Interim Management Statement

FINSBURY GROWTH & INCOME TRUST PLC                       

    Interim Management Statement - three months to 30 June 2012 (unaudited)    

Finsbury Growth & Income Trust PLC invests principally in the securities 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. A
maximum of 20% of the Company's portfolio, at the time of acquisition, can be
invested in quoted companies worldwide.

In the 3 month period ended 30 June 2012 the Company's net asset value total
return was -0.35% and the share price total return was +0.50%. These results
compare to the total return from the FTSE All-Share Index, the Company's
benchmark, of -2.63% over the same period. Post period end, to 17 July 2012 the
Company's net asset value total return was +1.52% and the share price total
return was +1.00%. The total return from the benchmark index was +1.01%.

The Company paid a first interim dividend of 4.6p per share (first interim
dividend 2011: 4.4p per share) on 4 May 2012 in respect the year ending 30
September 2012.

During the 3 month period the Company issued 2,841,216 new shares at a premium
to the Company's cum income net asset value per share prevailing at the time of
their issue raising £10.7m. Following the period end, to 17 July 2012, the
Company has issued a further 485,000 new shares at a premium to the Company's
cum income net asset value per share prevailing at the time of their issue
raising a further £1.7m. As at 17 July 2012 the Company had 66,643,381 shares
in issue.

Trust Characteristics

                                  30 June 2012        31 March 2012            
                                                                               
Number of holdings                26                  26                       
                                                                               
Net assets (£m)                   229.3               217.4                    
                                                                               
Net yield                         2.7%                2.7%                     
                                                                               
Gearing (AIC basis)               107                 106                      
                                                                               
Share price (p)                   349.50              347.75                   
                                                                               
NAV (p) per share                 346.67              345.03                   
                                                                               
Premium of share price to NAV per 0.8%                0.8%                     
share                                                                          

Source: Frostrow Capital LLP

Sector Analysis

                          % of                       % of                      
                                                                               
                          investment portfolio       investment portfolio      
                                                                               
                          at 30 June 2012            at 31 March 2012          
                                                                               
Financials                16.8                       17.2                      
                                                                               
Consumer Services         28.9                       28.6                      
                                                                               
Consumer Goods            44.3                       43.6                      
                                                                               
Technology                9.5                        9.8                       
                                                                               
Preference Shares         0.5                        0.8                       
                                                                               
Total                     100.0                      100.0                     

Source: Frostrow Capital LLP

Portfolio

Name                            % of                    % of                   
                                                                               
                                investment portfolio    investment portfolio   
                                                                               
                                at 30 June 2012         at 31 March 2012       
                                                                               
Diageo                          11.6                    11.3                   
                                                                               
Unilever                        9.1                     9.0                    
                                                                               
Pearson                         8.3                     7.3                    
                                                                               
Heineken Holdings (A Shares)*   7.4                     6.7                    
                                                                               
A.G Barr                        7.1                     7.3                    
                                                                               
Fidessa                         4.9                     4.9                    
                                                                               
Rathbone Brothers               4.5                     5.0                    
                                                                               
Sage Group                      4.5                     4.9                    
                                                                               
Schroders                       4.3                     4.5                    
                                                                               
Kraft Foods^                    3.7                     3.7                    
                                                                               
Top 10 Investments              65.4                    64.6                   
                                                                               
London Stock Exchange           3.5                     3.5                    
                                                                               
Reed Elsevier                   3.3                     3.7                    
                                                                               
Daily Mail & General Trust (A   3.3                     3.1                    
Shares)                                                                        
                                3.3                     3.2                    
Greene King                                                                    
                                3.2                     3.0                    
Hargreaves Lansdown                                                            
                                2.8                     3.0                    
Euromoney Institutional                                                        
Investor                        2.8                     3.3                    
                                                                               
Burberry Group                  2.6                     2.6                    
                                                                               
Marston's                       2.5                     2.4                    
                                                                               
Dr Pepper Snapple^              2.0                     1.8                    
                                                                               
Young & Co's Brewery            94.7                    94.2                   
(non-voting)                                                                   
                                2.0                     2.2                    
Top 20 Investments                                                             
                                1.4                     1.5                    
Fuller Smith & Turner                                                          
                                1.0                     0.9                    
Thomson Reuters~                                                               
                                0.5                     0.8                    
Lindsell Train Investment Trust                                                
                                0.2                     0.2                    
Lloyds Banking Group 9.25%                                                     
                                0.2                     0.2                    
(non cum preference)**                                                         
                                -                       -                      
Celtic                                                                         
                                100.0                   100.0                  
Frostrow Capitall LLP+                                                         
                                                                               
Celtic 6% (cum preference)**                                                   
                                                                               
Total Investments                                                              

Source: Frostrow Capital LLP

* Listed in the Netherlands

^ Listed in the United States

~ Listed in Canada

** Non-Equity - Preference Shares

+ Unquoted Partnership Interest

Total Return Performance % (to 30 June 2012)

                3 Months        Calendar        1 Year          3 Years        
                                                                               
                                Year to date                                   
                                                                               
Share Price     +0.50           +10.3           +5.0            +101.9         
                                                                               
NAV per share   -0.35           +9.2            +4.9            +95.2          
                                                                               
Benchmark*      -2.63           +3.3            -3.1            +47.4          

Source: Morningstar

* 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

SEDOL Code:

Ordinary Shares - 0781606

ISIN -

Ordinary Shares GB0007816068

Bloomberg - FGT LN

Epic - FGT

For further information contact:

Victoria Streater on 0203 170 8732
Frostrow Capital LLP
Company Secretary

19 July 2012