Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 30 November 2012 and unaudited.

Performance at month end with net income reinvested

                                     One    Three         Since     One    Three     Five
                                   month   months  1 April 2012    year    years    Years
Sterling:

Share price                        -0.4%     0.7%          5.6%   21.7%    20.8%    -8.3%
Net asset value                     2.2%     4.3%          7.0%   16.4%    30.8%    -2.9%
FSTE All-Share Total Return         1.8%     3.9%          4.8%   12.1%    28.3%    12.4%

Sources: BlackRock and Datastream

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

At month end

Sterling:

Net asset value - capital only:    147.69p
Net asset value - cum income*:     151.11p
Share price:                       136.50p
Total assets (including income):    £42.9m
Discount to cum-income NAV:           9.7%
Gearing:                              0.0%
Net yield:                            3.7%
Ordinary shares in issue**:     28,379,268

*includes net revenue of 3.42 pence per share
** excludes 4,554,664 shares held in treasury

Benchmark

Sector Analysis                       Total assets(%)

Oil & Gas Producers                            15.60
Tobacco                                         9.68
Pharmaceuticals & Biotechnology                 9.28
Banks                                           9.16
Media                                           6.80
Mobile Telecommunications                       5.27
General Retailers                               4.81
Non Equity Investment Instruments               4.53
Non Life Insurance                              4.29
Electronic & Electrical Equipment               4.13
Life Insurance                                  3.80
Food Producers                                  3.59
Gas, Water & Multiutilities                     2.77
Mining                                          2.44
Aerospace & Defence                             2.43
Financial Services                              2.34
Support Services                                2.00
Electricity                                     1.97
Real Estate Investment & Services               1.90
Software & Computer Services                    1.32
Equity Investment Instruments                   0.64
Technology Hardware & Equipment                 0.49
Net Current Assets                              0.76
                                              ------
Total                                         100.00
                                              ------

Ten Largest Equity Investments (in alphabetical order)

Company                            % of Total assets

AstraZeneca                                     3.17
British American Tobacco                        7.14
British Sky Broadcasting                        3.19
GlaxoSmithKline                                 3.47
HSBC                                            8.09
Royal Dutch Shell B                             7.99
Tate & Lyle                                     3.76
Tullow Oil                                      4.22
UBM                                             3.93
Vodafone                                        5.52

Commenting on the markets, Nick McLeod-Clarke & Adam Avigdori, representing the
Investment Manager noted:

Markets

November was another month of positive performance for UK equities, which are
up by 11% for the year-to-date. Financials - led by banks - enjoyed another
month of good performance, and in contribution terms is the leading sector this
year. The oil & gas and mining sectors were amongst the largest negative
contributors to overall market performance.

Portfolio performance

The portfolio outperformed the FTSE All-Share Index during November, with a
return of +2.2% compared to the index return of +1.8%.

Over the month, the largest contributor to performance came from the
portfolio's holding of Carphone Warehouse Group, which reported good first half
sales, including positive like-for-like revenue growth from Europe. Tate &
Lyle, the supplier of speciality ingredients to the food and beverages
industries, had a strong month. The company's shares are benefitting from the
market's re-appraisal of the company's new management team and its strategy.

BG Group fell after reporting production downgrades in October due to delays in
a number of projects, and not owning the company's shares prior to this news
made a positive contribution to the portfolio's index-relative returns. We then
took advantage of the weak share price by initiating a new position in BG, as
we still expect significant production growth from both their oil assets in
Brazil and their gas assets in Australia.

Spectris, the instrumentation and controls producer, countered the trend in
profit warnings from UK industrial companies when it announced better than
expected third quarter results, particularly in China, where it grew revenues
by 15% despite weak industrial markets. In addition, shares of media groups
British Sky Broadcasting and UBM were additive to returns as both companies
continued to perform well.

Amongst the detractors, shares of oil explorer Tullow Oil lagged the market
despite no significant news flow in November. We believe that the exploration
potential of the company remains strong, and retain our position. Melrose
Industries, which acquires and improves underperforming industrial businesses,
reported that revenue growth had slowed and that the sales outlook for 2013 has
become less certain. However, the acquisition of metering specialist Elster
Group was completed successfully and the process of improving its performance
is well underway.

As noted above, financials - especially banks - performed well in November and
not owning both Lloyds Banking Group and Barclays detracted from relative
returns. Lloyds' shares rose as its exposure to bad debt seems to have
decreased, and Barclays announced solid third quarter results, although
investment banking revenues were down sharply on the previous quarter. We
retain our preference for HSBC - with its solid dividend delivery - and
Standard Chartered, due to their emerging markets exposure.

During the month we sold holdings in Rio Tinto, BHP Billiton and John Wood
Group, and trimmed positions in 3i Infrastructure, Antofagasta and Wolseley. We
added to holdings of British American Tobacco, Lancashire Holdings, Melrose
Industries and Admiral Group, and initiated new positions in BG Group (on price
weakness, as noted above) and Oxford Instruments, a leading provider of high
technology tools and systems for research and industry.

Outlook

The macro environment remains stable but depressed, and a wide range of
outcomes are still possible. Interventions by the ECB, Federal Reserve and
Japanese Central Bank appear to have reduced downside risk in the short term
but this has to translate into growth to be effective. Despite macro data
pointing to improving economic conditions globally, in the shorter term
uncertainty around the resolution to the US budget deficit and `Fiscal Cliff'
could lead to higher market volatility for a period.

With the government's austerity measures being extended, we expect domestic
consumption to remain under pressure. The UK equity market has considerable
exposure to overseas earnings and provides many good investment opportunities
therefore, we prefer to hold positions in companies with exposure to growth
markets. Overall, UK equity valuations still look attractive compared to those
of most other asset classes, with the prospect of high quality earnings and
dividend growth.

18 December 2012