Eagle Growth and Income Opportunities Fund Announces Board Approval of Pending Change of Advisory Arrangements

Eagle Growth and Income Opportunities Fund (the "Fund") (NYSE: EGIF) today announced pending changes to the Fund's current investment advisory and sub-advisory arrangements. The Fund's Board of Trustees (the "Board") has approved THL Credit Advisors LLC ("THL Credit") to serve as the investment adviser to the Fund, replacing Four Wood Capital Advisors LLC ("FWCA"). The Board also approved the retention of Eagle Asset Management, Inc. ("Eagle"), the Fund's current sub-adviser, under the supervision of THL Credit. The changes will be effective August 31, 2019.

The changes to the Fund's advisory arrangements are intended to reduce expenses and enhance the Fund's original investment strategy, which in part seeks current income over the Fund's limited term. Key members of the Fund's current portfolio management team will also be retained. The addition of THL Credit will enhance the breadth of capabilities in income-producing securities through THL Credit's expertise in bank loans, high yield bonds and structured credit investments. THL Credit and Eagle will establish an allocation committee to regularly review the Fund's tactical asset allocations among dividend or other income paying equity securities and debt securities.

THL Credit will commence serving as the investment adviser, and Eagle will continue serving as sub-adviser, to the Fund on August 31, 2019 pursuant to interim advisory and subadvisory agreements that were approved by the Board. The Board is expected to consider approving a new, non-interim advisory agreement between the Fund and THL Credit and a new, non-interim subadvisory agreement between THL Credit and Eagle, each of which will be subject to approval by the Fund's shareholders later this year.

As noted above, the changes to the Fund's advisory arrangements are expected to lower the Fund's overall expense ratio. Under both the interim advisory agreement and the proposed new advisory agreement, the annual fee rate payable by the Fund is expected to remain at 0.85% of the average daily value of the Fund's Managed Assets, which had been reduced from 1.05% of the average daily value of the Fund's Managed Assets effective May 24, 2018. Eagle will continue to receive, under both subadvisory agreements, a monthly fee computed at the annual rate of 50% of the advisory fees paid to THL Credit. These fees will be paid by THL Credit to Eagle. In addition, commencing on August 31, 2019, THL Credit will provide investor support services to the Fund as part of its advisory relationship and, effective September 14, 2019, the Fund will no longer bear the annual fee of 0.05% of the average daily value of the Fund's Managed Assets paid to Four Wood Capital Partners LLC for those services. THL Credit also will limit, indefinitely, certain non-management expenses borne by the Fund to an amount not to exceed 0.35% per year of the Fund's Managed Assets (pro-rated for the period in 2019 during which THL Credit serves as the Fund's investment adviser). THL Credit also has agreed to bear up to $500,000 of certain expenses in connection with the transfer of the advisory relationship from FWCA to THL Credit.