Transaction in Own Shares

Finsbury Growth & Income Trust PLC
20 December 2004

                                                                    NEWS RELEASE
                                                                20 December 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 14 October 2004 to sell shares held by
the Company as treasury shares up to an aggregate nominal value of £912,106, or,
if less, the number representing 10 per cent. of the issued ordinary share
capital of the Company.

That, a market total of 50,000 Ordinary shares of 25p each were sold by the
Company on 20 December 2004 from the shares held in treasury at a price of
218.50p per share which equates to an estimated discount to net asset value at
the time of sale of 3.00%.

The resultant total number of Ordinary shares held in treasury by the Company is
1,237,178.  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 37,219,252.

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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