Interim Management Statement

FINSBURY GROWTH & INCOME TRUST PLC                       

      Interim Management Statement - 3 months to 30 June 2011 (unaudited)      

Finsbury Growth & Income Trust PLC invests principally in the securities of UK
quoted companies with the objective of achieving capital and income growth and
providing a total return in excess of that of the FTSE All-Share Index. A
maximum of 20% of the Company's portfolio, at the time of acquisition, can be
invested in quoted companies worldwide.

The 3 month period ended 30 June 2011 was a positive one for markets despite
the pressure on profit margins caused by rising commodity prices and increasing
consumer restraint around the world. The Company's benchmark, the FTSE
All-Share Index, measured on a total return basis, rose by 1.9% during the
period. The Company's net asset value total return was 5.8% over the same
period and the share price total return was 7.7%.The share price moved to a
0.7% premium to the net asset value per share at the period end. Post the
period end, to 26 July 2011, the Company's net asset value total return was
-0.6% and the share price total return was 0.3%. The Company's benchmark fell
by 0.3%.

The Company paid a first interim dividend of 4.4p per share (first interim
dividend 2010: 4.4p per share) on 6 May 2011 in respect the year ending 30
September 2011.

During the 3 month period the Company issued 2,370,000 new shares at a 0.5%
premium to the Company's cum income net asset value per share raising £8m.
Following the period end, to 26 July 2011, the Company has issued a further
320,000 new shares at a 0.5% premium to the Company's cum income net asset
value per share raising a further £1.1m. As at 26 July 2011 the Company had
56,177,423 shares in issue.

Trust Characteristics

                                    30 June 2011           31 March 2011       
                                                                               
Number of holdings                       25                      25            
                                                                               
Net assets (£m)                         190.0                  172.8           
                                                                               
Net yield                               2.6%                    2.8%           
                                                                               
Gearing (AIC basis)                      107                    107            
                                                                               
Share price (p)                        342.50                  318.00          
                                                                               
NAV (p) per share                      340.14                  323.16          
                                                                               
Premium/(discount) of share             0.7%                   (1.6)%          
price to NAV                                                                   

Source: Frostrow Capital LLP

Sector Analysis

                                     % of                       % of           
                             investment portfolio       investment portfolio   
                               at 30 June 2011            at 31 March 2011     
                                                                               
Financials                           16.7                       17.7           
                                                                               
Consumer Services                    30.8                       30.1           
                                                                               
Consumer Goods                       39.6                       39.1           
                                                                               
Technology                           11.6                       11.6           
                                                                               
Preference Shares                    1.3                        1.5            
                                                                               
Total                               100.0                      100.0           

Source: Frostrow Capital LLP

10 Largest Investments

Name                                 % of                       % of           
                             investment portfolio       investment portfolio   
                               at 30 June 2011            at 31 March 2011     
                                                                               
Diageo                               10.6                       10.4           
                                                                               
Unilever                             9.4                        9.3            
                                                                               
A.G Barr                             9.4                        9.6            
                                                                               
Pearson                              7.3                        7.4            
                                                                               
Fidessa                              6.4                        6.4            
                                                                               
Sage Group                           5.2                        5.2            
                                                                               
Rathbone Brothers                    5.0                        5.8            
                                                                               
Schroders                            4.4                        5.1            
                                                                               
Reed Elsevier                        4.2                        4.3            
                                                                               
Kraft Foods                          3.9                        3.9            
                                                                               
Total                                65.8                       67.4           

Source: Frostrow Capital LLP

Total Return Performance (to 30 June 2011)

                3 Months        Calendar        1 Year          3 Years        
                                                                               
                                Year to date                                   
                                                                               
Share Price     +7.7%           +9.4%           +29.7%          +76.8%         
                                                                               
NAV per share   +5.8%           +8.0%           +29.8%          +63.8%         
                                                                               
Benchmark*      +1.9%           +3.0%           +25.6%          +21.0%         

Source: Morningstar

* Benchmark - FTSE All-Share Index measured on a total return basis.

Past performance is not a guide to future performance.

This Interim Management Statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.

This Interim Management Statement is available on the Company's website 
www.finsburygt.com.

The Company's Net Asset Value per share is announced daily and is available,
together with the share price, on the TrustNet website at www.trustnet.com

SEDOL Code:

Ordinary Shares - 0781606

ISIN -

Ordinary Shares GB0007816068

For further information contact: Mark Pope on 0203 008 4913

Frostrow Capital LLP

Company Secretary

28 July 2011