Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 30 April2012 and unaudited.
Performance at month end with income reinvested

                                 One      Three    One    Three    Five
                                 month    months   year   years    years

Share price                      0.4%     6.0%    -6.1%   44.1%    -15.7%
Net asset value                 -0.1%     2.9%    -2.2%   52.8%    -10.7%
FSTE All-Share Total Return     -0.3%     3.0%    -2.0%   52.2%     6.5%

Sources: BlackRock and Datastream

BlackRock took over the investment management of the Company with effect from 1
April 2012.

At month end

Sterling:

Net asset value - capital only: 141.04p
Net asset value - cum income:* 142.86p
Share price: 131.50p
Total assets (including income): £40.5m
Discount to cum-income NAV: 8.0%
Gearing: 6.3%
Net yield: 3.9%

Ordinary shares in issue:** 28,379,268
*includes net revenue of 1.82 pence per share
** excludes 4,554,664 shares held in treasury

Sector Analysis                         Total assets(%)

Oil & Gas Producers                              14.87
Banks                                            10.39
Pharmaceuticals & Biotechnology                  10.35
Mobile Telecommunications                        8.52
Media                                            6.98
Tobacco                                          5.98
Mining                                           5.36
Gas, Water & Multi-utilities                     4.18
Non-life Insurance                               3.77
Software & Computer Services                     3.58
Equity Investment Instruments                    3.14
Food Producers                                   2.98
Life Insurance                                   2.94
General Retailers                                2.50
Support Services                                 2.38
Industrial Engineering                           2.28
Aerospace & Defence                              2.27
Electronic & Electrical Equipment                2.11
Real Estate Investment & Services                1.60
Oil Equipment, Services & Distribution           1.56
Financial Services                               1.51
Chemicals                                        1.10
Technology Hardware & Equipment                  0.97
Net Current Liabilities                         -1.32
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Total                                          100.00
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Ten Largest Equity Investments(in alphabetical order)

Company                        % of Total assets

3i Infrastructure              3.14
Antofagasta                    4.05
British American Tobacco       3.00
Centrica                       4.18
GlaxoSmithKline                5.03
HSBC                           6.08
Royal Dutch Shell B            8.39
Tullow Oil                     5.00
UBM                            3.40
Vodafone                       8.52

Commenting on the markets, Nick McLeod-Clarke and Adam Avigdori, representing
the Investment Manager noted:

Performance and Attribution

The Investment Manager reports that for April 2012 the Company's NAV returned
-0.1% and the share price 0.4%. Over the same period, the FTSE-All Share Index
returned -0.3%. (All percentages are in sterling with income reinvested).

Contributors to performance

Looking at the Company's performance in April 2012 following the appointment of
BlackRock as investment manager, the FTSE All-Share Index finished the month
modestly lower as financials, particularly banks and life insurers, were unable
to escape the negative impact from renewed European sovereign debt concerns.

Positive contributors to performance included software provider Playtech, which
continued to see improving demand for its gaming technologies. Both oil majors
benefited the Company, albeit very differently: owning an overweight position
in Royal Dutch Shell was beneficial as it reported good first quarter results,
and not owning BP, whose operational performance continued to disappoint, was
also a positive.

Being underweight the mining sector was modestly detrimental as the sector rose
on expectations of higher Chinese demand for commodities, although owning
copper miner Antofagasta was beneficial. Shares of electronic controls
manufacturer Spectris performed well after reporting good first quarter
results.

Amongst the detractors, Carphone Warehouse shares fell as the market worried
about prospects for its retail activities in Europe, whilst United Business
Media fell as macro uncertainty increased, despite the group announcing strong
profit growth, led by its core events business.

Activity over the month saw us opening a new position in global mining company,
BHP Billiton, and independent media group, Aegis, adding to positions in Aviva,
Shire and British Sky Broadcasting. We reduced our holdings is Next, Royal
Dutch Shire and Unilever.

Outlook / Strategy

The UK equity market has considerable exposure to overseas earnings and
provides many good investment opportunities. UK equity valuations currently
look attractive compared to those of most other asset classes, with the
prospect of high quality earnings and dividend growth. Fundamentally - on both
a relative and absolute basis - the UK equity market remains very cheap, with
the largest corporate cash level in UK history at over £200 billion. We
continue to position the portfolio towards companies where the fundamentals are
strong and the business can take advantage of regions that are growing
strongly.

18 May 2012

Ends

Latest information is available by typing www.blackrock.co.uk/brig 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.