Interim Management Statement

FINSBURY GROWTH & INCOME TRUST PLC Interim Management Statement - three months to 31 December 2013 (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 2013 the Company's net asset value total return was 10.0% and the share price total return was 9.4%. These results compare to the total return from the FTSE All-Share Index, the Company's benchmark, of 5.5% over the same period. Post period end, to 28 January 2014 the Company's net asset value total return was -1.1% and the share price total return was -1.0%. The total return from the benchmark index was -2.3%. The Company paid a second interim dividend of 5.7p per share (second interim dividend 2012: 5.2p per share) on 8 November 2013 in respect the year ended 30 September 2013. During the 3 month period the Company issued 4,190,000 new shares at a premium to the higher of the Company's ex or cum income net asset value per share prevailing at the time of their issue raising £20.5 million. Following the period end, to 28 January 2014, the Company has issued a further 1,325,000 new shares at a premium to the higher of the Company's ex or cum income net asset value per share prevailing at the time of their issue raising a further £6.9 million. As at 28 January 2014 the Company had 88,651,557 shares in issue. Trust Characteristics 31 December 2013 30 September 2013 Number of holdings 25 25 Net assets (£m) 447.6 395.8 Net yield 2.0% 2.1% Gearing (AIC basis) 5% 4% Share price (p) 517.50 479.0 NAV (p) per share 510.98 468.90 Premium of share price to NAV per 1.3% 2.2% share Source: Frostrow Capital LLP Sector Analysis % of % of investment portfolio investment portfolio at 31 December 2013 at 30 September 2013 Financials 21.1 20.8 Consumer Services 31.1 30.4 Consumer Goods 37.6 39.7 Technology 10.2 9.1 Preference Shares - - Total 100.0 100.0 Source: Frostrow Capital LLP Portfolio % of Investment Portfolio at 31 December 2013 Name % of investment portfolio Diageo 8.6 Unilever 8.5 Pearson 7.8 Heineken** 6.5 Daily Mail & General Trust 6.1 Reed Elsevier 5.7 Schroders 5.6 London Stock Exchange 5.5 Fidessa 5.3 A.G. Barr 5.3 Top 10 Investments 64.9 Hargreaves Lansdown 5.0 Sage Group 4.9 Rathbone Brothers 4.1 Greene King 3.5 Burberry Group 2.8 Euromoney Institutional Investor 2.7 Mondelez Int^ 2.4 Dr Pepper Snapple^ 2.0 Thomson Reuters~ 2.0 Young & Co's Brewery (non-voting) 1.6 Top 20 Investments 95.9 Kraft Foods Group^ 1.5 Fuller Smith & Turner 1.4 The Lindsell Train Investment Trust 0.7 Celtic 0.4 Frostrow Capital LLP+ 0.1 Celtic 6% (cum conv preference)* - Celtic conv preferred 4% - Total Investments 100.0 Source: Frostrow Capital LLP ** Listed in the Netherlands ^ Listed in the United States ~ Listed in Canada * Non-Equity - Preference Shares + Unquoted Partnership Interest Portfolio % of Investment Portfolio at 30 September 2013 Name % of investment portfolio Diageo 9.0 Unilever 8.9 Pearson 8.1 Heineken** 7.4 Schroders 6.1 A.G. Barr 5.6 Reed Elsevier 5.4 London Stock Exchange 5.3 Daily Mail & General Trust 5.1 Fidessa 5.1 Top 10 Investments 66.0 Rathbone Brothers 4.4 Hargreaves Lansdown 4.0 Sage Group 4.0 Greene King 3.6 Burberry Group 3.0 Euromoney Institutional Investor 2.6 Mondelez Int^ 2.4 Thomson Reuters~ 2.1 Dr Pepper Snapple^ 2.0 Young & Co's Brewery 1.6 Top 20 Investments 95.7 Fuller Smith & Turner 1.5 Kraft Foods^ 1.5 The Lindsell Train Investment Trust 0.8 Celtic 0.3 Frostrow Capital LLP+ 0.2 Celtic 6% (cum conv preference)* - Total Investments 100.0 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 2013) 3 Months Calendar 1 Year 3 Years Year to date Share Price 9.4 35.1 35.1 76.3 NAV per share 10.0 35.1 35.1 73.2 Benchmark* 5.5 20.8 20.8 31.0 Source: Morningstar * Benchmark - FTSE All-Share Index measured on a total return basis. Index Source: FTSE International Limited ("FTSE") © FTSE 2013 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 30 January 2014
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