Allotment of New Shares

Finsbury Growth & Income Trust PLC
18 May 2005


                THIS IS A REPLACEMENT ANNOUNCEMENT TO RNS 4748M
   PREVIOUSLY STATED TOTAL ISSUED SHARE CAPITAL WAS INCORRECT AT 42,826,430, 
                            SHOULD READ 42,926,430



                       FINSBURY GROWTH & INCOME TRUST PLC

                                  18 MAY 2005



Allotment of Ordinary Shares


FINSBURY GROWTH & INCOME TRUST PLC (the 'Company') announces the allotment of
100,000 Ordinary shares of 25p each fully paid under its block listing facility.

These shares were issued today at a price of 240.50p per share, which equates to
a premium to the estimated net asset value at the time of transaction of 1.5%.

The net asset value per Ordinary share at the close of business on 17 May 2005
was 236.08p per share.

The total issued share capital of the Company is now 42,926,430 Ordinary shares
of 25p each.


                                    - Ends -

Enquiries:


Alastair Smith      Close Finsbury Asset Management Ltd       020 7426 6240
Tracey Lago         Close Finsbury Asset Management Ltd       020 7426 6219


                      This information is provided by RNS
            The company news service from the London Stock Exchange