Director Shareholding

RNS Number:9587O
Royal London Growth & Inc Trust PLC
22 August 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 21 August 2003 Richard Balding, a
Director of the Company, sold 450,000 units of 9% Convertible Unsecured Loan
Stock 2020 ("CULS") (being 0.83% of the number of CULS currently in issue) at a
price of 104.5p each.

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           24.72%               -                    -
Shares of one penny

9% Convertible        10,977,000           20.28%               1,181,161            2.18%
Unsecured Loan Stock
2020




 22 AUGUST 2003


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