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Murray Income Trust PLC (MUT)

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Thursday 01 July, 2004

Murray Income Trust PLC

- Change of Benchmark

                             MURRAY INCOME TRUST PLC
                               CHANGE OF BENCHMARK


The board of Murray Income Trust PLC announces that from the beginning of the
new financial year (1st July 2004) the benchmark of the Trust will change to the
FTSE-All Share Index from the FTSE-350 High Yield Index. The board believes that
the new benchmark is more appropriate to the investment aims of the Company.

The board remains committed to the investment objective and policy of the
Company as stated below:

Objective

"The Company aims to achieve a high and growing income combined with capital
growth through investment in a portfolio of UK equities".

Investment policy

"The Company pursues a policy of investing in shares of UK companies that have
potential for real earnings and dividend growth while at the same time providing
an above average portfolio yield."

Following extensive shareholder research and a full review of the management of
the Company's assets, some alterations will be made to the way in which the
portfolio is structured to meet this objective.  In particular, the emphasis on
the management of the absolute return and risk of the portfolio will be
increased, through ensuring appropriate diversification of stocks and sectors.

The board stresses that, although the weightings of stocks within the portfolio
may change over time, the Company will retain much of its present character:

     -    There will be no change to the current dividend policy.
     -    The Company will continue to invest a high proportion of its assets in
          strong, well-known British companies.
     -    The Company will continue to use low cost, flexible borrowing facilities to
          enhance shareholder returns when appropriate.

The board believes that, over time, these changes will improve the overall
performance and risk profile of the Company.


Contact:  Ross Watson    0131 313 6485