Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 30 April 2014 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                   -0.4%      3.1%    10.8%     35.2%    26.4%   94.0%
Net asset value                0.9%      4.1%    11.1%     26.6%    23.9%   93.7%
FTSE All-Share Total Return    2.2%      4.7%    10.5%     29.8%    27.6%   98.2%

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:      166.38p
Net asset value - cum income*:       169.20p
Share price:                         165.25p
Total assets (including income):      £47.6m
Discount to cum-income NAV:             2.3%
Net Cash:                               0.2%
Net yield**:                            3.3%
Ordinary shares in issue***:      26,939,268
Gearing range (as a % of net assets)   0-20%

* includes net revenue of 2.82 pence per share

** based on interim dividend of 2.00p per share and final dividend of 3.50p per
share in respect of the year ended 31 October 2013.

*** excludes 5,994,664 shares held in treasury

Benchmark

Sector Analysis                        Total assets (%)

Pharmaceuticals & Biotechnology                   15.0
Support Services                                   8.7
Life Insurance                                     8.0
Tobacco                                            7.9
Oil & Gas Producers                                7.8
Food Producers                                     6.6
Travel & Leisure                                   6.2
Household Goods & Home Construction                6.1
Banks                                              4.9
General Retailers                                  4.6
Mobile Telecommunications                          3.9
Media                                              3.9
Mining                                             3.5
Financial Services                                 3.3
Non-Life Insurance                                 3.0
Electronic & Electrical Equipment                  2.2
Net Current Assets                                 4.4
                                                 -----
Total                                            100.0
                                                 -----

Ten Largest Equity Investments

Company                              % of Total assets

Royal Dutch Shell'B'                                7.1
GlaxoSmithKline                                    6.3
AstraZeneca                                        6.2
British American Tobacco                           5.9
Unilever                                           5.1
HSBC                                               4.9
Reckitt Benckiser                                  4.5
Vodafone                                           4.1
Wolseley                                           4.1
Reed Elsevier                                      4.1

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

Markets

The headline progress of UK equities in April masked significant underlying
changes. The FTSE All Share Index gained 2.2% but market leadership rotated
dramatically: the most obvious feature was the marked outperformance of the
FTSE 100 (+3.1%) versus the FTSE Mid 250 (-2.3%) with this gap of 5.4% being the
fourth largest on a record stretching back to 1986. The causes of this are
still being debated: UK interest rate cyclicals such as house builders led the
decline but the broader trend can be described as a reversal of the momentum
that has been prevalent over the last year. Other causes for the reversal that
have been advanced include rising tension in Ukraine and the comments from US
Federal Reserve Chair Janet Yellen in March.

April was also notable for a marked pick-up in the pace of corporate activity
with the healthcare sector to the fore: GlaxoSmithKline's tripartite deal with
Novartis, Pfizer's approach to AstraZeneca and Zimmer's bid for Biomet took the
headlines but the industrial sectors were also buoyed by Weir Group's rebuffed
approach to Finland's Metso, the merger of European cement giants Holcim and
Lafarge, and GE's discussions with Alstom.

Portfolio Performance

The strong market rotation over the month led to underperformance from holdings
in our `Growth' portion of the portfolio and the portfolio returned 0.9%,
underperforming the FTSE All-Share Index return of 2.2%. The main detractors
from relative performance included Hargreaves Lansdown, Howden, Betfair,
Berkeley Group and Ashtead, which are all companies that have traded on higher
share price multiples in recent months and which fell during April. We have
made some changes as a result of the market moves, selling those positions that
we believe may be at further risk should the recent market environment
continue.

On the positive side, the overweight positions in AstraZeneca and Shire added
to returns. US pharmaceutical company Pfizer confirmed a bid approach for
AstraZeneca causing the shares to rise by 20%, whilst Shire was reported as
having received a bid approach (some time ago) from US group Allergan.

Activity

Activity during the period included a new purchase of Prudential and additions
to Next, AstraZeneca, Reed and Spectris. We reduced exposure to Hargreaves
Lansdown, 3i Group and Betfair and sold Ryanair, Ashtead and Barclays.

Outlook

While the ending of quantitative easing in the US is likely to induce some
volatility in equities as bond yields rise, we expect that inflation
expectations and medium term GDP growth will remain modest, thereby limiting
the risks of a substantial correction. In the longer-term, recovering global
growth and confidence about monetary policy, which will remain loose to allow
economies to pay down fiscal deficits, is a positive backdrop for corporate
earnings and equity valuations.

The portfolio is primarily invested in high free cash flow companies that can
sustain cash generation and pay a growing dividend yield. It also has exposure
to companies with sustainable growth franchises and turnaround situations.

14 May 2014