Interim Management Statement

FINSBURY GROWTH & INCOME TRUST PLC                       

    Interim Management Statement - 3 months to 31 December 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 31 December 2008 was again a volatile one for markets.
The Company's diluted net asset value per share fell by 4.3% and the share
price by 3.1%, both measured on a total return basis. The discount of share
price to diluted net asset value per share was 2.9% at the period end. The
Company's benchmark, the FTSE All-Share Index, measured on a total return
basis, fell by 10.2% over the same period. Post the period end, to 28 January
2009, the Company's diluted net asset value per share fell by 7.5% and the
share price by 7.1%. The Company's benchmark, the FTSE All-Share Index,
measured on a total return basis, fell by 12.5%.

Gilt yields fell during December, as investors recognised the likely severity
of the coming recession and short term interest rates were cut aggressively by
monetary authorities around the world. In the UK, the Bank of England cut the
base rate again in January to 1.5%, the lowest level in its 315-year history.
The Company's portfolio manager believes that the consumer staple companies
held in the portfolio, such as Barr, Cadbury, Diageo and Unilever, are all
capable of steady growth in all but the most extreme economic conditions and he
expects these characteristics to be increasingly prized by investors.

During the period and up to the date of this report the Company issued a total
of 50,000 new shares raising £87,000 and repurchased a total of 207,000 shares,
currently held in treasury, at a cost of £391,800 (including expenses) at an
average discount of 5.9%.

All of the resolutions proposed at the Company's Annual General Meeting, held
on 23 January 2009, were passed. Details of the level of proxy votes received
can be found on the Company's website.


Trust Characteristics

                               31 December 2008          30 September 2008     
                                                                               
Number of holdings                    27                         28            
                                                                               
Net assets (£m)                      100.0                     106.9           
                                                                               
Net yield                            5.0%                       4.6%           
                                                                               
Gearing (AIC basis)                   113                       112            
                                                                               
Share price (p)                     191.00                     202.00          
                                                                               
NAV (p) (undiluted for              196.94                     209.75          
                                                                               
treasury shares)                                                               
                                                                               
NAV (p) (diluted for                196.72                     209.48          
                                                                               
treasury shares)                                                               
                                                                               
Discount of share price to           3.02%                     3.69%           
NAV (undiluted for                                                             
treasury shares)                                                               
                                                                               
Discount of share price to           2.91%                     3.57%           
NAV (diluted for treasury                                                      
shares)                                                                        

Source: Frostrow Capital LLP


Sector Analysis

                                     % of                       % of               
                             investment portfolio       investment portfolio   
                             at 31 December 2008        at 30 September 2008   
                                                                               
Financials                           14.4                       17.9           
                                                                               
Consumer Services                    25.1                       24.4           
                                                                               
Consumer Goods                       44.7                       38.7           
                                                                               
Technology                           7.5                        8.8            
                                                                               
Oil & Gas                            1.9                        2.9            
                                                                               
Industrials                          0.0                        0.7            
                                                                               
Preference Shares                    6.4                        6.6            
                                                                               
Total                               100.0                      100.0           

Source: Frostrow Capital LLP


10 Largest Investments

Name                                 % of                       % of           
                             investment portfolio       investment portfolio   
                             at 31 December 2008        at 30 September 2008   
                                                                               
Diageo                               12.3                       11.3           
                                                                               
Unilever                             10.8                       9.7            
                                                                               
Barr (AG)                            10.2                       7.5            
                                                                               
Cadbury                              7.8                        6.9            
                                                                               
Pearson                              6.6                        5.7            
                                                                               
HBOS                                 6.2                        5.7            
                                                                               
Reed Elsevier                        4.9                        5.1            
                                                                               
Rathbone Brothers                    4.6                        4.9            
                                                                               
Sage                                 4.6                        4.9            
                                                                               
Marston's                            4.1                        4.0            
                                                                               
Total                                72.1                       65.7           

Source: Frostrow Capital LLP


Total Return Performance

                1 Month         Year to date    1 Year          3 Years        
                                                                               
Share Price     8.5%            -29.6%          -29.6%          -23.9%         
                                                                               
NAV per share   4.0%            -31.3%          -31.3%          -19.1%         
                                                                               
(diluted for                                                                   
                                                                               
treasury                                                                       
shares)                                                                        
                                                                               
Benchmark*      3.7%            -29.9%          -29.9%          -13.8%         

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

30 January 2009