Restated Interim Results

Martin Currie High Income Trust PLC 11 April 2002 To: Stock Exchange For immediate release 11 April 2002 MARTIN CURRIE HIGH INCOME TRUST plc Restated interim results for the six months to 31 January 2002 On 20 March 2002, the company announced that the Board had reviewed the allocation of interest charges and management expenses between revenue and capital, and had decided, with the agreement of the company's auditors, to allocate 100% of these costs to revenue, for the whole accounting period. The restated interim results for the six months to 31 January 2002 are detailed below, which differ to the Company's interim results announced on 25 February 2002. - 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 period from 1 August 2001 to 31 January 2002 Revenue Capital Total Â£000 Â£000 Â£000 Losses on investments - realised - (3,348) (3,348) - unrealised - (5,997) (5,997) Income - franked 1,392 - 1,392 - unfranked 90 - 90 Investment management fee (150) - (150) Other expenses (106) (616) (722) _____ _____ _____ Net return on ordinary activities before finance costs and taxation 1,226 (9,961) (8,735) Interest payable and similar charges (768) - (768) _____ _____ _____ Net return on ordinary activities after finance costs and taxation 458 (9,961) (9,503) Dividends in respect of equity shares (656) - (656) _____ _____ _____ Transfer from reserves (after aggregate dividends paid of 1.75p ) (198) (9,961) (10,159) _____ _____ _____ Returns per ordinary share 1.22p (26.56p) (25.34p) * 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 period. MARTIN CURRIE HIGH INCOME TRUST plc Statement of total return (incorporating the revenue account)* for the period from 1 August 2000 to 31 January 2001 Revenue Capital Total Â£000 Â£000 Â£000 (Losses)/ gains on investments - realised - (174) (174) - unrealised - 91 91 Income - franked 1,884 - 1,884 - unfranked 153 - 153 Investment management fee (186) - (186) Other expenses (102) - (102) _____ _____ _____ Net return on ordinary activities before finance costs and 1,749 (83) 1,666 taxation Interest payable and similar charges (1,297) - (1,297) _____ _____ _____ Net return on ordinary activities after finance costs and 452 (83) 369 taxation Dividends in respect of equity shares (1,313) - (1,313) _____ _____ _____ Transfer to/ (from) reserves (after aggregate dividends paid and proposed of 3.50p) (861) (83) (944) _____ _____ _____ Returns per ordinary share 1.20p (0.22p) 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 year to 31 July 2001 Revenue Capital Total Â£000 Â£000 Â£000 Losses on investments - realised - (1,734) (1,734) - unrealised - (6,157) (6,157) Income - franked 3,795 - 3,795 - unfranked 325 19 344 Investment management fee (368) - (368) Other expenses (240) - (240) _____ _____ _____ Net return on ordinary activities before finance costs and taxation 3,512 (7,872) (4,360) Interest payable and similar charges (2,568) - (2,568) _____ _____ _____ Net return on ordinary activities after finance costs and taxation 944 (7,872) (6,928) Dividends in respect of equity shares (3,075) - (3,075) _____ _____ _____ Transfer from reserves (after aggregate dividends paid and proposed of 8.20p) (2,131) (7,872) (10,003) _____ _____ _____ Returns per ordinary share 2.52p (20.99p) (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. MARTIN CURRIE HIGH INCOME TRUST plc BALANCE SHEET As at As at As at 31 January 2002 31 January 2001 31 July 2001 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Investments at market value Listed on the Stock Exchange in the UK 15,640 60,965 48,639 Current assets Debtors 196 373 326 Cash at bank and in hand 5,765 1,806 5,305 _______ _______ ______ 5,961 2,179 5,631 Creditors Amounts falling due within one year (406) (1,695) (1,880) _______ _______ ______ Net current assets 5,555 484 3,751 _______ ______ _______ Total assets less current liabilities 21,195 61,449 52,390 Creditors Amounts falling due outwith one year (15,400) (36,400) (36,400) _______ _______ _______ Total assets attributable to share 5,795 25,049 15,990 capital _______ _______ _______ Capital and reserves Called up share capital 1,875 9,375 9,375 Share premium - 25,875 25,875 Capital reserves - realised 46 (5,276) (6,817) - unrealised (151) (4,412) (10,660) Revenue reserve (1,981) (513) (1,783) Special reserve 6,006 - - _______ _______ _______ Total shareholders' funds 5,795 25,049 15,990 _______ _______ _______ Net asset value per ordinary share 15.5p 66.8p 42.6p MARTIN CURRIE HIGH INCOME TRUST plc Statement of cash flow for the period from 1 August 2001 to 31 January 2002 Â£000 Â£000 Operating Activities Net dividends and interest received from investments 1,463 Interest received from deposits 34 Investment management fee (167) Cash paid to and on behalf of directors (26) Other cash payments (694) ______ Net cash inflow from operating activities 610 Servicing of finance Interest paid (1,113) ______ Net cash outflow from servicing of finance (1,113) Taxation Net taxation received 71 Capital expenditure and financial investment Payments to acquire investments (2,489) Receipts from disposal of investments 26,143 ______ Net cash inflow from capital expenditure and financial investment 23,654 Dividends paid (1,762) ______ Net cash inflow before financing 21,460 Financing Movement in long term borrowings (21,000) ______ Net cash outflow from financing (21,000) ______ Increase in cash for period 460 ______ MARTIN CURRIE HIGH INCOME TRUST plc Statement of cash flow for the period from 1 August 2000 to 31 January 2001 Â£000 Â£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 Servicing of finance Interest paid (1,304) ______ Net cash outflow from servicing of finance (1,304) Taxation Net taxation received 29 Capital expenditure and financial investment Payments to acquire investments (2,304) Receipts from disposal of investments 3,151 ______ Net cash inflow from capital expenditure and financial investment 847 Dividends paid (1,688) ______ Net cash outflow before financing (298) Financing Movement in long term borrowings - ______ Net cashflow from financing - ______ Decrease in cash for period (298) ______ MARTIN CURRIE HIGH INCOME TRUST plc Statement of cash flow for the year to 31 July 2001 Â£000 Â£000 Operating Activities Net dividends and interest received from investments 4,137 Interest received from deposits 109 Investment management fee (367) Cash paid to and on behalf of directors (44) Other cash payments (183) ______ 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 Capital expenditure and financial investment Payments to acquire investments (6,282) Receipts from disposal of investments 11,325 ______ Net cash inflow from capital expenditure and financial investment 5,043 Dividends paid (3,000) ______ Net cash inflow before financing 3,201 Financing Movement in long term borrowings - ______ Net cashflow from financing - ______ Increase in cash for period 3,201 ______ This information is provided by RNS The company news service from the London Stock Exchange BBKDQQD

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