Interim Management Statement

FINSBURY GROWTH & INCOME TRUST PLC                       

  Interim Management Statement - three months to 31 December 2012 (unaudited)  

Finsbury Growth & Income Trust PLC invests principally in the securities of UK 
listed 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.

In the 3 month period ended 31 December 2012 the Company's net asset value
total return was 7.5% and the share price total return was 5.7%. These results
compare to the total return from the FTSE All-Share Index, the Company's
benchmark, of 3.8% over the same period. Post period end, to 30 January 2013
the Company's net asset value total return was 7.5% and the share price total
return was 7.0%. The total return from the benchmark index was 7.1%.

The Company paid a second interim dividend of 5.2p per share (second interim
dividend 2011: 4.8p per share) on 2 November 2012 in respect the year ended 30
September 2012.

During the 3 month period the Company issued 3,292,838 new shares at a premium
to the Company's cum income net asset value per share prevailing at the time of
their issue raising £12.6 million. Following the period end, to 30 January
2013, the Company has issued a further 2,075,000 new shares at a premium to the
Company's cum income net asset value per share prevailing at the time of their
issue raising a further £8.5 million. As at 30 January 2013 the Company had
73,936,219 shares in issue.

Trust Characteristics

                                  31 December 2012    30 September 2012        
                                                                               
Number of holdings                26                  25                       
                                                                               
Net assets (£m)                   278.1               250.3                    
                                                                               
Net yield                         2.5%                2.5%                     
                                                                               
Gearing (AIC basis)               106                 106                      
                                                                               
Share price (p)                   392.0               376.0                    
                                                                               
NAV (p) per share                 386.94              365.06                   
                                                                               
Premium of share price to NAV per 1.3%                3.0%                     
share                                                                          

Source: Frostrow Capital LLP

Sector Analysis

                                  % of                 % of                    
                                                                               
                                  investment portfolio investment portfolio    
                                                                               
                                  at 31 December 2012  at 30 September 2012    
                                                                               
Financials                        18.2                 17.6                    
                                                                               
Consumer Services                 30.2                 29.7                    
                                                                               
Consumer Goods                    43.4                 43.7                    
                                                                               
Technology                        8.2                  9.0                     
                                                                               
Preference Shares                 -                    -                       
                                                                               
Total                             100                  100                     

Source: Frostrow Capital LLP

Portfolio % of Investment Portfolio at 31 December 2012

Name                                 % of investment portfolio       
                                                                     
Diageo                               10.6                            
                                                                     
Unilever                             9.5                             
                                                                     
Heineken Holdings**                  8.4                             
                                                                     
A.G. Barr                            7.2                             
                                                                     
Pearson                              7.1                             
                                                                     
Schroders                            5.0                             
                                                                     
Reed Elsevier                        4.4                             
                                                                     
Rathbone Brothers                    4.3                             
                                                                     
London Stock Exchange                4.2                             
                                                                     
Daily Mail & General Trust (A        4.2                             
Shares)                                                              
                                                                     
Top 10 Investments                   64.9                            
                                                                     
Sage Group                           4.1                             
                                                                     
Fidessa                              4.1                             
                                                                     
Hargreaves Lansdown                  3.6                             
                                                                     
Greene King                          3.2                             
                                                                     
Euromoney Institutional Investor     2.7                             
                                                                     
Marston's                            2.6                             
                                                                     
Burberry Group                       2.5                             
                                                                     
Thomson Reuters~                     2.1                             
                                                                     
Dr Pepper Snapple^                   2.0                             
                                                                     
Mondelez Int^#                       1.9                             
                                                                     
Top 20 Investments                   28.8                            
                                                                     
Young & Co's Brewery (non-voting)    1.9                             
                                                                     
Fuller Smith & Turner                1.8                             
                                                                     
Kraft Foods Group^                   1.1                             
                                                                     
Lindsell Train Investment Trust      1.0                             
                                                                     
Celtic                               0.3                             
                                                                     
Frostrow Capitall LLP+               0.2                             
                                                                     
Celtic 6% (cum preference)*          -                               
                                                                     
Lloyds Banking Group 9.25%           -                               
                                                                     
(non cum preference)**               100                             
                                                                     
Total Investments                                                    

Source: Frostrow Capital LLP

** Listed in the Netherlands

^ Listed in the United States

~ Listed in Canada

* Non-Equity - Preference Shares

+ Unquoted Partnership Interest

# Demerger effective 2 October 2012, Kraft Food's name changed to Mondelez
International Inc and the Company received one new share in Kraft Foods Group
for every three shares held.

Portfolio % of Investment Portfolio at 30 September 2012

Name                                 % of investment portfolio       
                                                                     
Diageo                               11.4                            
                                                                     
Unilever                             9.3                             
                                                                     
Heineken Holdings**                  7.9                             
                                                                     
Pearson                              7.5                             
                                                                     
A.G. Barr                            7.3                             
                                                                     
Schroders                            4.8                             
                                                                     
Sage Group                           4.8                             
                                                                     
Rathbone Brothers                    4.5                             
                                                                     
Fidessa                              4.3                             
                                                                     
Reed Elsevier                        4.1                             
                                                                     
Top 10 Investments                   65.9                            
                                                                     
Daily Mail & General Trust (A        3.7                             
Shares)                                                              
                                     3.6                             
Hargreaves Lansdown                                                  
                                     3.5                             
London Stock Exchange                                                
                                     3.5                             
Kraft Foods^                                                         
                                     3.2                             
Greene King                                                          
                                     2.7                             
Marston's                                                            
                                     2.6                             
Euromoney Institutional Investor                                     
                                     2.2                             
Dr Pepper Snapple^                                                   
                                     2.1                             
Burberry Group                                                       
                                     1.9                             
Young & Co's Brewery (non-voting)                                    
                                     29.0                            
Top 20 Investments                                                   
                                     1.9                             
Fuller Smith & Turner                                                
                                     1.8                             
Thomson Reuters~                                                     
                                     1.0                             
Lindsell Train Investment Trust                                      
                                     0.2                             
Celtic                                                               
                                     0.2                             
Frostrow Capitall LLP+                                               
                                     -                               
Celtic 6% (cum preference)*                                          
                                     1                               
Lloyds Banking Group 9.25%                                           
                                     100                             
(non cum preference)**                                               
                                                                     
Total Investments                                                    

Source: Frostrow Capital LLP

** Listed in the Netherlands

^ Listed in the United States

~ Listed in Canada

* Non-Equity - Preference Shares

+ Unquoted Partnership Interest

Total Return Performance % (to 31 December 2012)

                   3 Months        Calendar         1 Year          3 Years    
                                                                               
                                 Year to date                                  
                                                                               
Share Price           5.7            25.4            25.4            75.7      
                                                                               
NAV per share         7.5            23.6            23.6            65.9      
                                                                               
Benchmark*            3.8            12.3            12.3            24.2      

Source: Morningstar

* Benchmark - FTSE All-Share Index measured on a total return basis. Index
Source: FTSE International Limited ("FTSE") © FTSE 2012

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 
www.finsburygt.com.

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

SEDOL Code:

Ordinary Shares - 0781606

ISIN - Ordinary Shares GB0007816068

Bloomberg - FGT LN

Epic - FGT

For further information contact:

Victoria Streater on 0203 170 8732

Frostrow Capital LLP


Company Secretary

31 January 2013