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M&G Income Inv. Co (MIV)

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Thursday 30 October, 2008

M&G Income Inv. Co

Reclassification of Shares


M&G Income Investment Company Limited

30 October 2008

Reclassification of Shares

In the context of the recommended proposals for the winding-up and
reconstruction of the Company as set out in the Circular dated 11 September
2008, M&G Income Investment Company Limited announces the Terminal Asset Values
calculated as at 12 noon on 29 October 2008 to be as follows:

Ordinary Shares - 6.2456370 pence

Zero Dividend Shares - 56.60 pence

Valid elections and deemed elections for the various Options were received as
follows:

          M&G HIT    M&G HIT    M&G HIT   M&G Extra    M&G       Cash       Total   
          Package    Income &     Zero     Income   Recovery    Option              
           Units      Growth    Dividend    Fund      Fund                          
                      Units      Shares                                             
                                                                                    
Package  84,576,314 3,670,622     n/a     4,337,397 8,526,616 12,101,184 113,212,133
 Units                                                                              
                                                                                    
Ordinary  149,591   22,428,330    n/a      767,755  1,767,222 24,332,252 49,445,150 
 Shares                                                                             
                                                                                    
  Zero    197,511    287,084   37,096,309  212,489  2,146,595 82,172,739 122,112,727
Dividend                                                                            
 Shares                                                                             

Based on the Terminal Asset Values and relevant M&G High Income issue prices
(to be announced by M&G High Income shortly), it has been necessary to scale
back elections (and deemed elections) for M&G HIT Zero Dividend Shares. Holders
of Zero Dividend Shares who elected (or were deemed to have elected) for M&G
HIT Zero Dividend Shares will receive approximately 26.4% of their entitlement
in M&G HIT Zero Dividend Shares, with the balance satisfied through the issue
of M&G HIT Package Units.

Accordingly, application has been made to the UK Listing Authority to amend the
Official List to reclassify the Ordinary Shares and Zero Dividend Shares as set
out below:

169,302,219 Reclassified Shares with O1 Rights of 1p each - ISIN GG00B3CZL556;

29,769,574 Reclassified Shares with O2 Rights of 1p each - ISIN GG00B3CZL770;

9,442,549 Reclassified Shares with O4 Rights of 1p each - ISIN GG00B3CZLH72;

18,820,454 Reclassified Shares with O5 Rights of 1p each - ISIN GG00B3CZLK02;

48,534,620 Reclassified Shares with O6 Rights of 1p each - ISIN GG00B3CZLL19;

112,090,529 Reclassified Shares with Z1 Rights of 1p each - ISIN GG00B3CZLN33;

3,957,706 Reclassified Shares with Z2 Rights of 1p each - ISIN GG00B3CZLQ63;

9,779,605 Reclassified Shares with Z3 Rights of 1p each - ISIN GG00B3CZLS87;

4,549,886 Reclassified Shares with Z4 Rights of 1p each - ISIN GG00B3CZLV17;

10,673,211 Reclassified Shares with Z5 Rights of 1p each - ISIN GG00B3CZLW24;

94,273,923 Reclassified Shares with Z6 Rights of 1p each - ISIN GG00B3CZLY48.

Reclassification is expected to take effect from 8 a.m. on 31 October 2008.

Cheques in respect of the Cash Option are expected to be despatched and CREST
accounts are expected to be credited with cash in respect of the Cash Option in
the week commencing 3 November 2008. Securities issued in uncertificated form
are expected to be credited to the stock accounts in CREST of the persons
entitled thereto in respect of the M&G High Income Options on 4 November 2008.
Certificates in respect of Securities issued in certificated form in respect of
the M&G High Income Options are expected to be despatched in the week
commencing 3 November 2008, or as soon as practicable thereafter. Confirmation
letters in respect of Securities issued in uncertificated form in respect of
the M&G OEIC Options are expected to be despatched on 3 November 2008.

Defined terms used in this letter shall, unless the context otherwise requires,
bear the meaning given to them in the circular issued by the Company dated 11
September 2008.

For further information please contact:

Numis Securities Limited

David Benda / Nathan Brown

Tel. 020 7260 1275/1426

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                                                                   509894_1.DOC


                                                                                                                                                                                                                            

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