Fitch Rates Energy Income & Growth Fund's, Series B Energy Notes 'AAA'.

NEW YORK -- Fitch has assigned an 'AAA' rating to Energy Income and Growth Fund's (AMEX:FEN) energy notes, series B, $25,000,000 aggregate principal amount, the series offered in $25,000 denominations or any integral multiple thereof. The ratings are based on asset coverage and senior notes maintenance amount tests, as well as the quality and experience of the investment advisor.

The first energy note issuance, series A energy notes of $34,000,000 aggregate principal amount, which closed on Jan. 28, 2005 are affirmed at 'AAA'. The additional issuance of series B results in a total energy notes outstanding of $59,000,000, increasing the funds leverage to approximately 30% from 21%.

Energy Income and Growth Fund is a non-diversified, closed-end investment management company, organized in 2004. The company's investment objective is to seek a high level of total return with an emphasis on current distributions to stockholders, by investing primarily in a diversified portfolio of master limited partnership (MLP) securities. The company is registered under the Investment Company Act of 1940, which permits closed-end funds to borrow funds through the issuance of debt and preferred stock. Under the 1940 Act, closed-end funds may borrow up to 33.33% of the fund's value through the issuance of senior notes.

Fiduciary Asset Management, LLC serves as the fund's sub-adviser responsible for the daily management of the portfolio. Fiduciary Asset Management, LLC manages a wide range of institutional equity, covered call, and fixed- income products, including a pioneering role in the management of MLP assets. Fiduciary Asset Management currently manages and supervises approximately $16.8 billion in client assets under management, including approximately $800 million of MLP, and energy infrastructure investment assets under management.

First Trust Advisors L.P. is the fund's investment adviser, responsible for supervising the sub adviser, monitoring the portfolio, managing business affairs, bookkeeping and other administrative services. The adviser currently manages or supervises approximately $23 billion in assets.

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