M&G Credit Income Investment Trust plc : Annual -18-

This review includes: ? the nature and planned level of gearing, which takes account of the Investment Manager's views on the market; ? issue and buy back share capital within limits set by the shareholders in general meeting; and ? the extent to which revenue in excess of that which is required to be distributed should be retained.

Company information

Directors (all non-executive)

David Simpson (Chairman)

Richard Boléat (Chairman of the Audit Committee, Senior Independent Director)

Mark Hutchinson

Barbara Powley

AIFM and Investment Manager

M&G Alternatives Investment Management Limited (MAGAIM)1

10 Fenchurch Avenue, London EC3M 5AG

Website: www.mandg.co.uk

Telephone: [phone]

Administrator

State Street Bank and Trust Company1

20 Churchill Place, London E14 5HJ

Company Secretary and registered office

Link Company Matters Limited

Beaufort House, 51 New North Road, Exeter EX4 4EP

Telephone: [phone]

Broker

Winterflood Securities Limited1

The Atrium, Cannon Bridge House, 25 Dowgate Hill,

London EC4R 2GA

Solicitors

Herbert Smith Freehills LLP1

Exchange House, Primrose Street, London EC2A 2EG

Auditor

Deloitte LLP

Saltire Court, 20 Castle Street, Edinburgh EH1 2DB

Registrar and transfer office

Link Group

Shareholder Services Department

10th Floor, Central Square, 29 Wellington Street, Leeds LS1 4DL

Telephone: [phone]

(Calls are charged at the standard geographic rate and

will vary by provider Calls outside the United Kingdom

will be charged at the applicable international rate.)

Email: [e-mail]

Website: www.linkgroup.eu

Depositary

State Street Trustees Limited1

20 Churchill Place, London E14 5HJ

Custodian

State Street Bank and Trust Company

20 Churchill Place, London E14 5HJ

Banker

State Street Bank International GmbH

Brienner Straße 59, 0333 Munich, Germany

Association of Investment Companies (AIC)

The Company is a member of the AIC, which publishes

monthly statistical information in respect of member

companies.

The AIC can be contacted on 020 7282 5555,

[e-mail] or

visit the website: www.theaic.co.uk

Company website

www.mandg.com/investments/private-investor/en-gb/funds/mg-credit-income-investment-trust-plc/gb00bfyyl325

1 Authorised and regulated by the Financial Conduct Authority.

Glossary

Asset: Anything having commercial or exchange value that is owned by a business, institution or individual.

Asset backed security (ABS): A security whose income payments and value are derived from and collateralised by a specified pool of underlying assets.

Asset class: Category of assets, such as cash, company shares, fixed income securities and their sub-categories, as well as tangible assets such as real estate.

Association of Investment Companies (AIC): The UK trade body that represents investment managers. It works with investment managers, liaising with government on matters of taxation and regulation, and also aims to help investors understand the industry and the investment options available to them.

Basis points (bps): A common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument.

Bond: A loan in the form of a security, usually issued by a government or company, which normally pays a fixed rate of interest over a given time period, at the end of which the initial amount borrowed is repaid.

Callable bond: A bond that can be redeemed (in other words, called) by the issuer before its maturity date. The price at which the issuer buys back the bond is normally higher than its issue price. A bond is usually called when interest rates fall, so that the issuer can refinance its debt at the new, lower interest rates.

Capital: Refers to the financial assets, or resources, that a company has to fund its business operations.

Capitalisation: The total market value of all of a company's outstanding shares.

CTA: Corporation Tax Act.

Closed-ended: A term used to describe an investment company whose capital is fixed and whose shares are not generally redeemable at the option of a holder.

Comparative sector: A group of investment companies with similar investment objectives and/or types of investment, as classified by bodies such as the AIC or Morningstar(TM). Sector definitions are mostly based on the main assets an investment company should invest in, and may also have a geographic focus. Sectors can be the basis for comparing the different characteristics of similar investment companies, such as their performance or charging structure.

Consumer Prices Index (CPI): An index used to measure inflation, which is the rate of change in prices for a basket of goods and services. The contents of the basket are meant to be representative of products and services we typically spend our money on.

Convertible bonds: Fixed income securities that can be exchanged for predetermined amounts of company shares at certain times during their life.

Corporate bonds: Fixed income securities issued by a company. They are also known as bonds and can offer higher interest payments than bonds issued by governments as they are often considered more risky.

Credit: The borrowing capacity of an individual, company or government. More narrowly, the term is often used as a synonym for fixed income securities issued by companies.

Credit default swaps (CDS): Are a type of derivative, namely financial instruments whose value, and price, are dependent on one or more underlying assets. CDS are insurance-like contracts that allow investors to transfer the risk of a fixed income security defaulting to another investor.

Credit rating: An independent assessment of a borrower's ability to repay its debts. A high rating indicates that the credit rating agency considers the issuer to be at low risk of default; likewise, a low rating indicates high risk of default. Standard & Poor's, Fitch and Moody's are the three most prominent credit rating agencies. Default means that a company or government is unable to meet interest payments or repay the initial investment amount at the end of a security's life.

Credit spread: The difference between the yield of a corporate bond, a fixed income security issued by a company, and a government bond of the same life span. Yield refers to the income received from an investment and is expressed as a percentage of the investment's current market value.

Debt instrument: A formal contract that a government, a business or an individual can use to borrow money. Debt instruments outline the detailed conditions of the loan, such as the amount and schedule of payment of interest, the length of time before the principal is paid back, or any guarantees (collateral) that the borrower offers. Any type of debt can be a debt instrument -- from bonds and loans to credit cards.

Default: When a borrower does not maintain interest payments or repay the amount borrowed when due.

Derivatives: Financial instruments whose value, and price, are dependent on one or more underlying assets. Derivatives can be used to gain exposure to, or to help protect against, expected changes in the value of the underlying investments. Derivatives may be traded on a regulated exchange or traded over the counter.

Developed economy / market: Well-established economies with a high degree of industrialisation, standard of living and security.

Dividend: Dividends represent a share in the profits of the company and are paid out to a company's shareholders at set times of the year.

Emerging economy or market: Economies in the process of rapid growth and increasing industrialisation. Investments in emerging markets are generally considered to be riskier than those in developed markets.

Episode: A phase during which investors allow their emotions to affect their decision making, which can cause financial markets to move irrationally.

Equities: Shares of ownership in a company.

Ex-dividend, ex-distribution or XD date: The date on which declared distributions or dividends officially belong to underlying investors.

Exposure: The proportion of an investment company invested in a particular share/fixed income security, sector/ region, usually expressed as a percentage of the overall portfolio.

Fixed income security: A loan in the form of a security, usually issued by a government or company, which normally pays a fixed rate of interest over a given time period, at the end of which the initial amount borrowed is repaid.

Floating rate notes (FRNs): Securities whose interest (income) payments are periodically adjusted depending on the change in a reference interest rate.

Gearing: Is a measure of financial leverage that demonstrates the degree to which the Investment Trust's operations are funded by equity capital versus creditor financing.

Gilts: Fixed income securities issued by the UK Government.

Government bonds: Fixed income securities issued by governments, that normally pay a fixed rate of interest over a given time period, at the end of which the initial investment is repaid.

Hard currency (bonds): Refers to bonds denominated in a highly traded, relatively stable international currency, rather than in the bond issuer's local currency. Bonds issued in a more stable hard currency, such as the US dollar, can be more attractive to investors where there are concerns that the local currency could lose value over time, eroding the value of bonds and their income.

Hedging: A method of reducing unnecessary or unintended risk.

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