Issue of Equity

FINSBURY GROWTH & INCOME TRUST PLC                       

                                  21 May 2007                                  

                         Allotment of Ordinary Shares                          

FINSBURY GROWTH & INCOME TRUST PLC (the "Company") announces the allotment of
50,000 Ordinary shares of 25p each fully paid.

These shares were issued today at a price of 350.00p per share, which equates
to a premium to the estimated net asset value at the time of transaction of
1.5%.

The net asset value per Ordinary share at the close of business on 18 May 2007
was 344.79p per share.

Following this transaction and in conformity with the Transparency Directive's
transitional provision 6 the Company hereby notifies the market that the total
number of Ordinary shares that the Company has in issue is 51,972,423 Ordinary
shares of 25p each, of the total authorised capital of 100,000,000 Ordinary
shares of 25p each all with voting rights. No shares were held in treasury at
the date of announcement.

The figure of 51,972,423 may be used by shareholders as the denominator for the
calculation by which they may determine if they are required to notify their
interest in, or change to their interest in, the Company under the FSA's
Disclosure and Transparency Rules.

Enquiries:

Mark Pope

Frostrow Capital LLP

Tel: [phone]