Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 31 January 2015 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                     4.7%      10.0%     16.3%     52.5%      61.1%    68.6%
Net asset value                 4.4%       8.8%     15.8%     40.8%      45.0%    64.3%
FTSE All-Share Total Return     2.6%       3.9%      7.1%     32.8%      37.1%    61.5%

Source: BlackRock

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

At month end

Sterling:

Net asset value - capital only:        181.46p
Net asset value - cum income*:         185.78p
Share price:                           184.00
Total assets (including income):       £51.2m
Discount to cum-income NAV:              1.0%
Net Gearing:                              nil
Net yield**:                             3.0%
Ordinary shares in issue***:       26,479,268
Gearing range (as a % of net assets)    0-20%
Ongoing charges****:                     1.2%

* includes net revenue of 4.32 pence per share

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

*** excludes 6,454,664 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
2014.

Benchmark

Sector Analysis                   Total assets (%)

Support Services                             11.2
Life Insurance                                9.9
Tobacco                                       9.9
Travel & Leisure                              9.0
Pharmaceuticals & Biotechnology               8.5
Banks                                         7.6
Oil & Gas Producers                           6.7
Media                                         5.0
General Retailers                             4.1
Mining                                        3.8
Household Goods & Home Construction           3.4
Non-Life Insurance                            3.4
Food Producers                                2.8
Electronic & Electrical Equipment             2.6
Financial Services                            2.1
Beverages                                     2.1
Personal Goods                                2.1
General Industrials                           1.4
Net Current Assets                            4.4
Total                                       100.0

Ten Largest Equity Investments

Company                           Total assets(%)
            
British American Tobacco                     5.3
HSBC                                         4.9
Imperial Tobacco                             4.6
AstraZeneca                                  4.5
Reed Elsevier                                3.9
Prudential                                   3.9
Rio Tinto                                    3.8
Friends Life                                 3.5
Wolseley                                     3.5
Royal Dutch Shell `B'                        3.4

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

Markets

UK equities rose in January, extending the rebound that began in October.
Expectations for positive European Central Bank (ECB) action increased after
the Swiss National Bank announced the removal of the cap on the Swiss Franc
against the Euro. The ECB announcement of Quantitative Easing (QE) to purchase
€60bn per month of eurozone government and asset backed securities had a
positive effect on equity markets. Weaker than expected UK fourth quarter GDP
led to expectations of UK interest rates being lower for longer. The market was
led higher by European focused companies and traditional `bond proxies' such as
utilities and companies that have delivered consistent, earnings growth. The search 
by investors for yield intensified in light of ECB QE further pushing down bond yields.

The Company returned 4.4%* in January, outperforming the FTSE All-Share Index
total return of 2.6%.

Portfolio Performance

A broad range of companies contributed positively to performance. Imperial
Tobacco, British American Tobacco and Reed Elsevier were all strong performers
during the month. Next, announced a rise in expected full year profits following 
strong sales in the run up to Christmas. Next also benefited from taking a disciplined 
approach to the "Black Friday" price cutting promotions and announced their fourth 
special dividend for the year. Our holding in Essentra also benefitted as the shares 
rebounded on improving sentiment towards the European economy following the ECB's
announcement of QE. Essentra currently earns half its revenues from European
customers. Our holding in Friends Life continued to rally as the synergies from
the combination with Aviva became apparent.

One of the biggest detractors to relative performance over the month came from
not owning Tesco. The shares, which were one of the weakest performers in 2014,
rebounded strongly on hopes that management change can restore value. While the
new management team is certainly a step forward, the turnaround is likely to be
protracted given the weak balance sheet and the structural changes in the UK
supermarket industry, namely the growth of the German discounters and internet
shopping. Other detractors over the month were Dixons Carphone, Rio Tinto and
Berkeley Group.

Activity over the month included new purchases in Lloyds Banking Group and
Stagecoach with additions to our holdings in Hays, Imperial Tobacco, Burberry
and Next. We reduced our positions in Royal Dutch Shell and British American
Tobacco and sold out of Marks & Spencer.

Outlook

Eurozone economic activity remains subdued despite an increasingly supportive
policy response from the ECB, whilst in the US the ending of QE is contributing
to uncertainty. We continue to focus more on the specific drivers of individual
companies and the ability to determine their future rather than relying on a
specific macro outcome. Given 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 they generate. The
portfolio is primarily invested in high free cash flow companies that can
sustain cash generation and pay a growing dividend yield, but also has exposure
to companies with sustainable growth franchises and turnaround situations.

* NAV - Inc. performance.

11 February 2014