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Murray Income Tst. (MUT)

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Monday 07 January, 2002

Murray Income Tst.

Conversion of Securities

Murray Income Trust PLC
7 January 2002

MURRAY INCOME TRUST PLC

B Ordinary Shares

Following the conversion of 8,934 B Ordinary Shares on 31 December 2001 the
nominal value of the B Ordinary Shares was reduced to below £125,000. In
accordance with the Articles of Association of the Company where, immediately
following a Conversion Date, the nominal value of the B Ordinary Shares is
less than £125,000, the Directors have the right to request the conversion of
all such Shares into an equivalent number of Ordinary Shares. The Conversion
will reduce costs for the Company, as it will eliminate the need to maintain a
separate share register for the B Ordinary Shares and the additional costs of
the scrip dividend process. All B Ordinary Shareholders will be sent a notice
of compulsory conversion by 25 January 2002 and consequently 499,589 B
Ordinary Shares will be converted into 499,589 Ordinary Shares on 28 February
2002.