Framlington Inn.Gwth Completion of review and -2-


is triggered under the Company's articles of association, the Board intends 
nevertheless to propose a tender offer for 30 per cent of its issued shares in 
July 2010, which will provide shareholders on the register at close of business 
on 25 January 2010 with an opportunity to realise their investment at a 
discount, expected to be no more than 5 per cent., to realisation asset value. 
This will take into account the costs of realising such proportion of the 
portfolio as required to fund the tender offer and the direct costs of the 
exercise. The discount to be applied to the realisation value will be for the 
benefit of those shareholders who continue with their investment in the 
Company. If the tender offer is oversubscribed to a significant extent, the 
Board will propose a reconstruction of the Company offering a full cash 
alternative and cost effective rollover alternatives in the summer of 2010. 
 
 
The Board will keep shareholders informed of significant developments before 
the Company's year end and will continue to monitor closely both the investment 
performance of the Company as well as the rating of its shares. In the 
meantime, the Board is pleased to announce the new investment management 
arrangements that align the Board's interests in preserving and enhancing 
shareholder value over the medium and long term with the incentives negotiated 
for good performance by the AXA Framlington team. 
 
Enquiries 
 
John Cornish 020 7330 6680 
 
Chairman 
 
Framlington Innovative Growth Trust PLC 
 
George Luckraft 020 7374 4100 
 
AXA Framlington 
 
Robin Archibald 020 3100 0290 
 
James Moseley 020 3100 0250 
 
Winterflood Investment Trusts 
 
 
 
END

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