Appointment of AIFM and Depository

NEWS RELEASE

                                                                   21 July 2014

                      Finsbury Growth & Income Trust PLC                       

                                (the `Company')                                

         The Alternative Investment Fund Managers Directive (`AIFMD')          

Appointment of Alternative Investment Fund Manager and Depository

The Directors of the Company announce that the Company has adjusted its
operational arrangements to ensure that it will comply with AIFMD. The
Directors of the Company further announce the appointment of Frostrow Capital
LLP (`Frostrow') as the designated Alternative Investment Fund Manager for the
Company on the terms and subject to the conditions of the alternative
investment fund management agreement between the Company and Frostrow (the
`AIFM Agreement'), which terminates and replaces the existing management,
administrative and secretarial services agreement between the Company and
Frostrow (the `Existing Management Agreement'). The AIFM Agreement is based on
the Existing Management Agreement and only differs to the extent necessary to
ensure that the relationship between the Company and Frostrow is compliant with
the requirements of AIFMD, except that the Company and Frostrow have
voluntarily agreed to delete all provisions relating to the performance fee
payable by the Company to Frostrow under the Existing Management Agreement.

Lindsell Train Limited (`Lindsell Train') will continue to be responsible for
the management of the Company's portfolio of investments under a new portfolio
management agreement with Lindsell Train (the `PMA') and Frostrow, which
terminates and replaces the existing investment management agreement between
the Company and Lindsell Train (the `Existing IMA'). The PMA is based on the
Existing IMA and only differs to the extent necessary to ensure that the
relationship between the Company, Lindsell Train and Frostrow is compliant with
the requirements of AIFMD, except that the Company and Lindsell Train have
voluntarily agreed to delete all provisions relating to the performance fee
payable by the Company to Lindsell Train under the Existing Portfolio
Management Agreement.

The Company has also appointed BNY Mellon Trust & Depositary (UK) Limited (the
`Depositary') as its depository in accordance with AIFMD on the terms and
subject to the conditions of the depositary agreement between the Company,
Frostrow and the Depositary (the `Depositary Agreement'). The Depositary
Agreement will replace the existing custody agreement between the Company and
the Bank of New York Mellon. Under the terms of the Depositary Agreement the
Company has agreed to pay the Depositary a fee of 2 basis points of the
Company's gross assets including cash, plus any applicable VAT.

Each of the AIFM Agreement, the PMA and the Depositary Agreement will enter
into effect on 22 July 2014.

For further information please Contact:

Victoria Hale

Frostrow Capital LLP, Company Secretary

Telephone: [phone]