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 YearsNet 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 Companiesplus AIM (excluding investment companies) Index as the Company's benchmark. Thethree and five year period indices have been blended to reflect this. At month endNet asset value capital only: 344.35pNet asset value incl. income: 346.91pShare price: 286.25pDiscount to cum income NAV 17.5%Net yield: 1.5%*Total Gross assets: £253.7m**Net market exposure asa% of net asset value: 110.9%^Ordinary shares in issue: 73,130,326***2014 ongoing charges (excludingperformance fees): 1.1%****2014 ongoing charges ratio (includingperformance fees): 1.2%**** * Calculated using the interim dividend of 0.80p per share and the finaldividend of 3.60p per share paid in respect of the year ended 30 November 2014.** Includes current year revenue and excludes the gross exposure throughcontracts for difference.*** Excluding 7,400,000 shares held in treasury.**** Calculated as a percentage of average net assets and using expenses andinterest 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 27.8Consumer Services 19.4Financials 18.4Consumer Goods 9.0Basic Materials 8.8Health Care 7.5Technology 6.0Oil & Gas 3.4Telecommunications 0.8Net current liabilities -1.1 -----Total 100.0 ===== Market Exposure (Quarterly) 31.05.14 31.08.14 30.11.14 28.02.15Long 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 2.7Workspace Group 2.6Savills 2.4Senior Engineering 2.4CVS Group 2.3Lookers 2.2Bodycote 2.2Rathbone Brothers 2.2Tyman 2.1Ted Baker 2.1 Commenting on the markets, Mike Prentis and Dan Whitestone, representing theInvestment Manager noted: During March the Company's NAV per share fell by 0.5% on a cum income basiswhilst 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 amonth when the benchmark index fell. The gains were largely on the short side. The major positive contributors to stock selection during the month were ourholdings in 4imprint, CVS Group and Betfair. These contributions were all basedon strong trading results in recent weeks. We had an excellent meeting with CVSmanagement who continue to grow their veterinary business both organically andby mainly small, bolt on, acquisitions. The Company's core holdings of high quality companies, such as Workspace andTed Baker, are performing well supported by strong operational delivery. Sharesin Fevertree Drinks continued to be in demand as the company delivered on thehigh growth expectations set at IPO. All of these stocks are held in both thelong only and CFD portfolios. Our meetings with management during the resultsseason left us confident that these portfolio companies and others are inexcellent shape to capitalise on their respective growth opportunities. Encouragingly, there were no significant stock detractors from relativeoutperformance during the month. From a sector allocation perspective our underweight position in oil & gascompanies and our overweight position in the chemicals sector both contributedpositively during March. We added holdings in Eurocell and Shawbrook, both on IPO. Eurocell is a leadingvertically integrated manufacturer and merchant of PVC profiles for doors,windows and roofline products in the UK. Shawbrook is a niche banking businesswhich 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 theinternet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICVterminal). Neither the contents of the Manager's website nor the contents ofany website accessible from hyperlinks on the Manager's website (or any otherwebsite) is incorporated into, or forms part of, this announcement.