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.
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