Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 31 December 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                        1.0%      2.9%    9.4%     45.7%     52.2%    62.1%
Net asset value                   -0.7%      4.6%    8.0%     34.9%     45.6%    57.0%
FTSE All-Share Total Return       -1.6%      0.6%    1.2%     29.4%     37.3%    51.8%

Sources: BlackRock

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

At month end

Sterling:

Net asset value - capital only:      173.98p
Net asset value - cum income*:       178.02p
Share price:                         175.75p
Total assets (including income):      £49.1m
Discount to cum-income NAV:             1.3%
Net Gearing:                             nil
Net yield**:                            3.2%
Ordinary shares in issue***:      26,479,268
Gearing range (as a % of net assets)   0-20%
Ongoing charges****:                    1.2%

* includes net revenue of 4.04 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 6,454,664 shares held in treasury.

**** Calculated as a percentage of average net assets and using expenses,
excluding performance fees and interest costs for the year ended 31 October
2014.

Benchmark

Sector Analysis                 Total assets (%)

Support Services                           10.6
Tobacco                                     9.9
Life Insurance                              9.5
Oil & Gas Producers                         9.1
Pharmaceuticals & Biotechnology             8.4
Travel & Leisure                            8.0
General Retailers                           6.0
Media                                       5.4
Banks                                       5.1
Mining                                      4.1
Household Goods & Home Construction         3.9
Non-Life Insurance                          3.7
Food Producers                              2.6
Electronic & Electrical Equipment           2.6
Financial Services                          2.2
Beverages                                   2.1
Personal Goods                              1.8
General Industrials                         1.4
Net Current Assets                          3.6
Total                                     100.0

Ten Largest Equity Investments

Company                          Total assets(%)

Royal Dutch Shell `B'                       5.8
British American Tobacco                    5.7
HSBC                                        5.1
AstraZeneca                                 4.5
Reed Elsevier                               4.4
Imperial Tobacco                            4.2
Rio Tinto                                   4.1
Prudential                                  3.7
Wolseley                                    3.5
Friends Life                                3.4

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

Markets

UK equities experienced a turbulent quarter but ended in positive territory.
Concerns intensified around weak economic growth in Europe, magnified by
worries that Mario Draghi and the ECB were becoming ineffective. The outlook
was further confused by the collapse in the oil price, which has now more than
halved from its peak; whilst this in part reflects supply issues from OPEC and
the US, it is also a function of weaker than expected demand, notably from
Asia. US economic data provided a bright spot and a commensurate tightening in
policy from the Federal Reserve.

Larger companies lagged mid and small caps over the quarter, dragged down by
the resources sectors. The pharmaceuticals sector gave back some of its earlier
gains as the prospect of M & A activity waned. The travel & leisure sector led
the positive contributors, boosted by the fall in the oil price.

Portfolio Performance

The portfolio returned 4.6%* in the fourth quarter, outperforming the FTSE
All-Share Index return of 0.6%. Over the 2014 calendar year the Company has
outperformed the FTSE All Share index by 6.8%.

A broad range of companies including Wolseley, Reed Elsevier, Dixons Carphone
and Howdens Joinery, continued to meet or exceed earnings expectations and
contributed positively to returns. Wolseley has continued to deliver strong
revenue growth, particularly in the USA, whilst maintaining margins, Reed
Elsevier has demonstrated the benefits of its consistent strategy, producing
revenue growth and margin expansion at the same time as returning excess
capital to shareholders. Recent purchases of Carnival and Cineworld also
outperformed, whilst Shire added to relative performance as the shares fell
following the withdrawal of Abbvie's bid, the portfolio holding was sold
earlier in the year after the bid was announced.

Detractors from performance were relatively modest and included the underweight
position in Vodafone, which reported signs of an improvement in European
demand. Investors speculated that the recent consolidation in the European
telecoms market would result in improved pricing and returns on 4G capital
expenditure. Elsewhere, Essentra fell following a third quarter update that
showed weakness in its Porous Technologies business.

Activity during the period included new purchases of Hays, Cineworld, DS Smith,
Marks & Spencer and Diageo with additions to Friends Life and Next. We reduced
Reckitt Benckiser and GlaxoSmithKline and sold Vodafone, Admiral and Aviva.

Outlook

Eurozone economic activity remains subdued despite an increasingly supportive
policy response from the European Central Bank, whilst in the US the ending of
quantitative easing is contributing to uncertainty. We continue to focus more
on the specific drivers of individual companies and the ability to determine
their future rather than relying on a specific macro outcome. 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.

* NAV - Inc. performance.

19 January 2015