak results.
In the UK, there were profit warnings from a number of well known companies
including Tesco, Tate & Lyle, Balfour Beatty, De La Rue and Aveva. It was
probably not surprising that markets gave up the gains made in August.

Turning to our portfolio, we saw modest outperformance in the long only
portfolio but a small loss in the CFD portfolio, with losses on long CFDs
exceeding gains on short CFDs. Stock selection was positive with the best
contributions coming from our holdings in Gemfields, Optimal Payments and
Hutchison China Meditech, although none made a major contribution. Detracting
from this was our holding in Polar Capital, where shares were weak given the
dip in world stockmarkets, although there was no company specific newsflow of
note.

Sector allocation had little impact on relative performance during September.

Activity within the portfolio was limited during the month.

14 October 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.