Transaction in Own Shares

For immediate release

                                                                    23 May 2008

                       FINSBURY GROWTH & INCOMETRUST PLC                       

                                (the "Company")                                

                    MARKET PURCHASE OF COMPANY'S OWN SHARES                    

Notification is given, pursuant to the authority granted at the Annual General
Meeting of the Company held on 30 January 2008 to make market purchases of the
Company's own shares up to an aggregate maximum of 7,914,333, that a market
total of 71,000 Ordinary shares of 25p each in the capital of the Company were
purchased by the Company today at a price of 251.70p per share. Such shares
will be held by the Company as treasury shares.

Following this transaction and in conformity with the provisions of the
Transparency Directive, the Company hereby notifies the market that; the total
number of Ordinary shares held by the Company in treasury following the
purchase and non-cancellation of Ordinary shares is 589,750; and the total
number of Ordinary shares that the Company has in issue, less the total number
of Ordinary shares held by the Company in treasury following such purchase, and
therefore, the total number of voting rights in the Company is 52,207,673.

The figure of 52,207,673 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.

For and on behalf of

Frostrow Capital LLP

Company Secretary

For further information, please contact:

Mark Pope

Frostrow Capital LLP

Tel: [phone]