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LMI Income & Growth (LIG)

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Friday 12 October, 2001

LMI Income & Growth

Apportionment of Assets

Leggmason Inv Inc & Grwth Tst PLC
12 October 2001

                LeggMason Investors Income & Growth Trust plc

                           Apportionment of Assets

The Company announces that as at 9 October 2001 the Company had total assets
of £137.5 million, comprising:

Bank Debt                                   £52.0 million
ZDP Shares                                  £15.2 million
Preference Shares                           £50.1 million
Ordinary Shares                             £20.2 million
                                            £137.5 million


The respective net asset value per share was as follows:

Zero Dividend Preference Share                                  101.46p
Preference Share                                                50.10p
Ordinary Share                                                  23.62p

As at the same date the Company's assets were invested as follows:

Ordinary & Income Shares of Split Capital Trusts              72.6%
UK Growth                                                     11.0%
Fixed interest securities                                      3.6%
Cash                                                          12.8%

Under the terms of the loan facility entered into by the Company and The Bank
of Scotland, the gross qualifying assets of the Company must be 1.7x the value
of the amount outstanding under the Loan Facility. The current asset cover is
2.64x and therefore it would require a fall in the value of the Company's
assets of 35.7% to result in a breach of the asset cover covenant.

This information is provided in view of the uncertainties of the current
global economic environment. Results for the Company for the six months to 31
October 2001 will be published on 20 November 2001.

Andrew Whalley/Alan Kerr                             Tel: 020 7537 0000

LeggMason Investors Asset Managers plc

12 OCTOBER 2001