Interim Management Statement

FINSBURY GROWTH & INCOME TRUST PLC                       

      Interim Management Statement - 3 months to 30 June 2008 (unaudited)      

Finsbury Growth & Income Trust PLC invests in the shares of UK listed companies
with the objective of achieving capital and income growth and providing a total
return in excess of that of the FTSE All-Share Index.

The 3 month period ended 30 June 2008 was a volatile one for markets. The
Company's diluted net asset value per share fell by 7.4% and the share price by
9.8%, on a total return basis. The discount of share price to the diluted net
asset value per share was 6.2% at the period end. The Company's benchmark, the
FTSE All-Share Index, measured on a total return basis, fell by 1.4% in the
period.

Cadbury rallied in May on news of the Mars/Wrigley merger and Inbev's interest
in Anheuser Busch. Marston's also jumped after the announcement of its interim
results including a 10% rise in its dividend.

However, pressure on businesses and investors continues with increasing prices
for raw materials and credit rationing, as banks are forced to cut back on
lending. The Company's Investment Manager believes that factors such as a
rerating of commodity share prices, a relaxation in concerns over inflation and
an increase in take-over activity will be precursors to a rally in markets in
general.

The Company paid a first interim dividend of 4.4p per share (first interim
dividend 2007: 4.2p per share) on 6 May 2008 in respect the year ending 30
September 2008.

During the period the Company repurchased a total of 866,750 shares, currently
held in treasury, at a cost of £2.1m (including expenses) at an average
discount of 6.0%. 25,000 shares were reissued out of treasury in June 2008 at a
discount lower than that at which they had been repurchased by the Company. As
at 30 June 2008 a total of 964,750 shares were held in treasury.

Trust Characteristics

                                 30 June 2008     31 March 2008             
                                                                               
Number of holdings                    28              27                        
                                                                               
Net assets (£m)                      120.6           134.4                     
                                                                               
Net yield                             4.2%            3.7%                      
                                                                               
Gearing (AIC basis)                   110             110                       
                                                                               
Share price (p)                     218.00           246.00                    
                                                                               
NAV (p) (undiluted for                                  
treasury shares)                    232.77           255.18                                           
                                                                               
NAV ) (p) (diluted for                                  
treasury shares)                    232.50           255.15                                           
                                                                               
Discount of share price to                               
NAV (undiluted for                                                             
treasury shares)                     6.35%           3.60%                                           
                                                                               
Discount of share price to                               
NAV (diluted for treasury                                                      
shares)                              6.24%           3.59%                                               

Source: Frostrow Capital LLP

10 Largest Investments

Name                                 % of                       % of           
                                                                               
                             investment portfolio       investment portfolio   
                                                                               
                               at 30 June 2008            at 31 March 2008     
                                                                               
Diageo                               10.1                       10.0           
                                                                               
HBOS                                 8.8                        9.7            
                                                                               
Barr (AG)                            8.5                        6.7            
                                                                               
Unilever                             8.3                        8.4            
                                                                               
Cadbury                              7.0                        8.5            
                                                                               
Pearson                              5.3                        5.3            
                                                                               
Lloyds TSB                           4.8                        5.2            
                                                                               
Reed Elsevier                        4.8                        4.8            
                                                                               
Sage                                 4.8                        3.9            
                                                                               
Rathbone Brothers                    4.3                        4.4            
                                                                               
Total                                66.7                       66.9                      

Source: Frostrow Capital LLP

Sector Analysis

                                     % of                       % of           
                                                                               
                             investment portfolio       investment portfolio   
                                                                               
                               at 30 June 2008            at 31 March 2008     
                                                                               
Financials                           17.8                       20.4           
                                                                               
Consumer Services                    23.9                       26.9           
                                                                               
Consumer Goods                       35.9                       33.6                      
                                                                               
Technology                           9.0                        7.1            
                                                                               
Oil & Gas                            3.4                        2.6            
                                                                               
Fixed Interest                       0.5                        0.7            
                                                                               
Industrials                          0.7                        0.6            
                                                                               
Preference Shares                    8.8                        8.1            
                                                                               
Total                               100.0                      100.0           

Source: Frostrow Capital LLP

Total Return Performance to 30 June 2008

                1 Month         Calendar year to  1 Year        3 Years        
                                date                                           
                                                                               
Share Price     -12.3%          -21.6%            -31.8%        -5.2%          
                                                                               
NAV per share             
(diluted for                                                                   
treasury                                                                       
shares)         -11.2%          -20.7%            -26.9%        +3.5%                                                               
                                                                               
Benchmark*      -7.1%           -11.2%            -13.0%        +23.2%         

Source: Fundamental Data

* Benchmark - FTSE All-Share Index measured on a total return basis.

Past performance is not a guide to future performance.

This Interim Management Statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.

This Interim Management statement is available on the Company's website 
www.finsburygt.com.

The Company's net asset value per share is announced daily and is available,
together with the share price, on the TrustNet website at www.trustnet.com

For further information contact: Mark Pope on 0203 008 4913

Frostrow Capital LLP

Company Secretary

15 August 2008