Transaction in Own Shares

Finsbury Growth & Income Trust PLC
01 September 2004


                                                                    NEWS RELEASE
                                                                1 September 2004

                      FINSBURY GROWTH & INCOME TRUST PLC
                                (the 'Company')

                   SALE OF COMPANY'S OWN SHARES FROM TREASURY

Notification is given pursuant to the authority granted at the Extraordinary
General Meeting of the Company held on 10 May 2004 to sell shares held by the
Company as treasury shares up to an aggregate nominal value of £485,705, or, if
less, the number representing 5 per cent. of the issued ordinary share capital
of the Company.

That, a market total of 75,000 Ordinary shares of 25p each were sold by the
Company on 1 September 2004 from the shares held in treasury at a price of
187.75p per share which equates to an estimated discount to net asset value at
the time of sale of 3.52%.

The resultant total number of Ordinary shares held in treasury by the Company is
2,445,000.  The number of Ordinary shares that the Company has in issue, less
the total number of Ordinary shares held by the Company in treasury following
such sale, is 36,011,430.

For and on behalf of
Close Finsbury Asset Management Limited
Company Secretary


For further information, please contact:

Alastair Smith
Close Finsbury Asset Management Limited
Tel: [phone]

Tracey Lago
Close Finsbury Asset Management Limited
Tel: [phone]

Nick Train
Lindsell Train Limited
Tel: [phone]


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