Murray Income Trust plc commences share repurchases on January 1, 2016 under the program mandated by the shareholders in the Annual General Meeting held on April 28, 2015. As per the mandate, the company is authorized to repurchase up to 19,093,797 Ordinary shares and 147,632 B Ordinary shares, representing 14.99% of its issued shares. The minimum price per ordinary share will be £0.25.

The maximum price which may be paid for any ordinary share is the higher of 105% above the average of the middle market quotations for a share taken from and calculated by reference to, the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the share is purchased or, in the case of a tender offer, the date the tender offer is announced and the higher of the price of the last independent trade and the highest current independent bid on the London Stock Exchange at the time the purchase is carried out. The share repurchase program will expire at the conclusion of the next Annual General Meeting or on June 30, 2016, whichever is earlier, unless previously renewed, varied or revoked by the company in a general meeting.