Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 30 June 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                    -0.9%     1.0%   12.8%     37.0%   32.7%  99.5%
Net asset value                -0.3%     2.3%   14.7%     28.3%   27.7%  99.2%
FTSE All-Share Total Return    -1.3%     2.2%   13.1%     29.9%   29.2%  96.7%

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:     167.76p
Net asset value - cum income*:      171.45p
Share price:                        167.50p
Total assets (including income):     £47.7m
Discount to cum-income NAV:            2.3%
Net Cash:                              1.4%
Net yield**:                           3.4%
Ordinary shares in issue***:     26,679,268
Gearing range (as a % of net assets)  0-20%

* includes net revenue of 3.69 pence per share

** based on an interim dividend of 2.20p per share for the financial year ending
31 October 2014 and a final dividend of 3.50p per share in respect of the year
ended 31 October 2013.

*** excludes 6,254,664 shares held in treasury

Benchmark

Sector Analysis                 Total assets (%)

Pharmaceuticals & Biotechnology            14.4
Life Insurance                              9.7
Support Services                            8.9
Tobacco                                     8.5
Oil & Gas Producers                         7.2
Travel & Leisure                            6.0
Household Goods & Home Construction         5.8
Banks                                       5.5
Food Producers                              5.2
General Retailers                           4.8
Non-Life Insurance                          4.3
Media                                       4.0
Mining                                      3.4
Financial Services                          2.8
Electronic & Electrical Equipment           2.2
Mobile Telecommunications                   1.8
Net Current Assets                          5.5
                                          -----
Total                                     100.0
                                          -----

Ten Largest Equity Investments

Company                       % of Total assets

Royal Dutch Shell B                         7.2
British American Tobacco                    6.1
GlaxoSmithKline                             5.8
AstraZeneca                                 5.5
HSBC                                        5.4
Reed Elsevier                               4.0
Reckitt Benckiser                           3.9
Unilever                                    3.7
Wolseley                                    3.6
Compass                                     3.6

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

Portfolio Performance

The Company returned 2.3%* in the second quarter, broadly in line with the FTSE
All-Share Index return of 2.2%.

The FTSE All Share returned +2.2% but in a reversal of recent times the large
cap index outperformed. The return from the FTSE All-Share Index during the quarter
was a modest 2.2% but behind this return there were more dramatic moves; the
FTSE 100 Index rose by 3.2% and the FTSE 250 fell by 2.4%. This is one of the most
extreme levels of short term performance divergence we have seen in recent
years. What caused this? While there are many possible drivers behind the move
(profit taking, Fed tapering comments, investor positioning etc), we note that
we are at a more mature phase of the economic cycle where an improving economic
outlook is balanced against the prospect of rising interest rates. This creates
volatility.

Portfolio performance was driven by robust returns from core, free cashflow,
dividend growth positions offset by weak performance from the more cyclical
holdings. The largest detractors from performance included Howdens Joinery,
Hargreaves Lansdown and Essentra - positions which have benefitted
significantly in recent times. Positive contributors included Shire, which
benefited from the approach by Abbvie, and Compass, which reported strong
underlying earnings and a return of capital.

Shire outperformed following bid approaches from US pharmaceutical company
Abbvie, having delivered on its strategy of increasing the sales of its main
attention deficit hyperactivity disorder business, whilst diversifying its
sources of revenue by developing its rare diseases franchise. The holding in
AstraZeneca was also positive for performance despite the bid from Pfizer
failing. During the bid process AstraZeneca released a number of presentations
that showed how its oncology pipeline was making significant progress which
enhanced the market's view of the company. Both of these approaches appear to
have cross border tax savings between the USA and the UK as a significant
motivator.

*NAV Performance

Activity

Activity during the period included new purchases of holdings in Prudential,
Friends Life and Direct Line Insurance and additions to Next, AstraZeneca,
Essentra and Berkeley Group. We reduced Vodafone, Hargreaves Lansdown and
Betfair and sold Ryanair, Barclays, Lloyds and Ashtead.

Outlook

While the economic environment is certainly more benign than it was a year ago,
sterling strength, interest rate uncertainty and the lack of pricing power of
companies mean that the outlook for equities is more nuanced. We continue to
focus more on the specific drivers of individual companies and the ability to
determine their future rather than backing a dominant macro view. Given the
outlook for both economic growth and interest rates remains uncertain, we seek
those companies that can drive returns through self-help and have a clear
strategy to deploy the cashflow they generate.

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.

16 July 2014