MIV M&G Inc Inv

    20 May 2008

M&G Income Investment Company Limited (the "Company")

Loan Repayment

The Company announces today that it has approved the repayment of the balance
of its loan facility with the Royal Bank of Scotland International Limited
(`the Loan') in full, being the sum of �25m, with effect from 7 July 2008. This
decision reflects the fact that in view of recent market conditions, the
Manager has been reducing the Company's exposure to The M&G High Yield
Corporate Bond Fund in favour of cash and short-dated gilts and given the
Company's impending winding up on 31 October 2008, the directors, on the advice
of the Manager, consider that the repayment of the Loan to be in the interests
of the Company's shareholders as a whole. The related interest rate swap will
be closed out on 4 July 2008.

Enquiries to:

Kleinwort Benson (Channel Islands)Fund Services Limited

Company Secretary



END

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