Interim Management Statement

FINSBURY GROWTH & INCOME TRUST PLC                       

    Interim Management Statement - 3 months to 31 December 2011 (unaudited)    

Finsbury Growth & Income Trust PLC invests principally in the securities of UK 
quoted companies with the objective of achieving capital and income growth and 
   providing a total return in excess of that of the FTSE All-Share Index. A   
 maximum of 20% of the Company's portfolio, at the time of acquisition, can be 
                    invested in quoted companies worldwide.                    

The 3 month period ended 31 December 2011 was a strong one for markets. The
Company's net asset value total return was 5.3% and the share price total
return was 4.2%. These results compare to the total return from our benchmark
index, the FTSE All-Share Index, of 8.4% over the same period. Post the period
end, to 18 January 2012, the Company's net asset value total return was 8.6%
and the share price total return was 9.7%. The total return from the benchmark
index was 11.5%.

The Company paid a second interim dividend of 4.8p per share (2010: 4.4p per
share) on 4 November 2011 to shareholders on the register on 30 September,
making 9.2p per share for the year (year ended 30 September 2010: 8.8p per
share). This is in line with the Board's objective of a progressive dividend
policy over the long term.

Strong demand has meant that the Company issued all of the shares possible
under the authority obtained at the Company's Annual General Meeting held in
January 2011. A General Meeting was therefore held on 8 December where
shareholder authority was obtained to issue a further 5,824,216 shares on a
non-pre-emptive basis at prices not less than the prevailing cum income net
asset value per share. A prospectus has also been published in order to obtain
admission to the Official List maintained by the UK Listing Authority of any
shares issued under this authority. The authority was renewed at the Company's
Annual General Meeting held on 18 January 2012.

During the three-month period and up to 18 January 2012 the Company has issued
1,924,742 new shares. As at 18 January 2012 the Company had 59,162,165 shares
in issue with no shares being held in treasury.

All of the resolutions proposed at the Company's Annual General Meeting, held
on 18 January 2012, were passed. Details of the level of proxy votes received
can be found on the Company's website at www.finsburygt.com.

Trust Characteristics

                                   31 December 2011       30 September 2011    
                                                                               
Number of holdings                        26                      26           
                                                                               
Net assets (£m)                          188.6                  177.6          
                                                                               
Yield                                    2.9%                    3.0%          
                                                                               
Gearing (AIC basis)                       107                    108           
                                                                               
Share price (p)                          321.0                  308.1          
                                                                               
Net asset value per share (p)            321.7                  305.5          
(ex income)                                                                    
                                                                               
Net asset value per share (p)            323.3                  310.3          
(inc income)                                                                   
                                                                               
(Discount)/premium of share             (0.2)%                   0.9%          
price to net                                                                   
                                                                               
asset value per share (ex                                                      
income)                                                                        

Source: Frostrow Capital LLP

Sector Analysis

                                % of portfolio             % of portfolio      
                                                                               
                             at 31 December 2011        at 30 September 2011   
                                                                               
Financials                           14.7                       15.4           
                                                                               
Consumer Services                    29.8                       30.8           
                                                                               
Consumer Goods                       43.8                       42.0           
                                                                               
Technology                           10.4                       10.7           
                                                                               
Preference Shares                    1.3                        1.1            
                                                                               
Total                               100.0                      100.0           

Source: Frostrow Capital LLP

10 Largest Investments

Name                            % of portfolio             % of portfolio      
                                                                               
                             at 31 December 2011        at 30 September 2011   
                                                                               
Diageo                               12.1                       11.4           
                                                                               
Unilever                             10.3                       10.3           
                                                                               
A.G. Barr                            8.4                        9.2            
                                                                               
Pearson                              7.7                        7.8            
                                                                               
Sage                                 5.3                        5.0            
                                                                               
Fidessa                              5.0                        5.6            
                                                                               
Rathbone Brothers                    4.7                        5.0            
                                                                               
Kraft Foods                          4.3                        4.2            
                                                                               
Schroders                            4.0                        4.0            
                                                                               
Reed Elsevier                        3.9                        4.0            
                                                                               
Total                                65.7                       66.5           

Source: Frostrow Capital LLP

Total Return Performance (to 31 December 2011)

                1 Month   1 Year     3 Years   5 Years 10 Years                
                                                                               
Share Price     +0.4%     +4.1%      +87.3%    +18.3% +157.3%                  
                                                                               
Net asset value +0.1%     +3.7%      +81.6%    +20.4% +125.3%                  
per share                                                                      
                                                                               
Benchmark*      +0.8%     -3.5%      +43.9%    +6.2% +59.5%                    

Source: Morningstar

* Benchmark - FTSE All-Share Index measured on a total return basis.

Past performance is not a guide to future performance.

This Interim Management Statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.

This Interim Management Statement is available on the Company's website at 
www.finsburygt.com.

The Company's Net Asset Value per share is announced daily and is available,
together with the share price, on the company's website at www.finsburygt.com
and the TrustNet website at www.trustnet.com.

SEDOL Code:

Ordinary Shares - 0781606

ISIN -

Ordinary Shares GB0007816068

For further information contact: Mark Pope on 0203 008 4913

Frostrow Capital LLP

Company Secretary

20 January 2012