Eagle Growth and Income Opportunities Fund Announces Elimination of $29 Million Reserve and Additional Liquidating Distributi...

Eagle Growth and Income Opportunities Fund (the "Fund") (formerly NYSE: EGIF) today announced an additional liquidating distribution to its shareholders.

The Fund had previously announced that the Fund's Board of Trustees (the "Board") determined that $29 million of the Fund's net assets should be reserved by the Fund and not immediately distributed to the Fund's shareholders (the "Reserve") to provide for certain contingent liabilities of the Fund (the "Contingent Liabilities"), estimated expenses of the Fund and the estimated expenses and potential liabilities of operating a liquidating trust to hold the Reserve. On November 16, 2020, the Board reduced the amount of the Reserve to $0 in light of the elimination of the Contingent Liabilities for which the Reserve was designed to provide. Accordingly, the Fund will no longer transfer the Reserve and the Contingent Liabilities to a liquidating trust.

On or about November 20, 2020, the Fund will distribute $28,157,105, or $4.10 per share, in a cash liquidating distribution to shareholders entitled to such distribution. The Fund has retained a limited amount of cash, as it continues to wind down its operations, in order to satisfy ongoing and estimated payment obligations in order to complete its liquidation and termination process. The Fund also is seeking reimbursement of certain expenses from its insurers and the payment of certain foreign tax reclaims. In the event additional assets are received and to the extent retained assets exceed actual expenses, the Fund will make one or more additional liquidating distributions prior to its termination.

Shareholders may recognize gain or loss for U.S. tax purposes as a result of the liquidation. Gain or loss will generally be measured as the difference between the sum of the cash liquidating distributions and the shareholder's tax basis in the shares of the Fund. The Fund does not provide tax advice and investors should consult their individual tax adviser regarding the tax treatment applicable to a liquidating distribution and any other payments received in connection with the liquidation.

About Eagle Growth and Income Opportunities Fund

The Fund is a diversified, closed-end management investment company that is advised by First Eagle Alternative Credit, LLC.

About First Eagle Alternative Credit, LLC

First Eagle Alternative Credit is an alternative credit investment manager for both direct lending and broadly syndicated investments through public and private vehicles, collateralized loan obligations, separately managed accounts and co-mingled funds. First Eagle Alternative Credit maintains a variety of advisory and sub-advisory relationships across its investment platforms. First Eagle Alternative Credit is a wholly owned subsidiary of First Eagle Investment Management, LLC.

Forward-Looking Statements

Statements included herein may constitute "forward-looking statements", which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. The Fund undertakes no duty to update any forward-looking statements made herein.

Contact the Fund at 1.833.845.7513 or visit the Fund's website at http://feacegif.com for additional information.

Contact

Andrew Park First Eagle Alternative Credit, LLC 212.829.3126