Interim Results - Part 2

Martin Currie High Income Trust PLC
27 February 2001


PART 2


                     martin currie high income trust plc

        Statement of total return (incorporating the revenue account)*

               for the period 1 August 2000 to 31 January 2001



                                                          Revenue Capital Total
                                                           £000    £000   £000


(Losses) / gains on investments              - realised         0   (174) (174)
                                             - unrealised       0      91    91

Income                                       - franked      1,884       0 1,884
                                             - unfranked      153       0   153

Investment management fee                                    (46)   (140) (186)

Other expenses                                              (102)       0 (102)

                                                            _____   _____ _____
Net return on ordinary activities before finance costs      1,889   (223) 1,666
and taxation

Interest payable and similar charges                        (324)   (973)(1,297)
                                                            _____   _____ _____
Net return on ordinary activities after finance costs and   1,565 (1,196)   369
taxation

Dividends in respect of equity shares                     (1,313)      0 (1,313)

                                                            _____   _____ _____
Transfer to reserves (after aggregate dividends paid and
proposed of 3.50p )                                           252 (1,196) (944)
                                                            _____   _____ _____
Returns per ordinary share                                  4.17p (3.19p) 0.98p




*          The revenue column of this statement is the profit and loss account
           of the company.
           All revenue and capital items derive from continuing operations.




                     martin currie high income trust plc

        Statement of total return (incorporating the revenue account)*

              for the period 1 August 1999 to 31 January 2000**


                                                          Revenue Capital Total
                                                           £000    £000   £000


Losses on investments                      - realised           0   (422) (422)
                                           - unrealised         0 (4,499)(4,499)

Income                                     - franked        1,732       0 1,732
                                           - unfranked        165       0   165

Investment management fee                                    (44)   (132) (176)

Other expenses                                               (82)       0  (82)

                                                            _____   _____ _____


Net return on ordinary activities before finance costs      1,771 (5,053)(3,282)
and taxation
Interest payable and similar charges                        (325)   (975)(1,300)
                                                            _____   _____ _____
Net return on ordinary activities before taxation           1,446 (6,028)(4,582)
Taxation on ordinary activities                                 0      0      0
                                                            _____   _____ _____

Net return on ordinary activities after taxation            1,446 (6,028)(4,582)
Dividends in respect of equity shares                     (1,313)      0 (1,313)

                                                            _____   _____ _____


Transfer to reserves (after aggregate dividends paid and
proposed of 3.50p)                                            133 (6,028)(5,895)
                                                            _____   _____ _____

Returns per ordinary share                                 3.86p(16.08)p(12.22)p
                                                           


*          The revenue column of this statement is the profit and loss account
           of the company.
           All revenue and capital items derive from continuing operations.

**         The figures have been restated in accordance with FRS 16 and income
           from equities has been shown net of tax credits.



                     Martin Currie High Income Trust plc

        Statement of total return (incorporating the revenue account)*

                   for period 1 August 1999 to 31 July 2000


                                                          Revenue Capital Total
                                                           £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 after finance costs and   3,055 (6,351)(3,296)
taxation
Dividends in respect of equity shares                     (3,000)      0 (3,000)

                                                            _____   _____ _____

Transfer to reserves (after aggregate dividends paid and
proposed of 8.00p (1999: 7.60p))                               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.



                        martin currie high income trust plc



                                  BALANCE SHEET


                                      As at         As at         As at
                                   31 January    31 January   31 July 2000
                                      2001          2000
                                   £000   £000   £000   £000   £000   £000

Investments at market value
Listed on the Stock Exchange in          60,965        63,481        61,655
the UK


Current assets
Debtors                              373           281           417
Short term deposits and bank       1,806           462         2,104
balances
                                  _______        _______        ______


                                   2,179           743         2,521

Creditors
Amounts falling due within one    (1,695)        (1,430)        (1,783)
year
                                  _______        _______        ______
Net current assets/(liabilities)            484         (687)           738
                                         _______        ______        _______


Total assets less current                61,449        62,794        62,393
liabilities

Creditors
Amounts falling due outwith one
year
Loan                                     (36,400)     (36,400)      (36,400)

                                         _______      _______       _______

Total net assets                          25,049       26,394        25,993
                                         _______      _______       _______

Capital and reserves
Called up share capital                   9,375         9,375         9,375
Share premium                            25,875        25,875        25,875
Capital reserves - realised              (6,389)       (3,902)       (5,102)
                 - unrealised            (4,412)       (5,380)       (4,503)
Revenue reserve                             600           426           348
                                        _______       _______       _______


Total shareholders' funds                25,049        26,394        25,993
                                        _______       _______       _______

Net asset value per ordinary              66.8p         70.4p         69.3p
share



                     Martin currie high income trust plc

    Statement of cash flow for the period 1 August 2000 to 31 January 2001


                                                                   £000    £000

Operating Activities

Net dividends and interest received from investments              2,044
Interest received from deposits                                      43
Investment management fee                                         (211)
Cash paid to and on behalf of directors                            (17)
Other cash payments                                                (41)
                                                                 ______
Net cash inflow from operating activities                                 1,818

Returns on investments and servicing of finance
Interest paid                                                   (1,304)
                                                                 ______
Net cash outflow from returns on investments and servicing of            (1,304)
finance


Taxation
Net taxation received                                                        29

Capital expenditure and financial investments
Payments to acquire investments                                 (2,304)
Receipts from disposal of investments                            3,151

                                                                 ______
Net cash inflow from capital expenditure and investing                      847
activities

Equity dividends paid                                                    (1,688)
                                                                         ______

Decrease in cash for period                                               (298)
                                                                         ______



                     martin currie high income trust plc

    Statement of cash flow for the period 1 August 1999 to 31 January 2000


                                                                   £000    £000

Operating Activities
Net dividends and interest received from investments              2,028
Interest received from deposits                                      40
Investment management fee                                         (218)
Cash paid to and on behalf of directors                            (23)
Other cash payments                                                 (6)
                                                                 ______
Net cash inflow from operating activities                                 1,821

Returns on investments and servicing of finance
Interest paid                                                   (1,301)
                                                                 ______
Net cash outflow from returns on investments and servicing of
finance
                                                                        (1,301)


Capital expenditure and financial investments
Payments to acquire investments                                 (9,160)
Receipts from disposal of investments                             8,664

                                                                 ______

Net cash outflow from capital expenses and investing activities           (496)

Equity dividend paid                                                    (1,406)

                                                                         ______


Decrease in cash for period                                             (1,382)
                                                                         ______





                     MARTIN CURRIE HIGH INCOME TRUST plc

     Statement of cash flow for the period 1 August 1999 to 31 July 2000


                                                                   £000    £000

Operating Activities
Net dividends and interest received from investments              4,006
Interest received from deposits                                      77
Investment management fee                                         (350)
Cash paid to and on behalf of directors                            (58)
Other cash payments                                               (148)
                                                                 ______
Net cash inflow from operating activities                                 3,527

Returns on investments and servicing of finance
Interest paid                                                   (2,568)
                                                                 ______
Net cash outflow from returns on investments and 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 inflow from capital expenditure and financial
investments                                                               2,020

Equity dividend paid                                                     (2,719)

                                                                         ______


Increase in cash for period                                                 260
                                                                         ______