M&G High Income Investment Trust P.L.C.
Terminal Asset Value (TAV) Calculation

 


 Shares in issue 
£'000
TAV per share
Net assets attributable to shareholders

452,480

 Zero Dividend Preference Shares
 250,503,505 307,699
122.83224p
 Income Shares
 250,503,505 144,781
57.796035p
Capital Shares
 250,503,505 nil
 nil

Direct Shareholders of the Company should refer to the TAV per share as above.

Holders of units in the Company within the M&G ISA, should refer to the TAV per unit below.



TAV per unit
 Package Unit
(comprising 1 Zero Dividend Preference Share,
1 Income Share and 1 Capital Share)
 180.63p
 Income and Growth Unit
(comprising 1 Income Share
and 1 Capital Share)
 57.80p

Net assets attributable to shareholders
The value of the Company on the Calculation Date, Wednesday 15 March 2017, after the deduction of £350,000 to cover the fixed costs to liquidate the Company.

Zero Dividend Preference Shares
The TAV per share for the Zero Dividend Preference Shares is the pre-determined entitlement of 122.83224p.

Income Shares
As the net assets attributable to shareholders following the satisfaction of the final entitlements of the Zero Dividend Shareholders are insufficient to cover the pre-determined entitlement of 70p per share, the TAV per share for the Income Shares is calculated as the net assets attributable to shareholders divided by the number of Income Shares.

Capital Shares
As the balance of the net assets following the satisfaction of the final entitlements of the Zero Dividend Preference Shareholders and Income Shareholders is nil, the TAV per share of the Capital Shares is nil.

Entitlement Calculation
All calculations have been made using values as at 15 March 2017 and in accordance with, and subject to, the terms and conditions of the scheme as set out in Part III of the circular to shareholders of M&G High Income Investment Trust P.L.C. dated 19 January 2017 and as amended by the LSE Announcement of 3 March 2017, set out in our letter to you dated 8 March 2017.

Election for shares in M&G UK Income Distribution Fund (Sterling Class R Income Shares)
Package or Income and Growth Unit TAV multiplied by the number of Units elected (or deemed to be elected) for M&G UK Income Distribution Fund, divided by the price of M&G UK Income Distribution Fund (Sterling Class R Income Shares) calculated as at midday on 15 March 2017 = number of shares allocated. Share allocations were purchased at the price for this fund at midday on Friday 17 March 2017, adjusted upwards to reflect the relative outperformance of the assets transferred from M&G High Income Investment Trust P.L.C. compared to the performance of the M&G UK Income Distribution Fund between 15 March 2017 and 17 March 2017.

Election for shares in M&G Strategic Corporate Bond Fund (Sterling Class R Income Shares)
Package or Income and Growth Unit TAV multiplied by the number of Units elected for M&G Strategic Corporate Bond Fund, divided by the price of M&G Strategic Corporate Bond Fund (Sterling Class R Income Shares) calculated as at midday on 15 March 2017 = number of shares allocated. Share allocations were purchased at the price for this fund at midday on Friday 17 March 2017.

Election for shares in M&G Dividend Fund (Sterling Class R Income Shares)
Package or Income and Growth Unit TAV multiplied by the number of Units elected for M&G Dividend Fund, divided by the price of M&G Dividend Fund (Sterling Class R Income Shares) calculated as at midday on 15 March 2017 = number of shares allocated. Share allocations were purchased at the price for this fund at midday on Friday 17 March 2017, adjusted upwards to reflect the relative outperformance of the assets transferred from M&G High Income Investment Trust P.L.C. compared to the performance of the M&G Dividend Fund between 15 March 2017 and 17 March 2017.