Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 30 November 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                      4.0%      1.6%   9.8%    44.2%     66.2%   64.9%
Net asset value                  5.0%      2.6%  11.5%    35.9%     47.8%   66.0%
FTSE All-Share Total Return      2.9%     -0.6%   4.7%    31.5%     40.7%   60.9%

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:      175.47p
Net asset value - cum income*:       179.33p
Share price:                         174.00p
Total assets (including income):      £49.5m
Discount to cum-income NAV:             3.0%
Net Gearing:                             nil
Net yield**:                            3.3%
Ordinary shares in issue***:      26,479,268
Gearing range (as a % of net assets)   0-20%
Ongoing charges****:                    1.1%

* includes net revenue of 3.86 pence per share

** based on interim dividend of 2.20p per share for the financial year ended 31
October 2014 and 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
2013.

Benchmark

Sector Analysis                     Total assets(%)

Tobacco                                       10.5
Support Services                              10.2
Life Insurance                                 9.4
Pharmaceuticals & Biotechnology                8.8
Oil & Gas producers                            8.6
Travel & Leisure                               7.0
Media                                          5.5
General Retailers                              5.1
Banks                                          5.0
Household Goods & Home Construction            3.9
Mining                                         3.7
Non-Life Insurance                             3.2
Food Producers                                 2.7
Electronic & Electrical Equipment              2.4
Beverages                                      2.0
Financial Services                             1.6
Personal Goods                                 1.4
General Industrials                            1.2
Net Current Assets                             7.8
                                            ------
Total                                        100.0

Ten Largest Equity Investments

Company                            Total assets (%)

British American Tobacco                       6.5
Royal Dutch Shell `B'                          5.3
HSBC Holdings                                  5.0
AstraZeneca                                    4.7
Reed Elsevier                                  4.4
Imperial Tobacco Group                         4.1
Prudential                                     3.9
Rio Tinto                                      3.7
Wolseley                                       3.4
BP Group                                       3.3

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

Markets

UK equities rose in November, extending the rebound that began in October after
the more positive economic data from China, the US and expectation of further
stimulus from the European Central Bank (ECB). The decision by OPEC to leave
oil production levels unchanged led to a sharp fall in the oil price and
underperformance of the oil & gas sector, with corresponding outperformance of
beneficiaries of lower oil prices in the travel & leisure sector.
Pharmaceutical, tobacco and mobile telecommunications sectors also led the
equity market higher.

Portfolio Performance

The Company returned 5.0%* in November, outperforming the FTSE All-Share Index 
return of 2.9%. This brings returns for the period 1 January to 30 November 2014 
to 8.8%, which is ahead of the FTSE-All Share Index return of 2.8%.

The portfolio benefited from the outperformance of a number of recent purchases
as Cineworld, DS Smith, Burberry and Marks & Spencer all rose strongly during
the month. In particular, Marks & Spencer surprised the market with profits
above expectations as a result of improving margins. Friends Life rose
following a takeover approach from Aviva, whilst Carnival rose following the
lower oil price given the positive impact this is likely to have on costs.

The main detractor from relative performance was not owning Vodafone, which 
rose as market commentators speculated that recent consolidation in the
European telecom market would result in improved pricing and returns on 4G
capital expenditure.

Activity

Activity during the month included new purchases of Hays and DS Smith and
additions to BP, Cineworld and Friends Life. The Company reduced positions in
Reckitt Benckiser, HSBC and GlaxoSmithKline and sold Admiral.

Outlook

While the outlook for the global economy has improved in recent years, it
remains fragile. 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 that 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 cash flow they generate.

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

* NAV - Inc. performance.

19 December 2014