Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 31 March 2015 and unaudited.

Performance at month end is calculated on a cum income basis

                                   One    Three      One      Three      Five
                                 Month   Months     Year      Years     Years
Net asset value (undiluted)*     -0.5%     6.0%     0.7%      55.2%    141.9%
Net asset value (fully diluted)  -0.5%     6.0%     0.7%      55.2%    125.8%
Share price                      -0.4%     4.7%    -6.5%      54.4%    126.5%
Benchmark**                      -1.3%     5.1%    -0.3%      42.4%     73.9%

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. The
three and five year period indices have been blended to reflect this. 

At month end
Net asset value capital only:                344.35p
Net asset value incl. income:                346.91p
Share price:                                 286.25p
Discount to cum income NAV                     17.5%
Net yield:                                      1.5%*
Total Gross assets:                          £253.7m**
Net market exposure as
a% of net asset value:                        110.9%^
Ordinary shares in issue:                73,130,326***
2014 ongoing charges (excluding
performance fees):                              1.1%****
2014 ongoing charges ratio (including
performance fees):                              1.2%****

* Calculated using the interim dividend of 0.80p per share and the final
dividend of 3.60p per share paid in respect of the year ended 30 November 2014.
** 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 and
interest costs for the year ended 30 November 2014.
^Long positions less short positions as a percentage of net asset value.

Sector Weightings                        % of Total Gross Assets

Industrials                                    27.8
Consumer Services                              19.4
Financials                                     18.4
Consumer Goods                                  9.0
Basic Materials                                 8.8
Health Care                                     7.5
Technology                                      6.0
Oil & Gas                                       3.4
Telecommunications                              0.8
Net current liabilities                        -1.1
                                              -----
Total                                         100.0
                                              =====

Market Exposure (Quarterly)

                      31.05.14   31.08.14   30.11.14   28.02.15
Long                    116.9%     113.5%     117.4%     121.9%    
Short                    12.4%      13.5%       9.8%      10.3%     
Gross exposure          129.3%     127.0%     127.2%     132.2%    
Net exposure            104.5%     100.0%     107.6%     111.6%    

Ten Largest Investments

Company                                  % of Total Gross Assets

4imprint                                        2.7
Workspace Group                                 2.6
Savills                                         2.4
Senior Engineering                              2.4
CVS Group                                       2.3
Lookers                                         2.2
Bodycote                                        2.2
Rathbone Brothers                               2.2
Tyman                                           2.1
Ted Baker                                       2.1
 
Commenting on the markets, Mike Prentis and Dan Whitestone, representing the
Investment Manager noted:

During March the Company's NAV per share fell by 0.5% on a cum income basis
whilst the benchmark index fell by 1.3%; the FTSE 100 Index fell by 2.0%.

The CFD portfolio performed well, despite being net long, adding value during a
month when the benchmark index fell. The gains were largely on the short side. 

The major positive contributors to stock selection during the month were our
holdings in 4imprint, CVS Group and Betfair. These contributions were all based
on strong trading results in recent weeks. We had an excellent meeting with CVS
management who continue to grow their veterinary business both organically and
by mainly small, bolt on, acquisitions.

The Company's core holdings of high quality companies, such as Workspace and
Ted Baker, are performing well supported by strong operational delivery. Shares
in Fevertree Drinks continued to be in demand as the company delivered on the
high growth expectations set at IPO. All of these stocks are held in both the
long only and CFD portfolios. Our meetings with management during the results
season left us confident that these portfolio companies and others are in
excellent shape to capitalise on their respective growth opportunities.

Encouragingly, there were no significant stock detractors from relative
outperformance during the month.

From a sector allocation perspective our underweight position in oil & gas
companies and our overweight position in the chemicals sector both contributed
positively during March.

We added holdings in Eurocell and Shawbrook, both on IPO. Eurocell is a leading
vertically integrated manufacturer and merchant of PVC profiles for doors,
windows and roofline products in the UK. Shawbrook is a niche banking business
which is growing well. We were impressed by management in both companies.

16 April 2015

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.