Merger Update

F&C Capital & Income Inv Tst PLC
18 March 2005



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND OR THE UNITED STATES OF
AMERICA OR TO US PERSONS.  THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF
AN OFFER TO SELL, PURCHASE, EXCHANGE OR SUBSCRIBE FOR ANY SECURITIES OR
SOLICITATION OF SUCH AN OFFER IN THE UNITED STATES OF AMERICA OR ANY OTHER
JURISDICTION, THE SECURITIES REFERRED TO IN THIS ANNOUNCEMENT HAVE NOT BEEN AND
WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, AND WILL NOT BE OFFERED OR SOLD IN THE UNITED STATES EXCEPT PURSUANT TO
AN APPLICABLE EXEMPTION FROM REGISTRATION



18 March 2005



F&C CAPITAL AND INCOME INVESTMENT TRUST PLC ("FCIIT")

F&C INCOME GROWTH INVESTMENT TRUST PLC ("FIGIT")



RECOMMENDED PROPOSALS FOR A MERGER BY WAY OF A SCHEME OF ARRANGEMENT UNDER
SECTION 425 OF THE COMPANIES ACT 1985



Further to the announcement made on 11 March 2005, the boards of FIGIT and FCIIT
announce that they are today writing to their respective shareholders with full
details of the proposed merger between FIGIT and FCIIT.

FIGIT shareholders will receive a circular in relation to the scheme of
arrangement under section 425 of the Companies Act 1985, together with Listing
Particulars in respect of the new FCIIT shares to be issued in connection with
the Merger.  The approval of FIGIT's shareholders will be sought at a
court-convened meeting and an extraordinary general meeting, each of which will
be held on 11 April 2005.

FCIIT's shareholders will receive the Listing Particulars and a circular
convening an extraordinary general meeting to be held on 11 April 2005 at which
FCIIT shareholders will be invited to approve the proposals.


Copies of the Listing Particulars and the circular of FCIIT, and of the circular
of FIGIT, have been submitted to the UK Listing Authority and will shortly be
available for inspection at the UK Listing Authority's Document Viewing
Facility, which is situated at:



Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS

(Telephone number 020 7066 1000)





Enquiries



            Michael Wrobel                                      020 7628 8000

            Jason Hollands                                      020 7628 8000

            F&C Management Limited



            Howard Myles                                        020 7951 5324

            Ernst & Young LLP, advisers to FCIIT



            Paul Fincham                                        020 7426 7736

            Jonathan Becher                                     020 7426 3269

            Teather & Greenwood Limited, advisers to FIGIT



The directors of FCIIT accept responsibility for the information relating to
FCIIT and its directors contained in this document.  To the best of the
knowledge and belief of such directors (who have taken all reasonable care to
ensure that such is the case), the information relating to FCIIT and its
directors contained in this document, for which they are solely responsible, is
in accordance with the facts and does not omit anything likely to affect the
import of such information.

The directors of FIGIT accept responsibility for the information relating to
FIGIT and its directors contained in this document.  To the best of the
knowledge and belief of such directors (who have taken all reasonable care to
ensure that such is the case), the information relating to FIGIT and its
directors contained in this document, for which they are solely responsible, is
in accordance with the facts and does not omit anything likely to affect the
import of such information.

Ernst & Young LLP and Teather & Greenwood Limited are acting exclusively for
FCIIT and FIGIT respectively and for no one else in connection with the matters
described herein and will not be responsible to anyone other than FCIIT and
FIGIT respectively for providing the protections afforded to clients of Ernst &
Young LLP and Teather & Greenwood Limited, nor for providing advice in relation
to the matters described herein.






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