Director Shareholding

RNS Number:2577U
Royal London Growth & Inc Trust PLC
14 January 2004

                     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 13 January 2004, Richard Balding, a
Director of the Company, sold 1,605,750 geared ordinary shares at a price of
31.5p per share (being 1.54% of the geared ordinary shares currently in issue)
from his Personal Equity Plan. On the same date, Mr Balding purchased 1,605,750
geared ordinary shares at a price of 31.5p per share (being 1.54% of the geared
ordinary shares currently in issue).



In addition, on 13 January 2004, Mr Balding, sold 461,500 units of 9%
Convertible Unsecured Loan Stock at a price of 109.0p per CULS (being 0.86% of
the CULSs currently in issue). On the same date, Mr Balding purchased 461,500
units of 9% Convertible Unsecured Loan Stock at a price of 109.0 p per CULS
(being 0.86% of the CULSs currently in issue), for inclusion in his Personal
Equity Plan.



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           25.46%               -                    -
Shares of one penny

9% Convertible        10,957,000           20.33%               1,181,161            2.19%
Unsecured Loan Stock
2020


 14 JANUARY 2004


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