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Schroder Inc Growth (BC!)

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Thursday 31 July, 2003

Schroder Inc Growth

Issue of Equity

Schroder Income Growth Fund PLC
31 July 2003

                                                                    31 July 2003

                              Issue of new equity

The Board of Schroder Income Growth Fund plc announces that the Company today
issued 304,074 new ordinary shares at a price of 154.75 pence per share. The
shares were issued to Schroder Nominees Limited as nominees for participants in
the Schroder Personal Equity Plan and Individual Savings Account.

The new shares will rank pari passu in all respects with the existing issued
ordinary shares of the Company. The total number of shares in issue is now

The shares issued will be admitted to the Official list and admitted to trading
under prior block listing applications made to the UK Listing Authority and to
the London Stock Exchange.


Neil Olofsson

Schroder Investment Management Limited           Tel: 020 7658 3496


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