Interim Management Statement

FINSBURY GROWTH & INCOME TRUST PLC                       

    Interim Management Statement - 3 months to 31 December 2007 (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 31 December 2007 was a volatile one for markets. The
Company's undiluted net asset value per share fell by 4.0% and the share price
by 8.0%, on a total return basis. The discount of share price to net asset
value per share was 5.0% at the period end. The Company's benchmark, the FTSE
All-Share Index, measured on a total return basis, rose by 0.3%.

Banks continued to remain under pressure with HBOS falling 8.5% during
December. Some of the smaller holdings in the portfolio, namely AG Barr,
Fidessa and Youngs' also performed poorly as investors withdrew capital from
this part of the market. Positive performance came from Reed Elsevier (Reed)
and London Stock Exchange (LSE), both up c.10%. Reed is trading strongly and
has returned capital to shareholders as a result of a sale of its education
division; LSE remains the prize asset in the consolidation of global exchanges
and has benefited from profit upgrades, as stock exchange volumes continue at
record levels.

During the period the Company issued a total of 150,000 new shares raising £
469,600 and repurchased a total of 642,396 shares, currently held in treasury,
at a cost of £976,600 (including expenses) at an average discount of 6.0%.

Trust Characteristics

                          31 December 2007      30 September 2007         
                                                                               
Number of holdings                      27                     28                        
                                                                               
Net assets (£m)                      156.3                  163.4                     
                                                                               
Net yield                              3.2%                   2.9%                      
                                                                               
Gearing (AIC basis)                    114                    115                       
                                                                               
Share price (p)                     283.00                 307.50                    
                                                                               
NAV (p) (undiluted for              297.96                 310.37                              
treasury shares)                                                               
                                                                               
NAV ) (p) (diluted for              297.86                      -                                  
treasury shares)                                                               
                                                                               
Discount of share price to            5.02%                  0.92%                     
NAV (undiluted for                                                             
treasury shares)                                                               
                                                                               
Discount of share price to            4.99%                     -                         
NAV (diluted for treasury                                                      
shares)                                                                        

Source: Frostrow Capital LLP

10 Largest Investments

Name                                 % of                       % of           
                             investment portfolio       investment portfolio   
                             at 31 December 2007        at 30 September 2007   
                                                                               
HBOS                                 9.7                        10.3           
                                                                               
Diageo                               8.9                        8.2            
                                                                               
Cadbury Schweppes                    7.9                        6.7            
                                                                               
Unilever                             7.6                        5.7            
                                                                               
Marston's                            5.9                        5.6            
                                                                               
Barr (AG)                            5.4                        5.7            
                                                                               
Reed Elsevier                        5.0                        4.2            
                                                                               
Reuters                              4.6                        5.2            
                                                                               
Pearson                              4.6                        4.4            
                                                                               
Lloyds TSB                           4.5                        4.8            
                                                                               
Total                               64.1                       60.8                      

Source: Frostrow Capital LLP

Sector Analysis

                                     % of                       % of           
                             investment portfolio       investment portfolio   
                             at 31 December 2007        at 30 September 2007   
                                                                               
Financials                           22.6                       24.4           
                                                                               
Consumer Services                    26.8                       27.2           
                                                                               
Consumer Goods                       29.9                       26.3           
                                                                               
Technology                           7.1                        7.4            
                                                                               
Oil & Gas                            3.1                        3.7            
                                                                               
Fixed Interest                       1.2                        1.5            
                                                                               
Industrials                          1.0                        1.2            
                                                                               
Preference Shares                    8.3                        8.3            
                                                                               
Total                               100.0                      100.0           

Source: Frostrow Capital LLP

Total Return Performance

                1 Month         Year to date    1 Year          3 Years        
                                                                               
Share Price     -0.8%           -10.3%          -10.3%          +39.7%         
                                                                               
NAV per share   -1.1%           -3.5%           -3.5%           +43.3%         
(undiluted for                                                                 
                                                                               
treasury                                                                       
shares)                                                                        
                                                                               
Benchmark*      +0.3%           +5.5%           +5.5%           +50.1%         

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 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

22 January 2008