Shr. premium acc. cancelled

Martin Currie High Income Trust PLC
21 December 2001

To:     Stock Exchange          For immediate release

                    21 December 2001


                     MARTIN CURRIE HIGH INCOME TRUST plc

Cancellation of the Share Premium Account and reduction of nominal value

Martin Currie High Income Trust plc announces that, by court order granted by
the Court of Session and dated 20 December 2001, (a) the Company's share
premium account has been cancelled and (b) the nominal value of each and every
issued ordinary share in the capital of the company has been reduced from 25p
to 5p by cancelling the paid-up capital to the extent of 20p on every such
share. Each unissued ordinary share of 25p each in the Capital of the Company
has also been sub-divided into 5 ordinary shares of 5p each.  The court order
became effective on being filed at Companies House.

The cancellation of share premium account and capital in the Company enables
the payment of the interim dividend of 1.75p per share, announced on 27
November 2001 to be made on 31 December 2001 to shareholders on the register
on 7 December 2001.
            
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For further information, please contact:

Jason Bibb
Martin Currie Investment Management Ltd    0131 229 5252
[e-mail]