Energy Income and Growth Fund Declares Initial Quarterly Dividend of 32.5 Cents Per Share.

LISLE, Ill. -- (AMEX:FEN) The Energy Income and Growth Fund today is pleased to declare its first quarterly income distribution of $0.325 per share. The distribution is expected to constitute a return of capital.

Based on the Fund's net asset value of $19.87 and the closing market price

The dividend will be payable on October 29, 2004 to shareholders of record on October 6, 2004 with an ex-dividend date of October 4, 2004. The Fund's next distribution is expected to be paid on or about January 31, 2005.

About The Energy Income and Growth Fund

The Energy and Income Growth Fund is a non-diversified, closed-end, investment management company whose shares began trading on the American Stock Exchange on June 25, 2004. Each Energy Income and Growth Fund share represents a portfolio of strategically chosen securities of master limited partnerships ("MLPs") and related public entities in the energy sector which the sub-advisor, Fiduciary Asset Management, believes offer opportunities for income and growth. The objective of the Fund is to seek a high level of after-tax total return with an emphasis on current distributions paid to shareholders.

Commenting on the invest-up period, portfolio manager Jim Cunnane of Fiduciary Asset Management remarked "We are pleased with the progress of the Energy Income and Growth Fund. The Fund's portfolio is invested in the desired allocation of MLPs, including the investment of the proceeds of a line of credit established in late July, 2004. The portfolio investments include a group of high quality master limited partnerships and other energy-related securities. Master limited partnerships currently account for approximately 90% of the invested assets of the Fund. The dividend announced today represents an annualized 6.5% yield, based on the initial offering price of $20.00 per share"

First Trust Advisors L.P. serves as the Fund's Advisor and currently manages or supervises approximately $13.6 billion in assets.

Fiduciary Asset Management, LLC serves as the Fund's Sub-advisor and 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 has approximately $14 billion in client assets under management.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

This press release contains statements, estimates or projections that constitute "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the company's historical experience and its present expectations or projections. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; MLP industry risk; leverage risk; valuation risk; interest rate risk; tax risk and other risks discussed in the company's filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements. There is no assurance that the Fund's objective will be achieved.