Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 30 September 2013 and unaudited.

Performance at month end with net income reinvested

                                One    Three    One    Since   Three    Five
                              month   months   year  1 April   years   years 
                                                        2012

Sterling:

Share price                    2.1%     4.2%  18.9%    26.5%   26.6%   48.0%
Net asset value                0.8%     3.3%  12.2%    15.5%   23.5%   43.4%
FTSE All-Share Total Return    1.1%     5.6%  18.9%    21.3%   33.4%   66.2%

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:        153.99p
Net asset value - cum income*:         157.63p
Share price:                           158.00p
Total assets (including income):        £45.2m
Premium to cum-income NAV:                0.2%
Gearing:                                  3.1%
Net yield**:                              3.4%
Ordinary shares in issue***:        27,399,268
Gearing range (as a % of net assets)     0-20%

* includes net revenue of 3.64 pence per share

** based on final dividend of 3.45p per share in respect of the year ended 31
October 2012 and an interim dividend of 2.00p per share in respect of the year
ending 31 October 2013.

*** excludes 5,534,664 shares held in treasury

Benchmark

Sector Analysis                      Total assets (%)

Banks                                           12.0
Oil & Gas Producers                              9.6
Tobacco                                          8.1
Pharmaceuticals & Biotechnology                  7.9
Mobile Telecommunications                        6.0
Travel & Leisure                                 5.4
Mining                                           5.1
Media                                            5.0
Support Services                                 5.0
Financial Services                               4.8
Food Producers                                   4.6
Non-Life Insurance                               4.6
Household Goods & Home Construction              3.6
Life Insurance                                   3.6
Real Estate Investment & Services                2.9
General Retailers                                2.5
Electronic & Electrical Equipment                2.4
Gas, Water & Multiutilities                      2.2
Fixed Line Telecommunications                    2.1
Non-Equity Investment Instruments                1.9
Oil Equipment, Services & Distribution           1.1
Net Current Liabilities                         (0.4)
                                              ------
Total                                          100.0
                                              ------

Ten Largest Equity Investments

Company                            % of Total assets

HSBC                                            6.9
Vodafone                                        6.3
GlaxoSmithKline                                 5.8
Royal Dutch Shell B                             5.4
British American Tobacco                        5.4
Reed Elsevier                                   3.4
Unilever                                        3.3
Rio Tinto                                       3.2
Legal & General                                 3.1
Imperial Tobacco                                3.1

Commenting on the markets, Adam Avigdori, representing the Investment Manager
noted:

Markets

The third quarter was once again dominated by political risk as expectations of
tapering of asset purchases by the Federal Reserve caused a rise in US treasury
yields and increased pressure across emerging market asset classes. Equity
markets continued to be supported by accommodative monetary policy. In July,
the new Governor of the Bank of England indicated that interest rates were
unlikely to be raised in the near term and in September the Federal Reserve
surprised markets with a delay to the expected tapering of quantitative easing.
Elsewhere, geo-political tensions increased, focusing on the potential for
military action against Syria. Despite the political uncertainty, improving
growth prospects prevailed and it was a strong quarter for UK equities. A
notable feature of the market in recent weeks has been the return of new
issues, which will test the appetite for equity issuance in the coming months.

Portfolio Performance

The portfolio returned +0.8% over the month, slightly behind the FTSE All-Share
Index return of +1.1%.

Amongst the detractors from relative portfolio performance during the month
were Oxford Instruments, the provider of high technology systems for research
and industry and food ingredients producer Tate & Lyle. Oxford Instruments
shares fell in September despite the release of an interim statement that
highlighted a mixed performance in its Nano business due to a lower R&D spend
in western economies, particularly in the US where orders are being delayed,
but noted improving trends in its industrial business and robust service
activity. Tate shares fell due to the negative effect of a weaker US dollar,
coupled with the impact from lower sugar and sucralose prices. Sugar is a
potential substitute for Tate's High Fructose Corn Syrup (HFCS) and a lower
price can lead to weakness in the HFCS price. In addition, lower carbonated
drink sales have also impacted volumes for HFCS. We remain positive on earnings
given the expected continued growth from the speciality ingredients business,
which is becoming a larger share of earnings and should provide a source of
positive earnings surprise over the medium term.

Turning to the positive contributors to portfolio performance, Jupiter Fund
Management announced good first half results, with net asset inflows ahead of
expectations, in line with the first quarter's performance. Inflows from
private clients were a positive surprise, having been weak in the past, and
mutual fund inflows remained resilient. In addition, the company substantially
increased its dividend, by approximately 40%. The shares of online gaming
software group Playtech, rose following strong growth in first half revenues
and earnings. The underweight position in BP was beneficial after it reported
disappointing quarterly earnings on weaker downstream revenues; cash flow was
also weak, highlighting the challenge that the company faces in meeting its
dividend payments from operating cash flow.

During the month we initiated new positions in Reckitt Benckiser and Foxtons
Group, and added to holdings of Betfair Group and Oxford Instruments. We sold
the positions in BP, Melrose Industries and Carnival, and trimmed holdings of
Shire and Playtech.

We participated in the IPO of Foxtons, the estate agency business, which has a
high quality franchise with a focus on London, where the supply/demand dynamics
of housing are attractive. The business is well run and has a competitive
advantage largely driven by its IT and systems investment, which we believe
leave it significantly ahead of its competition. We expect transaction activity
to increase in its offices and new offices to open, driving strong profit
growth.

Outlook

Global GDP growth remains low but is still positive and equity valuations
continue to look attractive relative to other asset classes. With global growth
being driven by the developed economies, concern about lower rates of growth in
emerging markets than had previously been expected, means that investments in
emerging markets are being approached more cautiously. Whilst economic
indicators in the developing world have slowed this year, it is worth noting
that absolute levels of growth remain higher than those in the developed world.

There are signs that the UK economy is beginning to recover, driven by the
consumer and house builders, with UK consumer confidence improving. Even in
Europe there are signs of stabilisation despite economic activity remaining
subdued. Continued modest economic growth, loose monetary policy and reasonably
attractive valuations should continue to support global equity markets, and
there is a perception that `tail risks' have subsided in 2013. Although
equities have risen over the year, equity valuations compared to alternative
asset classes remain attractive.

We maintain our focus on income, stock selection and building a high conviction
portfolio to deliver both income and capital growth. We prefer to hold
positions in cash generative companies with exposure to growth markets,
companies that can make significant operational improvements and companies that
can achieve strong earnings growth through higher margins and sensitivity to
the economic recovery. Higher yields in fixed interest markets reflect the view
that the world faces better growth prospects. Confidence is returning, yet
there remain a number of significant issues.

17 October 2013