Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 31 May 2012 and unaudited.

Performance at month end with net income reinvested

                                    One     Three     One    Three    Five
                                  month    months    year    years   Years

Sterling:
Share price                       -5.7%    -10.8%   -12.3%   32.0%   -23.3%
Net asset value                   -6.2%    -7.1%     -7.9%   38.8%   -19.7%
FSTE All-Share Total Return       -6.8%    -8.0%     -8.0%   36.1%    -3.5%

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:           131.60p
Net asset value - cum income:*            134.06p
Share price:                              124.00p
Total assets (including income):          £38.0m
Discount to cum-income NAV:               7.5%
Gearing:                                  2.1%
Net yield:                                4.1%
Ordinary shares in issue:**               28,379,268

*includes net revenue of 2.46 pence per share
** excludes 4,554,664 shares held in treasury

Benchmark

Sector Analysis                         Total assets(%)

Oil & Gas Producers                              14.65
Pharmaceuticals & Biotechnology                  11.02
Mobile Telecommunications                         9.37
Banks                                             7.84
Media                                             7.06
Tobacco                                           6.09
Mining                                            5.42
Gas, Water & Multiutilities                       4.32
Nonlife Insurance                                 3.62
Equity Investment Instruments                     3.27
Food producers                                    3.08
Software & Computer Services                      2.96
Aerospace & Defense                               2.40
Support Services                                  2.38
Electronic & Electrical Equipment                 1.91
Real Estate Investment & Services                 1.66
Financial Services                                1.44
Life Insurance                                    1.37
General Retailers                                 1.32
Oil Equipment, Services & Distribution            1.31
Chemicals                                         1.12
Technology Hardware & Equipment                   0.93
Non Equity Investment Instruments                 2.49
Net Current Assets                                2.97
                                                ------
Total                                           100.00
                                                ------

Ten Largest Equity Investments(in size order)

Company                              % of Total assets

Vodafone                                          9.37
Royal Dutch Shell B                               8.24
HSBC                                              5.92
GlaxoSmithKline                                   5.39
Tullow Oil                                        4.92
Antofagasta                                       3.65
UBM                                               3.28
3i Infrastructure                                 3.27
British American Tobacco                          3.09
British Sky Broadcasting                          3.09
                                                ------
Total                                            50.22
                                                ------

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

Performance and Attribution

The Company returned -6.2% over the month, outperforming the FTSE All-Share
Index, which returned -6.8%.

Contributors to performance

UK Equities fell sharply during May as investors showed renewed concern around
policymaker's ability to deal with the Eurozone sovereign debt issues, with
election results in France and Greece indicating a possible shift away from
government willingness to progress with unpopular austerity measures. This
concern was compounded by weakening economic data and a sell-off in cyclical
growth stocks, led by the mining and banking sectors. Companies with defensive
characteristics were amongst the top contributors to performance, including;
mobile telecoms provider Vodafone, pharmaceuticals manufacturer GlaxoSmithKline
and utilities company Severn Trent.

Being underweight to the mining sector was beneficial as the sector performed
poorly. In particular, portfolio returns were helped by not owning Rio Tinto
and Xstrata on concerns over global demand for commodities, although owning
copper miner Antofagasta detracted from performance. Not owning beverages
producer Diageo and utility company National Grid also detracted from
performance. Amongst the detractors, shares of life insurer Aviva fell,
although a change of CEO brings the potential both to improve balance sheet
strength and to reduce volatility.

Outlook / Strategy

Current macroeconomic data from the USA and the developing world suggests that
global GDP growth is slowing and suggests that the economic recession is still
largely confined to Europe. The UK equity market has considerable exposure to
overseas earnings and provides many good investment opportunities. UK equity
valuations currently look attractive compared to those of most other asset
classes, with the prospect of high quality earnings and dividend growth. We
continue to position the portfolio towards companies where the fundamentals are
strong and the business can take advantage of regions that are growing
strongly.