Recommended proposals for voluntary liquidation

To: Stock Exchange                            For immediate
                                              release:
                                              13 May 2005


                       Martin Currie High Income Trust plc

·    Recommended proposals for voluntary liquidation
·    Interim financial statements for the 6 months to 31 January 2005

Martin Currie High Income Trust plc (the "company") announces recommended
proposals for voluntary liquidation.  Included in this announcement are the
company's interim financial statements for the six months to 31 January 2005.

The directors of the company intend, as soon as practicable, to post a circular
to shareholders which will contain a notice convening an extraordinary general
meeting of the company ("EGM") at which resolutions will be proposed to commence
the voluntary winding up of the company.

In 2001 a severe fall in stock market prices caused a substantial reduction in
the value of the company's investments which meant that the company's banking
covenants were breached.

To remedy this the company was required to sell investments in order to repay a
substantial part of the company's bank loan from Bank of Scotland.  Since then,
further loan repayments have been made. The company's income was reduced by the
sale of investments to make loan repayments, and was further reduced by the
decision of several of the split capital investment companies in which the
company held shares to suspend dividend payments.  As a result, the company was
obliged to cease paying dividends to shareholders, ordinary shares in the
capital of the company were suspended from the Official List of the UK Listing
Authority and from trading on the London Stock Exchange and the company had to
continue to sell investments to meet operating costs, including interest
payments on its bank loan.

Throughout this difficult period, Bank of Scotland has supported the company by
allowing it to continue to trade in the hope that, by August 2008, the earliest
planned date when the directors are obliged to put to shareholders proposals for
the continuation of the company, markets would have risen sufficiently to allow
the company to repay some capital to shareholders if the company were wound up.
Bank of Scotland has now informed the company that, due to the unlikely prospect
of the value of the company's investments ever rising sufficiently to repay
borrowings in full, it cannot continue to support it and has asked that the
outstanding amounts under the bank loan be repaid.

However, in a letter dated 12 May 2005 Bank of Scotland agreed, in return for
the company paying to it substantially all of the proceeds of sale of the
company's remaining investments, to forego its rights to proceed against the
company for the full amount due to it.  The company is therefore obliged as soon
as practicable to dispose of its remaining investments and, subject to the
retention of an amount sufficient to satisfy the known claims of other creditors
and the costs of the voluntary winding up of the company pay the proceeds of
disposal to the bank.  The company has also agreed to pay to the bank any
dividends or other assets received by the company in the period until the
company is finally wound up, together with residual assets of the company at the
end of the winding up of the company, provided that, in total, no more than the
amount due to the bank on 12 May 2005 is paid to it.

Given the compromise reached with Bank of Scotland, and the required disposal of
the company's investments which will follow, it is in the opinion of the
directors not practicable for the company to continue to trade.  The directors
are therefore proposing to convene an EGM at which resolutions will be proposed
to appoint liquidators to wind up the company on a voluntary basis.


The company's ordinary shares are listed on the Official List of the United
Kingdom Listing Authority but this listing has been suspended since 25 July
2002.  Shareholders should note that it is intended that the company's ordinary
shares be delisted from the Official List.  The circular relating to the winding
up proposals will contain formal notice of the delisting.  A further
announcement will be made confirming the posting of the circular and the details
of the EGM.









                       MARTIN CURRIE HIGH INCOME TRUST plc

Statement of total return (incorporating the revenue account*) for six months to
                                 31 January 2005


                                                      Unaudited

                                            Revenue    Capital     Total
                                             £'000      £'000      £'000

Gains on         - realised                        -          58         58
investments
                 - unrealised                      -         412        412
Income           - franked                        74           -         74
                 - unfranked                       1           -          1
Administrative expenses                         (99)           -       (99)
                                             _______     _______    _______
Net return before finance costs and             (24)         470        446
taxation

Interest payable and similar charges           (163)           -      (163)
                                             _______     _______    _______
Return on ordinary activities before and       (187)         470        283
after taxation
                                             _______     _______    _______
Transfer (from)/ to reserves                   (187)         470        283
                                             _______     _______    _______
Return per ordinary share                    (0.50p)       1.25p      0.75p


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




                       MARTIN CURRIE HIGH INCOME TRUST plc

Statement of total return (incorporating the revenue account*) for six months to
                                 31 January 2004


                                                      Unaudited

                                            Revenue    Capital     Total
                                             £'000      £'000      £'000

Gains on         - realised                        -          43         43
investments
                 - unrealised                      -          72         72
Income           - franked                        84           -         84
                 - unfranked                       -           -          -
Administrative expenses                         (57)           -       (57)
                                             _______     _______    _______
Net return before finance costs and               27         115        142
taxation

Interest payable and similar charges           (188)           -      (188)
                                             _______     _______    _______
Return on ordinary activities before and       (161)         115       (46)
after taxation

Transfer (from)/to reserves                    (161)         115       (46)
                                             _______     _______    _______
Return per ordinary share                    (0.43p)       0.31p    (0.12p)


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




                       MARTIN CURRIE HIGH INCOME TRUST plc

                                  Balance Sheet
                              As at 31 January 2005    As at 31 January 2004
                                   (unaudited)                   (unaudited)
                                    £000         £000        £000       £000

Fixed assets
Investments at bid value -                      4,268                  4,074
UK

Current assets
Debtors                               10                      101
Cash at bank                          95                       10
                                 _______                  _______
                                     106                      111
Creditors
Amounts falling due within       (5,125)                  (5,108)
one year
                                 _______                  _______
Net current liabilities                       (5,020)                (4,997)
                                              _______                _______
Net assets                                      (752)                  (923)
                                              _______                _______

Capital and reserves

Called up share capital                         1,875                  1,875
Capital   -  realised                        (14,661)               (14,804)
reserves
          -  unrealised                       (7,725)                (8,083)
Revenue reserve                                 (761)                  (431)
Special reserve                                20,520                 20,520
                                              _______                _______
Total shareholders' funds                       (752)                  (923)
                                              _______                _______

Net asset value per                           (2.01p)                (2.46p)
ordinary share of 5p






                       MARTIN CURRIE HIGH INCOME TRUST plc

           Statement of cash flow for six months ended 31 January 2005


                                                    £000               £000

Operating activities
Net dividends and interest received from                   73
investments
Other payments                                           (59)
                                                      _______
Net cash inflow from operating activities                                14

Servicing of finance
Interest paid                                           (163)
                                                      _______
Net cash outflow from servicing of finance                            (163)

Taxation
Net taxation recovered                                      -
                                                      _______
Net cash from taxation                                                    -

Capital expenditure and financial investment
Payments to acquire investments                         (248)
Receipts from disposal of investments                     472
                                                      _______
Net cash inflow from capital expenditure and                            224
financial investment
                                                                    _______
Increase in cash for period                                              75
                                                                    _______




































                       MARTIN CURRIE HIGH INCOME TRUST plc

           Statement of cash flow for six months ended 31 January 2004


                                                    £000               £000

Operating activities
Net dividends and interest received from                   84
investments
Other payments                                           (52)
                                                      _______
Net cash inflow from operating activities                                32

Servicing of finance
Interest paid                                           (187)
                                                      _______
Net cash outflow from servicing of finance                            (187)

Taxation
Net taxation recovered                                      2
                                                      _______
Net cash inflow from taxation                                             2

Capital expenditure and financial investment
Payments to acquire investments                         (355)
Receipts from disposal of investments                     506
                                                      _______
Net cash inflow from capital expenditure and                            151
financial investment
                                                                    _______
Decrease in cash for period                                             (2)
                                                                    _______



                                    - ends -

For further information, please contact:


Michael Woodward
Martin Currie Investment Management     0131 229 5252
Ltd
[e-mail]