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M&G Income Inv. Co (MIV)

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Tuesday 24 June, 2008

M&G Income Inv. Co

Proposed Reconstruction

24 June 2008

M&G Income Investment Company Limited

Proposed reconstruction

The Board of M&G Income Investment Company Limited (the `Company') is proposing
to put forward proposals to coincide with its wind up date of 31 October 2008.
Under the proposals, the Company will be wound up and its shareholders will be
offered the choice of the following:

  * a tax and cost efficient rollover into new shares to be issued by M&G High
    Income Investment Trust plc (`HIT');
  * a full cash exit (at liquidation value); and
  * at least one open ended investment company managed by M&G, the Company's
    investment manager.
HIT is listed in London, managed by the same investment team at M&G as the
Company and has both a similar investment objective and structure (being
closed-ended and split capital). The Company currently has gross assets of £206
million whilst HIT has gross assets of £69 million and has a wind-up date of
17 March 2017. As part of the proposals, M&G will make a significant
contribution to the costs of the proposals, calculated with reference to the
level of monies which rollover into HIT. Further, precise details of the scheme
will be announced in late summer.

For any enquiries regarding this announcement please contact:

David Benda: Numis Securities Limited +44 (0)20 7260 1275

Nathan Brown: Numis Securities Limited +44 (0)20 7260 1426

Kleinwort Benson (Channel Islands) Fund Services Limited
Secretary +44 (0)1481 727 111


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