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LMI Income & Growth (LIG)

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Tuesday 23 November, 2004

LMI Income & Growth

Final Results

Leggmason Inv Inc & Grwth Tst PLC
23 November 2004

                 LEGGMASON INVESTORS INCOME & GROWTH TRUST PLC

                       Annual results for the year ended

                                 30 April 2004

               LEGGMASON INVESTORS INCOME & GROWTH SECURITIES PLC

                       Annual results for the year ended

                                 30 April 2004

CHAIRMAN'S STATEMENT

In the last Interim Report the Chairman's statement concluded that the Company
was in a difficult financial position and that it was likely to be wound-up with
no returns to shareholders. I also referred to ongoing negotiations with the
lending banks and these negotiations have formed a significant amount of your
Board's focus since we last reported.

You will also be aware that the Company's shares have, since 8 October 2002,
been suspended by the London Stock Exchange and as a consequence we were able to
delay our normal reporting cycle. During this period we are aware that there has
been little information reported to shareholders on the Company's position. This
has been a consequence of the Board's continuing discussion with the creditors
being of a complex nature and a dearth of substantive news. Given the Company's
difficult financial position and there being little prospect of a reversal of
the suspension of the Company's shares, the Board intends to give notice to seek
de-listing with the listing being cancelled on 23 December 2004. Shareholders
should be aware that the Company will shortly cease to have investment trust
status under Section 842 of the Income & Corporation Taxes Act.

Since the Company first broke its banking covenants it has been necessary to
sell most of its assets. As at 30 April 2004, your Company's assets stood at
£892,000. This was mainly made up of geared ordinary shares amounting to
£695,000 and cash of £135,000. Standing against this were liabilities to the
banks of £5,683,000 and additional accruals of £323,000. This was a position
clearly unlikely to be corrected and for some time the Board has been working
closely with the Company's principal creditors to reduce the debt and maximise
value for them. The Board would like to express their gratitude to the Banks for
the manner in which they have dispensed their duties in such difficult
circumstances. Accordingly, shares to the value of £11,712,000 were sold during
the year and the following repayments of debt were made:


Date               Debt repayment       Repayment Cost      Balance Outstanding

1 May 2003         Opening balance                          17,495,275

29 May 2003        900,000              93,700              16,595,275

18 July 2003       1,683,000            15,922              14,912,275

2 October 2003     1,352,082            105,907             13,560,193

28 October 2003    1,707,674            91,454              11,852,519

18 January 2004    2,502,158            136,119             9,350,361

19 April 2004      1,277,229            70,205              8,073,132

21 April 2004      2,390,241            109,074             5,682,891


Since the year end investments to the value of £537,000 have been sold into a
market that has enjoyed greater liquidity. As of 31 October 2004, the Group's
gross assets including cash stood at £1,206,000 and its total liabilities were
£5,970,000.

Dividends

No dividend has been declared to any share class as the asset values continue to
be less than the amount prescribed by Section 265 of the Companies Act 1985,
which requires assets to be 1.5 times liabilities. Regrettably, the Board do not
envisage a resumption of the dividend.

Outlook

Our primary concern over the period has been to maximise value for the creditors
and this will continue. However, once completed, as I commented in my Interim
Report, there is unlikely to be a return of capital to shareholders and the
Company will be wound up in due course. Once again, the Board wishes to express
their regret over this outcome of your Company's fortunes.

Ken Greatbatch

Chairman

23 November 2004





LEGGMASON INVESTORS INCOME & GROWTH TRUST PLC

GROUP STATEMENT OF TOTAL RETURN

(incorporating the revenue account)

for the year ended 30 April 2004


                               For the year ended 30 April 2004      For the year ended 30 April 2003
                                 Revenue      Capital        Total      Revenue    Capital        Total
                                   £'000        £'000        £'000        £'000      £'000        £'000

                                       
    Total capital gains/
    (losses) on investments            -        4,918        4,918            -   (54,301)     (54,301)
                                     
    Income from fixed asset
    investments                      581            -          581        3,347          -        3,347
                                      
    Other interest                    52            -           52          162          -          162
    receivable and similar    
    income  
                               ---------   ----------   ---------- ------------ ---------- ------------
                                     
    Gross revenue and                633        4,918        5,551        3,509   (54,301)     (50,792)
    capital gains/(losses)

    Investment management              -            -            -         (94)       (31)        (125)
    fee

    Other administrative           (132)            -        (132)        (296)          -        (296)
    expenses

Liquidation costs -                    -          219          219            -    (1,216)      (1,216)
Breakage costs
Liquidation costs - Other              -            -            -            -       (70)         (70)
                            ------------ ------------ ------------ ------------ ----------   ----------
                                     
    Net return/(loss) on             501        5,137        5,638        3,119   (55,618)     (52,499)
    ordinary activities
    before interest payable
    and taxation

    Interest payable and           (737)        (246)        (983)      (1,524)    (3,038)      (4,562)
    similar charges

                             -----------  -----------  -----------  ----------- ---------- ------------
                                   
    Net (loss)/return on           (236)        4,891        4,655        1,595   (58,656)     (57,061)
    ordinary activities
    before taxation

                                       
    Taxation on net return             -            -            -            3          -            3
    on ordinary activities

                             -----------  -----------  -----------  ----------- ---------- ------------
                                   
    Net (loss)/return on           (236)        4,891        4,655        1,598   (58,656)     (57,058)
    ordinary activities
    after taxation
                                      
    Capital (gains)/losses             -      (4,655)      (4,655)            -      9,772        9,772
    attributable to the
    bank loan
                                       
    Provision for                      -      (1,518)      (1,518)            -    (1,394)      (1,394)
    redemption of ZDP
    shares in subsidiary
                                       
    Capital losses                     -        1,518        1,518            -     17,339       17,339
    attributable to ZDP
    shares in subsidiary
                              ----------   ----------  ----------- ------------  ---------   ----------
                                   (236)          236            -        1,598   (32,939)     (31,341)

                              ----------   ----------   ----------   ---------- ----------   ----------
Dividends and other
appropriations:
Redeemable preference
shares
Compounding entitlement                -        (626)        (626)            -      (616)        (616)
Capital losses                         -          626          626            -     29,038       29,038
Reversal of third interim              -            -            -        1,800          -        1,800
dividend of 2002
                              ----------   ----------   ----------   ---------- ----------   ----------
                                       -            -            -        1,800     28,422       30,222

                              ----------   ----------   ----------   ---------- ----------   ----------
Net (loss)/return                  (236)          236            -        3,398    (4,517)      (1,119)
attributable to ordinary
shares

Ordinary shares
Dividends                              -            -            -            -          -            -

                              ----------   ----------   ----------   ---------- ----------   ----------
Transfer (from)/to reserves        (236)          236            -        3,398    (4,517)      (1,119)

                                  ======       ======       ======       ====== ----------       ======
(Loss)/return per share            Pence        Pence        Pence        Pence      Pence        Pence
Articles basis
(Loss)/return per ordinary        (0.28)         0.28            -         3.96     (5.27)       (1.31)
share
Loss per redeemable                    -            -            -            -    (28.42)      (28.42)
preference share
Loss per ZDP share in the              -            -            -            -   (106.30)     (106.30)
subsidiary
FRS4 basis
(Loss)/ return per ordinary       (0.28)         3.98         3.70         3.96    (70.01)      (66.05)
share
Loss per redeemable                    -       (0.04)       (0.04)            -     (0.05)       (0.05)
preference share
Return per ZDP share in the            -        10.12        10.12            -       9.29         9.29
subsidiary

The revenue columns of this statement represent the revenue accounts of the
Group.

All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.



LEGGMASON INVESTORS INCOME & GROWTH TRUST PLC

BALANCE SHEETS

at 30 April 2004

                                                      Group              Company              Group              Company

                                                       2004                 2004               2003                 2003
                                                      £'000                £'000              £'000                £'000
Fixed asset investments
Listed in the United Kingdom                            700                  695              7,494                7,489
Subsidiary undertaking                                    -                   13                  -                   13

                                                   --------           ----------         ----------          -----------
                                                        700                  708              7,494                7,502

                                                   --------           ----------          ---------         ------------
Current assets
Debtors and prepayments                                  49                   49                611                  611
Cash at bank                                            140                  135                965                  960

                                                   --------           ----------        -----------          -----------
                                                        189                  184              1,576                1,571

                                                   --------             --------           --------             --------

Current liabilities
Creditors: amounts falling due within one           (6,006)             (24,866)           (18,842)             (18,842)
year
                                                 ----------           ----------         ----------          -----------
Net current liabilities                             (5,817)             (24,682)           (17,266)             (17,271)

                                                 ----------           ----------         ----------          -----------

Total assets less current liabilities               (5,117)             (23,974)            (9,772)              (9,769)
Creditors: amounts falling due after more                 -                    -                  -             (17,342)
than one year
                                                 ----------           ----------          ---------           ----------
                                                    (5,117)             (23,974)            (9,772)             (27,111)

                                                     ======               ======             ======               ======
Capital and reserves
Called-up share capital                              22,425               22,425             22,425               22,425
Share premium account                                97,064               97,064             97,064               97,064
Special reserve                                      17,550               17,550             17,550               17,550
Capital reserve (realised)                        (128,756)            (128,756)          (104,776)            (104,776)
Capital reserve (unrealised)                       (36,538)             (36,538)           (63,891)             (63,891)
Revenue reserve                                       4,281                4,281              4,517                4,517

                                                 ----------           ----------         ----------          -----------
Equity shareholders' funds                         (23,974)             (23,974)           (27,111)             (27,111)
Minority interest - ZDP shares                       18,857                    -             17,339                    -

                                                 ----------            ---------          ---------           ----------
                                                    (5,117)             (23,974)            (9,772)             (27,111)

                                                      =====                =====              =====               ======
Total shareholders' funds in accordance
with the Articles of Association are
attributable to:
Ordinary shares                                           -                    -                  -                    -
Redeemable preference shares                              -                    -                  -                    -
Minority interest                                         -                    -                  -                    -

                                                 ----------           ----------          ---------            ---------
                                                          -                    -                  -                    -

                                                      =====                =====              =====                =====

Total shareholders' funds under FRS4 are
attributable to:
Equity shareholders                                (83,843)             (83,843)           (87,020)             (87,020)
Non-equity shareholders                              78,726               59,869             77,248               59,909

                                                 ----------           ----------          ---------           ----------
                                                    (5,117)             (23,974)            (9,772)             (27,111)

                                                      =====                =====              =====                =====

Net asset value per share in accordance               Pence                Pence              Pence                Pence
with the Articles of Association
Ordinary share                                            -                    -                  -                    -
Redeemable preference share                               -                    -                  -                    -
ZDP share in the Subsidiary                               -                    -                  -                    -

Entitlement per share under FRS4                      Pence                Pence              Pence                Pence
Ordinary share                                      (97.83)              (97.83)           (101.54)             (101.54)
Redeemable preference share                           59.87                59.87              59.91                59.91
ZDP share in the Subsidiary                          125.71                    -             115.59                    -

This report was approved by the Board of Directors on 23 November 2004.

Ken Greatbatch

Chairman



LEGGMASON INVESTORS INCOME & GROWTH TRUST PLC

Group cash flow statement

For the year ended 30 April 2004

                                                            For the year ended                 For the year ended

                                                                 30 April 2004                      30 April 2003
                                                         £'000           £'000              £'000           £'000

Net cash inflow from operating activities                                  608                              3,423

Servicing of finance
Interest paid                                                          (1,683)                            (4,641)

Taxation
Tax recovered                                                              350                                 25

Financial Investment
Acquisition of investments                                   -                           (18,694)
Sale of investments                                     11,712                             31,102

                                                   -----------                       ------------
Net cash inflow from financial investment                               11,712                             12,408

                                                                   -----------                        -----------

Net cash inflow before financing                                        10,987                             11,215

Management of liquid resources and financing
Cash withdrawn from short term deposit                                       2                             17,851

Financing
Loan repaid                                                           (11,812)                           (34,505)

                                                                   -----------                        -----------
Decrease in cash                                                         (823)                            (5,439)

                                                                        ======                             ======


Reconciliation of net cash flow to movements
in net debt
Decrease in cash as above                                                (823)                            (5,439)
Cash inflow from movement in liquid resources                              (2)                           (17,851)
Cash outflow from loan repaid                                           11,812                             34,505

                                                                    ----------                      -------------
                                                                        10,987                             11,215
Net debt at 1 May                                                     (16,530)                           (27,745)

                                                                   -----------                      -------------
Net debt at 30 April                                                   (5,543)                           (16,530)

                                                                        ======                              =====





LEGGMASON INVESTORS INCOME & GROWTH TRUST PLC

Notes to the Accounts

1. Going concern

The principal creditors have confirmed that it currently has no intention of
demanding repayment of the outstanding loan. However if the Bank were to require
repayment of the debt, the Group would be unable to meet this obligation.
Therefore the Directors have decided that the going concern basis of accounting
is not appropriate and the accounts have been prepared on a break up basis. As a
result the accounts include accruals for breakage costs which would be payable
in the event of the early termination of the loan, and accruals for other costs
which would be payable in the event of the liquidation of the Group. In addition
the investments are valued at the amount that the Directors would expect them to
realise in the event of liquidation.


 2. Return per share - Articles basis

    (Loss)/return per ordinary share

    Revenue (loss)/return per ordinary share is calculated by dividing the net
    revenue loss attributable to the ordinary shares of £236,000 (2003:
    £3,398,000 gain) by the number of ordinary shares in issue throughout the
    year of 85,700,000 (2003: 85,700,000).

    The capital return per ordinary share is calculated by dividing the net
    capital gain attributable to the ordinary shares of £236,000 (2003:
    £60,099,000 loss) by the number of ordinary shares in issue throughout the
    year of 85,700,000 (2003: 85,700,000).

    (Loss)/return per redeemable preference share

    Revenue return per redeemable preference share is calculated by dividing the
    net revenue return attributable to the redeemable preference shares of nil
    (2003: nil) by the number of redeemable preference shares in issue
    throughout the year of 100,000,000 (2003: 100,000,000).

    The capital loss per redeemable preference share is calculated by dividing
    the compounding entitlement per the Articles of Association of £626,000
    (2003: £616,000) less the provision for shortfall of assets of £626,000
    (2003: £29,038,000) by the number of redeemable preference shares in issue
    throughout the year of 100,000,000 (2003: 100,000,000).

    Loss per ZDP share in the subsidiary

    The capital loss per ZDP share is calculated by dividing the compounding
    entitlement per the Articles of Association of £1,518,000 (2003: £1,394,000)
    less the provision for shortfall of assets of £1,518,000 (2003: £17,339,000)
    by the number of ZDP shares in issue throughout the year of 15,000,000
    (2003: 15,000,000).

    Return per share - FRS4 basis

    (Loss)/return per ordinary share

    Revenue loss per ordinary share is calculated by dividing the net revenue
    loss attributable to the ordinary shares of £236,000 (2003: £3,398,000 gain)
    by the number of ordinary shares in issue throughout the year of 85,700,000
    (2003: 85,700,000).

    The capital return per ordinary share for the current year is based on
    capital gains of £4,891,000 less appropriations in respect of the ZDP shares
    of £1,518,000 less appropriations in respect of the redeemable preference
    shares of £626,000 plus the amortised premium paid on issue by the
    redeemable preference shareholders of £666,000.

    The capital loss per ordinary share for the comparative year is based on
    capital losses of £58,656,000 plus appropriations in respect of the ZDP
    shares of £1,394,000 plus appropriations in respect of the redeemable
    preference shares of £616,000 less the amortised premium paid on issue by
    the redeemable preference shareholders of £666,000.

    Loss per redeemable preference share

    Revenue return per redeemable preference share is calculated by dividing the
    net revenue return attributable to the redeemable preference shares of nil
    (2003: nil) by the number of redeemable preference shares in issue
    throughout the year of 100,000,000 (2003: 100,000,000) No cumulative
    dividends have been accrued, since the likelihood of repayment is remote.

    The capital loss per redeemable preference share based on the attributable
    asset gain of £626,000 (2003: £616,000) less amortisation of the premium
    paid on issue amounting to £666,000 (2003: £666,000) divided by the number
    of redeemable preference shares in issue throughout the year of 100,000,000
    (2003: 100,000,000).

    Return per ZDP share in the subsidiary

    The capital return per ZDP share is calculated by dividing the attributable
    asset gain of £1,518,000 (2003: £1,394,000) by the number of ZDP shares in
    issue throughout the year of 15,000,000 (2003: 15,000,000).
 3. Net Asset value per share

The net asset value per ordinary share is based on the residual net assets of
nil (2003: nil), and on 85,700,000 (2003: 85,700,000) ordinary shares in issue
at the year end.

The net asset value per zero dividend preference share ('ZDP' ) is based on
£18,857,000 (2003: £17,339,000) less the shortfall in funding of the
attributable asset value amounting to £18,857,000 (2003: £17,339,000) and on
15,000,000 (2003: 15,000,000) ZDP shares in issue at the year end.

The net asset value per redeemable preference share is based on £51,687,000
(2003: £51,061,000) less the shortfall in funding of the attributable asset
value amounting to £51,687,000 (2003: £51,061,000 and on 100,000,000 (2003:
100,000,000) redeemable preference shares in issue at the year end.



 4. Accounts for the year ended 30 April 2004

The above financial information for the year ended 30 April 2004 does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985. The comparative financial information is based on statutory accounts for
the period ended 30 April 2003.  The preliminary announcement is prepared on the
same basis as set out in the previous year's annual accounts. These accounts,
upon which the Auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies. The audit report for the statutory accounts for the
year ended 30 April 2004 has yet to be signed and delivered to the Registrar of
Companies.

The Company's Annual General Meeting will be held on Monday, 20 December 2004 at
the offices of Legg Mason Investments (Europe) Limited, 32 Harbour Exchange
Square, London E14 9JX.

The annual report will be sent to shareholders in late November 2004 and will be
available to members of the public from the Company's registered office: 55
Moorgate, London EC2R 6PA.




For further information, please contact

Legg Mason Investments (Europe) Limited

Tel: 020 7537 0000







LEGGMASON INVESTORS INCOME & GROWTH SECURITIES PLC

Unaudited annual results for the year ended 30 April 2004



Statement of Total Return (incorporating the revenue account)

for the year ended 30 April 2004

                                         Year ended 30 April 2004                     Year ended 30 April 2003
                                         Revenue      Capital       Total      Revenue        Capital       Total
                                         £'000        £'000         £'000      £'000          £'000         £'000

Accrued redemption premium receivable        -        1,518         1,518          -          1,394         1,394
from the parent company
Provision for bad debt                       -       (1,518)       (1,518)         -        (17,342)      (17,342)

                                     ---------  -----------     ---------  ---------   ------------   -----------
Gross revenue and capital losses             -            -             -          -        (15,948)      (15,948)
Administrative expenses                      -            -             -          -              -             -
                                     ---------  -----------     ---------  ---------   ------------   -----------

Net return on ordinary activities before     -            -             -          -        (15,948)      (15,948)
taxation
Tax on net return on ordinary activities     -            -             -          -              -             -
                                     ---------  -----------     ---------  ---------   ------------   -----------

Net loss on ordinary activities after        -            -             -          -        (15,948)      (15,948)
taxation                                                                                 
Provision for redemption of ZDP shares       -       (1,518)       (1,518)         -         (1,394)       (1,394)
Capital losses attributable to ZDP           -        1,518         1,518          -         17,339        17,339
shares
                                     ---------  -----------     ---------  ---------   ------------   -----------

Transfer from reserves                       -            -             -          -             (3)           (3)
                                       =======      =======         =====    =======        =======       =======

                                         Pence        Pence         Pence      Pence          Pence         Pence
Loss per share:
Ordinary share                               -            -             -          -          (5.00)         (5.00)
ZDP share                                    -            -             -          -        (106.30)       (106.30)



The revenue column of this statement represents the revenue account of the
Company.

All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued throughout the period.









LEGGMASON INVESTORS INCOME & GROWTH SECURITIES PLC

Unaudited annual results for the period ended 30 April 2004

Balance Sheet

at 30 April 2004

                                                      At 30 April 2004       At 30 April 2003
                                                                 £'000                  £'000
Fixed asset investments
 Listed in the United Kingdom                                        5                      5

                                                            ----------             ----------

Current assets
Debtors                                                              -                      -
Cash at bank                                                         5                      5
                                                            ----------            -----------
                                                                     5                      5
                                                            ----------            -----------
Total net assets                                                    10                     10

                                                                ======                 ======

Capital and reserves
Called-up share capital                                             13                     13
Share premium                                                   15,000                 15,000
Reserve for redemption premium                                   3,857                  2,339
Realised capital reserve                                      (18,860)               (17,342)
Unrealised reserve                                                   -                      -
Revenue reserve                                                      -                      -
                                                           -----------           ------------
                                                                    10                     10

                                                                ======                 ======

Attributable to:
Equity shareholders                                                 10                     10
Non-equity shareholders                                              -                      -
                                                            ----------            -----------
                                                                    10                     10
                                                            ----------            -----------

Net asset value per share:                                       Pence                  Pence
Ordinary share                                                   20.00                  20.00
ZDP share                                                            -                      -



This report was approved by the Board of Directors on 23 November 2004.

Ken Greatbatch

Chairman





LEGGMASON INVESTORS INCOME & GROWTH SECURITIES PLC

Unaudited annual results for the period ended 30 April 2004

Notes to the Accounts

1. Going concern

The principal creditors have confirmed that it currently has no intention of
demanding repayment of the outstanding loan to the parent Company. However if
the Bank were to require repayment of the debt, the Group would be unable to
meet this obligation and therefore the directors have decided that the going
concern basis of accounting is not appropriate for the Company as well as its
parent. As a result the accounts have been prepared on a break-up basis and
include accruals for breakage costs which would be payable in the event of the
early termination of the loan, and accruals for other costs which would be
payable in the event of the liquidation of the Group. In addition the
investments are valued at the amount that the directors would expect them to
realise in the event of liquidation.



 2. Loss per share

    Capital loss per ordinary share for the comparative year is based on capital
    losses of £2,500 and on the 50,000 ordinary shares in issue throughout the
    year.

    Capital loss per ZDP share is based on net capital losses attributable to
    those shares of £17,342,000 (2003: 15,945,000) and on the 15,000,000 ZDP
    shares in issue throughout the year (2003: 15,000,000).
 3. Net asset value per share

The net asset value per ordinary share is based on the net assets attributable
to the ordinary shares of £10,000 (2003: £10,000) and on 50,000 shares in issue
on 30 April 2004 (2003: 50,000).

4. The Company's Annual General Meeting will be held on Monday, 20 December 2004
immediately following the AGM of LeggMason Investors Income & Growth Trust plc
at the offices of Legg Mason Investments (Europe) Limited, 32 Harbour Exchange
Square, London E14 9JX.

The annual report will be sent to shareholders in late November 2004 and will be
available to members of the public from the Company's registered office: 55
Moorgate, London EC2R 6PA.






For further information, please contact

Legg Mason Investments (Europe) Limited

Tel: 020 7537 0000






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