Preliminary results

MARTIN CURRIE HIGH INCOME TRUST plc
             Preliminary results for the year to 31 July 2003

At 31 July 2003, the company had a deficit of £0.88m. Over the twelve months to
31 July 2003, total assets fell by £3.3m including a repayment of £2.5m of
borrowings at the bank's request, that included a penalty for early repayment of
£0.22m. The invested portfolio, valued on a 'bid' basis, amounted to £4.13m.
Over the same period, the FTSE All-Share Index rose by 3.4% but, at 31 July
2003, was 30.3% down on its December 1999 high.

The company's activities have concentrated principally on securing income by
moving from lower yielding to higher yielding stocks. The 12-month asset
performance does not properly reflect the invested portfolio's actual
performance, as it has been necessary to sell equities in order to finance the
interest payments due to the bank. This is because dividends received from
companies held within the company's portfolio have been insufficient to meet
operational expenses. The company remains unable to pay a dividend.

The company's total assets continue to be less than the amount due to the bank.
Your board believes that a continuation of the temporary suspension of the
company's ordinary shares from the Official List of the London Stock Exchange
remains appropriate.

The company continues to trade notwithstanding that it is in breach of its
banking covenants; it has the continuing support of the bank. The bank has not
however waived any of its rights under the loan agreement and retains the
ability to demand repayment of the loan at any time.

The company has a fixed life to November 2008. Your board believes that it is in
the best interest of shareholders to continue to trade in the hope that a
stockmarket recovery may lead to a return to shareholders.

                                    - ends -

For information
Mike Woodward
Martin Currie Investment Management Ltd                      0131 229 5252
[e-mail]



Unaudited statement of total return (incorporating the revenue account)*
for the year to 31 July 2003
                                        
                                                                             
                                                                             
                                                             Revenue       Capital      Total
                                                                £000          £000       £000
                                                                              
                                                                                               
Net losses on investments      - realised and unrealised           -         (351)      (351)
Income from investments                                          200            -         200
Investment management fee                                          -            -           -
Other expenses                                                  (140)           -       (140)
                                                             ________     _______    ________
Return on ordinary activities before finance costs and           
taxation                                                          60         (351)      (291)
Interest payable and similar charges                            (398)        (220)      (618)
                                                             ________      ______     _______
Return on ordinary activities before taxation                   (338)        (571)      (909)
Taxation on ordinary activities                                     -            -          -
                                                             ________      ______     _______
Return on ordinary activities after taxation                    (338)        (571)      (909)
                                                                                               
 Dividends in respect of ordinary shares                            -            -          -
                                                             ________      _______    _______
Transfer from reserves                                          (338)        (571)      (909)
                                                                                               
                                                             ========      =+=====    =======

Net returns per ordinary share                                (0.90p)      (1.52p)     (2.42p)

*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 annual results will be circulated to shareholders in the form of an annual
report, copies of which will be available at Martin Currie Investment Management
Ltd's office, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES. This report
has been prepared in accordance with financial reporting standards and the
Statement of Recommended Practice for the financial statements of investment
trust companies except that quoted investments are valued at bid price which the
directors consider to be the appropriate price in the circumstances.
The financial information set out in this announcement does not comprise the
company's statutory accounts. Statutory accounts for the previous financial
period ended 31 July 2002 have been delivered to the Registrar of Companies.
The auditors have not reported on accounts for the year ended 31 July 2003, nor
have such accounts been delivered to the Registrar of Companies.


Audited statement of total return (incorporating the revenue account)*
for the year to 31 July 2002
                                        
                                        
                                                      
                                                      
                                                                  Revenue    Capital      Total
                                                                   £000       £000         £000
                                                     
                                                                     
Net losses on investments        - realised and unrealised              -   (14,770)  (14,770)
Income from investments                                             1,964         -      1,964
Investment management fee                                           (152)         -      (152)
Other expenses                                                      (192)         -      (192)
                                                                 ________    ______     ______
Return on ordinary activities before finance costs and taxation     1,620   (14,770)  (13,150)
Interest payable and similar charges                               (1,121)   (1,011)   (2,132)
                                                                 ________    ______     ______
Return on ordinary activities before taxation                         499   (15,781)  (15,282)
Taxation on ordinary activities                                         -          -         -
                                                                 ________    ______     ______
Return on ordinary activities after taxation                          499   (15,781)  (15,282)
                                                                     
Dividends in respect of ordinary shares                              (656)         -     (656)
                                                                 ________    ______     ______
                                                                     
Transfer to/(from) reserves                                          (157)  (15,781)  (15,938)
                                                                 ========    ======     ======
Net returns per ordinary share                                       1.33p  (42.08p)  (40.75p)


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


Balance sheet
as at 31 July
                                        
                                                        
                                                            2003 (unaudited)     2002 (audited)
                                    
                                                                 
                                                                 
                                                            £000        £000     £000       £000
                                                                 
Investments at bid value                                         
Listed on the Stock Exchange in the UK                                 4,133               4,706
                                                     
Current assets                                                   
Debtors                                                       89                   62           
Cash at bank                                                  12                2,727           
                                                         _______               ______           
                                                                                               
                                                             101                2,789           
                                                                 
Creditors                                                        
Amounts falling due within one year                      (5,111)              (7,463)           
                                                         _______              _______           
                                                                                      
Net current liabilities                                              (5,010)             (4,674)
                                                                   _________           _________
                                                                           
Total assets less current liabilities                                  (877)                  32
                                                                 
Creditors                                                        
Amounts falling due after one year                                         -                   -
                                                                   _________            _________
Net assets attributable to share capital                               (877)                   32
                                                                   _________            _________
                                                                 
Capital and reserves                                             
Ordinary share capital                                     1,875                1,875           
Capital reserve -   unrealised                           (8,156)              (8,868)           
                -   realised                            (14,847)             (13,563)           
Revenue reserve                                            (269)                   68           
Special reserve                                           20,520               20,520           
                                                         _______               ______           
                                                                   _________            _________
Shareholders' funds                                                    (877)                   32
                                                                   _________            _________
                                                                 
Net asset value per ordinary share                                   (2.34p)                0.09p



Statement of cash flow
for the year to 31 July
                                        
                                                                
                                                           2003 (unaudited)      2002 (audited)
                                                                
                                                             
                                                           £000        £000      £000       £000
Operating activities                                             
Net dividends and interest received from investments          199                  1,990           
Interest received from deposits                                24                    137           
Investment management fee paid                                  -                  (257)           
Other cash payments                                         (155)                  (229)           
                                                          _______                _______           
Net cash inflow from operating activities                                 68                 1,641
                                                                          
Servicing of finance                                                      
Interest paid                                               (658)                (1,610)           
                                                          _______                _______           
Net cash outflow from servicing of finance                             (658)               (1,610)
                                                                          
Taxation                                                                  
Net taxation received                                          23                    101           
                                                          _______                _______           
Net cash inflow from taxation                                             23                   101
                                                                          
Capital expenditure and financial investment                                                    
Payments to acquire investments                             (589)                (2,883)           
Receipts from disposal of investments                         741                 32,046           
                                                          _______               ________           
                                                                          
Net cash inflow from financial investment                                152                29,163
                                                                          
Equity dividends paid                                                     
Dividends paid                                                  -                (1,762)           
                                                          _______                _______           
Net cash (outflow)/ inflow before financing                            (415)                27,533
                                                                     
Financing                                                                 
Repayment of long-term borrowings                         (2,300)               (30,111)           
                                                                          
Net cash outflow from financing                                      (2,300)               (30,111)
                                                                      ______                 ______
Decrease in cash for the period                                      (2,715)                (2,578)
                                                                      ______                 ______