Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 31 May 2014 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                    2.3%      1.5%    7.9%     38.2%    28.1%    92.7%
Net asset value                1.6%      0.1%    9.6%     28.7%    26.4%    90.5%
FTSE All-Share Total Return    1.4%      0.9%    8.9%     31.6%    30.3%    92.8%

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:     168.56p
Net asset value - cum income*:      171.99p
Share price:                        169.00p
Total assets (including income):     £47.9m
Discount to cum-income NAV:            1.7%
Net Cash:                              1.7%
Net yield**:                           3.3%
Ordinary shares in issue***:     26,679,268
Gearing range (as a % of net assets)  0-20%

* includes net revenue of 3.43 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 6,254,664 shares held in treasury

Benchmark

Sector Analysis             Total assets (%)

Pharmaceuticals & Biotechnology        14.4
Support Services                        8.5
Tobacco                                 8.3
Life Insurance                          8.2
Oil & Gas Producers                     6.5
Household Goods & Home Construction     6.3
Travel & Leisure                        6.2
Food Producers                          6.1
Banks                                   5.5
General Retailers                       4.8
Media                                   4.0
Mobile Telecommunications               3.7
Mining                                  3.3
Non-Life Insurance                      3.1
Financial Services                      3.0
Electronic & Electrical Equipment       2.3
Net Current Assets                      5.8
Total                                 100.0

Ten Largest Equity Investments

Company                   % of Total assets

Royal Dutch Shell B                     6.5
British American Tobacco                5.9
GlaxoSmithKline                         5.9
HSBC                                    5.4
AstraZeneca                             5.4
Unilever                                4.6
Reckitt Benckiser                       4.5
Reed Elsevier                           4.0
Wolseley                                3.8
Vodafone                                3.7

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

Markets

The significant market rotation that occurred in April began to dissipate in
May with market conditions more orderly in the second half of the month.
Corporate news was dominated by mergers and acquisitions moves, not least the
abortive approach by Pfizer for AstraZeneca.

Portfolio Performance

The Company returned 1.6*% in May, outperforming the FTSE All-Share Index
return of 1.4%. Within the portfolio, the largest contributors Reed Elsevier,
Compass and 3i were supported by reassuring market updates. Reed performed well
following the company's end of April update that forecast earnings growth for
this year similar to that achieved in 2013, whilst Compass announced that they
would return £1bn to shareholders through a special dividend following an
increase in first-half profits, which were slightly ahead of analysts' forecasts.
Private equity group 3i reported a strong rise in net asset value with an
increase in the dividend together with the successful sale of one of their
European investments. Other positive contributors included Reckitt Benckiser
and Carphone Wharehouse, which reversed some of April's share price declines.

On the negative side the main detractor from returns was AstraZeneca which fell
after management rejected Pfizer's "final" proposal of £55 per share. During
the bid approach AstraZeneca released a number of additional news points
relating to their pipeline, particularly with regard to their oncology division
and we retain our positive view of the shares.

*NAV performance

Activity

Activity during the period included additions to HSBC and Carphone Warehouse.
We reduced our positions in Hargreaves Lansdown and Betfair and sold BG Group.

Outlook

While the ending of QE in the US is likely to induce some volatility in both
equities and bonds, we expect that inflation expectations and medium term GDP
growth will remain modest, thereby limiting the risks of a substantial
correction. In the longer-term, recovering global growth and confidence about
monetary policy, which will remain loose to allow economies to pay down fiscal
deficits, is a positive backdrop for corporate earnings and equity valuations.

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.

16 June 2014