Final Results

Martin Currie High Income Trust PLC 28 August 2001 To: Stock Exchange For immediate release UK Listing Authority 28 August 2001 MARTIN CURRIE HIGH INCOME TRUST plc Annual results for the 12 months to 31 July 2001 The Board has declared a fourth interim dividend of 2.95p per ordinary share. Together with the three payments made earlier in the year, this brings the total for the twelve months to 31 July 2001 to 8.20p, as forecast and an increase of 2.5% over the previous year. Over the twelve months to 31 July 2001, the net asset value ('NAV') per share has fallen by 38.5% to 42.64p. Although the Company's direct equity portfolio - excluding holdings in high-yielding investment companies - performed well against the benchmark of the FTSE All-Share index - declining by 0.9% against a fall of 10.9% - and the portfolio of corporate bonds gained 14.9%, the Company's investments in other high-yielding investment trusts produced a negative return of 24.2% over the year. Total assets declined by 7.6% over the twelve-month period which, together with the Company's highly geared capital structure, produced the disappointing NAV return. - ends - For further information, please contact: Mike Woodward Martin Currie Investment Management Ltd 0131 229 5252 mwoodward@martincurrie.com MARTIN CURRIE HIGH INCOME TRUST plc Statement of total return (incorporating the revenue account)* for the year ended 31 July 2001 Unaudited 2001 Revenue Capital Total Note £000 £000 £000 Losses on investments - realised 0 (1,734) (1,734) - unrealised 0 (6,157) (6,157) Income - franked 3,795 19 3,814 - unfranked 325 0 325 Investment management fee (92) (276) (368) Other expenses (240) 0 (240) _____ _____ _____ Net return on ordinary activities before finance costs and taxation 3,788 (8,148) (4,360) Interest payable and similar charges (642) (1,926) (2,568) _____ _____ _____ Net return on ordinary activities before and after 3,146 (10,074) (6,928) taxation Dividends in respect of ordinary shares (3,075) 0 (3,075) _____ _____ _____ Transfer to / (from) reserves (after aggregate dividends declared of 8.20p) 71 (10,074) (10,003) _____ _____ _____ Returns per ordinary share 8.39p (26.86p) (18.47p) *The revenue column of this statement is the profit and loss account of the company. All revenue and capital items derive from continuing operations. No operations were acquired or discontinued in the year. Accounts are prepared on the basis of management and finance costs being allocated on a ratio of 75:25 capital to revenue. The audit opinion was unqualified for the year ended 31 July 2000. The directors have declared a fourth interim dividend on the ordinary shares of the company for the year ending 31 July 2001 of 2.95p per share (2000: 2.75p) to be paid on 28 September 2001 to shareholders on the register on 7 September 2001. The accounts for 2001 will be delivered to the Registrar of Companies following the company's AGM which will be held at Saltire Court, 20 Castle Terrace, Edinburgh on Tuesday 27 November 2001 at 12.30 pm. The annual results will be circulated in the form of an annual report in October 2001, copies of which will be available at the company's registered office, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES. The statement of total return (incorporating the revenue account), balance sheet and cash flow do not represent full accounts in accordance with section 240 of the Companies Act 1985. MARTIN CURRIE HIGH INCOME TRUST plc Statement of total return (incorporating the revenue account)* for the year ended 31 July 2000 Audited 2000 Revenue Capital Total Note £000 £000 £000 Losses on investments - realised 0 (537) (537) - unrealised 0 (3,622)(3,622) Income - franked 3,699 0 3,699 - unfranked 273 0 273 Investment management fee (89) (265) (354) Other expenses (186) 0 (186) _____ _____ _____ Net return on ordinary activities before finance costs 3,697 (4,424) (727) and taxation Interest payable and similar charges (642) (1,927)(2,569) _____ _____ _____ Net return on ordinary activities before and after 3,055 (6,351)(3,296) taxation Dividends in respect of ordinary shares (3,000) 0 (3,000) _____ _____ _____ Transfer to / (from) reserves (after aggregate dividends paid and proposed of 8.00p) 55 (6,351)(6,296) _____ _____ _____ Returns per ordinary share 8.15p (16.94p)(8.79p) *The revenue column of this statement is the profit and loss account of the company. All revenue and capital items derive from continuing operations. No operations were acquired or discounted in the year. MARTIN CURRIE HIGH INCOME TRUST plc BALANCE SHEET as at 31 July 2001 (unaudited) As at 31 As at 31 July 2001 July 2000 (Audited) £000 £000 £000 £000 Investments at market value Listed on the Stock Exchange in the UK 48,639 61,655 Current assets Debtors 326 417 Short term deposits and bank balances 5,305 2,104 _______ _______ 5,631 2,521 Creditors Amounts falling due within one year (1,880) (1,783) _______ _______ Net current assets 3,751 738 _______ _______ Total assets less current liabilities 52,390 62,393 Creditors Amounts falling due outwith one year (36,400) (36,400) _______ _______ Total net assets 15,990 25,993 _______ _______ Capital and reserves Called up share capital 9,375 9,375 Share premium 25,875 25,875 Capital reserves - realised (9,019) (5,102) Capital reserves - unrealised (10,660) (4,503) Revenue reserve 419 348 _______ _______ Total shareholders' funds 15,990 25,993 _______ _______ Net asset value per ordinary share 42.64p 69.31p MARTIN CURRIE HIGH INCOME TRUST plc STATEMENT OF CASH FLOW for the year ended 31 July 2001 (unaudited) £000 £000 Operating activities Net dividends and interest received from investments 4,137 Interest received from deposits 109 Investment management fee (367) Other cash payments (227) ______ Net cash inflow from operating activities 3,652 Servicing of finance Interest paid (2,563) ______ Net cash outflow from servicing of finance (2,563) Taxation Net taxation received 69 ______ Net cash inflow from taxation 69 Capital expenditure Payments to acquire investments (6,282) Receipts from disposal of investments 11,325 ______ Net cash inflow from capital expenditure and investing 5,043 activities Dividends paid (3,000) ______ Net cash inflow before financing 3,201 ______ Increase in cash for year 3,201 ______ MARTIN CURRIE HIGH INCOME plc STATEMENT OF CASH FLOW for the year ended 31 July 2000 (audited) £000 £000 Operating activities Net dividends and interest received from investments 4,006 Interest received from deposits 77 Investment management fee (350) Other cash payments (206) ______ Net cash inflow from operating activities 3,527 Servicing of finance Interest paid (2,568) ______ Cash outflow from servicing of finance (2,568) Capital expenditure and financial investments Payments to acquire investments (16,615) Receipts from disposal of investments 18,635 ______ Net cash outflow from capital expenditure and financial investment 2,020 Dividends paid (2,719) ______ Net cash inflow before financing 260 ______ Increase in cash for period 260 ______

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