Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 31 July 2014 and unaudited.

Performance at month end with net income reinvested

                              One    Three    One    Since     Three    Five
                            month   months   year  1 April     years   years 
                                                      2012
Sterling:

Share price                  0.7%     2.1%   7.0%    38.0%     37.3%   88.3%
Net asset value              0.2%     1.5%   8.0%    28.5%     29.3%   84.5%
FTSE All-Share Total Return -0.3%    -0.2%   5.6%    29.5%     31.7%   80.7%

Sources: BlackRock and Datastream

BlackRock took over the investment management of the Company with effect from 1
April 2012.

At month end

Sterling:

Net asset value - capital only:     167.66p
Net asset value - cum income*:      169.61p
Share price:                        166.50p
Total assets (including income):     £47.3m
Discount to cum-income NAV:            1.8%
Net Cash:                              2.3%
Net yield**:                           3.4%
Ordinary shares in issue***:     26,679,268
Gearing range (as a % of net assets)  0-20%
Ongoing charges****:                   1.1%

* includes net revenue of 1.95 pence per share

** based on the interim dividend of 2.20p per share for the year ending 31
October 2014, and the final dividend of 3.50p per share in respect of the year
ended 31 October 2013.

*** excludes 6,254,664 shares held in treasury

**** Calculated as a percentage of average net assets and using expenses,
excluding performance fees and interest costs for the year ended 31 October
2013.

Benchmark

Sector Analysis                         Total assets (%)

Pharmaceuticals & Biotechnology                    12.2
Oil & Gas                                           9.7
Life Insurance                                      9.4
Support Services                                    9.2
Tobacco                                             8.6
Household Goods & Home Construction                 6.0
Banks                                               5.9
Food Producers                                      5.0
General Retailers                                   4.4
Non-Life Insurance                                  4.3
Travel & Leisure                                    4.1
Media                                               4.1
Mining                                              3.7
Financial Services                                  2.7
Mobile Telecommunications                           1.8
Electricity                                         1.4
Electronic & Electrical Equipment                   1.1
Net Current Assets                                  6.4
                                                  -----
Total                                             100.0
                                                  -----

Ten Largest Equity Investments

Company                               % of Total assets

Royal Dutch Shell B                                 7.3
British American Tobacco                            6.2
HSBC                                                5.9
AstraZeneca                                         5.5
GlaxoSmithKline                                     5.3
Reed Elsevier                                       4.1
Reckitt Benckiser                                   4.0
Rio Tinto                                           3.7
Unilever                                            3.7
Wolseley                                            3.6

Commenting on the markets, Adam Avigdori and Mark Wharrier, representing the
Investment Manager noted:

Markets

UK equities fell by 0.3% over the month as political risk escalated as tensions
between Ukraine and Russia continued to grow as sanctions against elements of
the Russian economy became a reality. With the exception of the UK economy,
which continues to demonstrate growth, activity levels in Europe remain
disappointing with weak inflation, whilst concerns about the Chinese economy
lessened after improving data releases.

Portfolio Performance

The Company returned 0.2%* in July, outperforming the FTSE All-Share Index
return of -0.3%. This brings the year to date return to 5.6%, which is ahead of
the FTSE All-Share Index return of 2.4%.

Within the portfolio, Shire, which has now risen by 71% year to date,
outperformed following an increased bid by US pharmaceutical company AbbVie
that was agreed with Shire's management. Carphone Warehouse rose as
shareholders approved the merger with Dixons and the group highlighted
opportunities for earnings enhancement from the strategic tie-up. Also in the
growth portion of the portfolio, Howdens Joinery reported a strong profit rise
for the half year leading to upgrades to earnings forecasts. In the free
cashflow portion of the portfolio Next, Reckitt Benckiser and Reed Elsevier all
outperformed following good results whilst Rio Tinto announced record iron ore
production in the first half of 2014 and the group also benefited from stronger
economic data from China and higher metal prices.

The main detractors over the month included Spectris, following a fall in
profits due to weakness in demand from the mining sector combined with sterling
strength, and Tate & Lyle, which lagged after it announced a supply problem at
a Singapore factory would impact earnings by £3-5m.

Activity

Activity during the period included a new purchase of BP and the increase of
the holding in Prudential. We reduced Shire, Aviva and Compass following strong
share performance in recent months and sold Betfair.

Outlook

While the economic environment is certainly more benign than it was a year ago,
sterling strength, interest rate uncertainty and the lack of pricing power of
companies mean that the outlook for equities is more nuanced. We continue to
focus more on the specific drivers of individual companies and the ability to
determine their future rather than backing a dominant macro view. Given that
the outlook for both economic growth and interest rates remains uncertain, we
seek those companies that can drive returns through self-help and have a clear
strategy to deploy the cashflow which they generate.

The portfolio is primarily invested in high free cash flow companies that can
sustain cash generation and pay a growing dividend yield. It also has exposure
to companies with sustainable growth franchises and turnaround situations.

* NAV - Inc. performance.

14 August 2014