Director Shareholding

RNS Number:5152M
Royal London Growth & Inc Trust PLC
19 June 2003


                     Royal London Growth & Income Trust plc

                                (the "Company")



Notification of Director's dealings in shares and securities


The Company has today been notified that on 18 June 2003 Richard Balding, a
Director of the Company, sold 250,000 units of 9% Convertible Unsecured Loan
Stock 2020 ("CULS") (being 0.45% of the number of CULS in issue) at a price of
101.5p each.

In addition, Richard Balding granted Leopold Joseph & Sons Limited contingent
recourse over 2,000,000 units of CULS (being 3.63% of the number of CULS in
issue). Mr Balding will continue to have a beneficial interest in the said CULS.

Following the above transactions, Mr Balding continues to have the following
interests in the capital of the Company:


                                Beneficial Interests                    Non-beneficial Interests

Class of security     No. of securities    % of total issued    No. of securities    % of total issued
                                           class of security                         class of security

Geared Ordinary       26,504,507           24.37%               -                    -
Shares of one penny

9% Convertible        11,657,000           21.18%               1,181,161            2.15%
Unsecured Loan Stock
2020



19 JUNE 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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