Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 31 December 2013 and unaudited.

Performance at month end with net income reinvested

                             One     Three     One     Since    Three     Five
                           month    months    year   1 April    years    years 
                                                        2012

Sterling:

Share price                 1.4%     5.2%    21.6%     33.1%    26.8%    97.3%
Net asset value             2.5%     8.2%    17.5%     24.9%    27.0%    98.9%
FTSE All-Share Total Return 1.8%     5.5%    20.8%     27.9%    31.0%    95.2%

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:       166.17p
Net asset value - cum income*:        170.48p
Share price:                          166.25p
Total assets (including income):       £46.4m
Discount to cum-income NAV:              2.5%
Net Gearing:                             2.2%
Net yield**:                             3.3%
Ordinary shares in issue***:       27,204,268
Gearing range (as a % of net assets)    0-20%

* includes net revenue of 4.31 pence per share

** based on interim dividend of 2.00p per share and final dividend of 
3.50p per share in respect of the year ended 31 October 2013.

*** excludes 5,729,664 shares held in treasury

Benchmark

Sector Analysis                Total assets (%)
Pharmaceuticals & Biotechnology           11.0
Oil & Gas Producers                        9.2
Travel & Leisure                           9.0
Financial Services                         7.9
Tobacco                                    7.7
Banks                                      7.6
Mobile Telecommunications                  6.1
Food Producers                             6.0
Life Insurance                             5.2
Non-Life Insurance                         4.8
Mining                                     4.6
Support Services                           4.6
Electronic & Electrical Equipment          3.5
Household Goods & Home Construction        3.4
Media                                      3.2
Non-Equity Investment Instruments          2.7
Gas, Water & Multi utilities               2.3
General Retailers                          1.8
Net Current Liabilities                   (0.6)
                                         -----
Total                                    100.0
                                         -----

Ten Largest Equity Investments

Company                     % of Total Assets
Vodafone                                  6.4
GlaxoSmithKline                           5.5
Royal Dutch Shell B                       5.4
British American Tobacco                  4.9
HSBC                                      4.3
Legal & General                           3.7
Barclays                                  3.6
Reckitt Benckiser                         3.6
Unilever                                  3.5
Wolseley                                  3.5

Commenting on the markets, Adam Avigdori, representing the Investment Manager
noted:

Markets

The FTSE All-Share rose by 5.5% in the final quarter, thereby contributing to
returns of 20.8% for the year. Tapering was back on the agenda as the US
Federal Reserve decided to reduce its monthly asset purchases but also
indicated that interest rates would remain low. Sterling strength continued,
leading to earnings downgrades from overseas earners and contributing to the
continued underperformance by larger companies versus the mid- and small-cap
indices which are more domestically orientated.

Portfolio Performance

The portfolio returned +2.5% over the month, outperforming the FTSE All-Share
Index return of 1.8%. Over the quarter, the largest contributor to performance 
came from the position in Hargreaves Lansdown which reported a strong rise in 
profits after benefiting from continued flows and buoyant stock markets. Stock 
selection in industrials was positive as Oxford Instruments, the precision 
instrumentation specialist, reported trading in line with previous guidance and 
the shares rose strongly after reaching agreement with the board of Andor Technology 
to purchase the company. US equipment rental business Ashtead forecast that profit 
was likely to be at the top end of previous guidance as it has benefitted from the pick-up 
in the new build housing market. Elsewhere, Carphone Warehouse's first half profits 
exceeded market expectations and the shares benefited from its move to a full market listing.

Within the oil & gas sector, not holding BP was the largest detractor from
relative performance after a weak first three quarters of the year as the
company raised its dividend and committed to asset disposals. British Sky
Broadcasting fell after losing the broadcasting rights of the Champion's League
to BT, a newcomer to sports broadcasting in Britain, and we have sold the
position.

During the quarter we purchased new holdings in AstraZeneca, Compass, Rentokill
Initial and Ryanair and took part in the new share listings of Merlin
Entertainment and Royal Mail. We reduced the positions in HSBC and Carphone
Warehouse and sold Standard Chartered, BT Group, British Sky Broadcasting and
Domino's Pizza.

Outlook

Equity valuations have been lifted by strong liquidity levels and the
perception that `tail risks' have subsided. Although equities have risen,
valuations versus alternative asset classes remain attractive, which should
continue to support equities. Portfolio exposure continues to be balanced
between the developed and developing world. Economic indicators in the
developed world have improved in recent months, particularly in the UK, and
Europe.

Whilst economic indicators in the developing world slowed in the financial year
it is worth noting that growth rates remain higher than those in the developed
world driven by demographic drivers. The portfolio is primarily invested in
high free cash flow companies that can sustain cash generation and pay a
growing dividend yield. It also has exposure to companies with sustainable
growth franchises and turnaround situations.

21 January 2014