Final Results

Martin Currie High Income Trust PLC 29 August 2000 MARTIN CURRIE HIGH INCOME TRUST plc Annual results for the 12 months to 31 July 2000 * Increase of 5.3% in total dividend for the year The board of Martin Currie High Income Trust plc (MCHIT) has declared a fourth interim dividend of 2.75p per ordinary share, payable on 29 September 2000. This makes a total payment of 8.00p for the 12 months to 31 July 2000, an increase of 5.3% on the previous year. The net asset value per ordinary share of MCHIT fell by 19.5%, from 86.1p to 69.3p, over the 12 months to 31 July 2000. This was due mainly to a disappointing performance from higher yielding equities and investment trust income shares. Despite the trust's UK equity portfolio finishing the year close to the index return, the fixed interest and investment company holdings held back overall returns. The total assets of the trust now amount to £64.2 million, down from £71.0 million at the end of July 1999. Commenting, chairman Professor James MacLeod said: 'With the outlook for corporate earnings growth remaining relatively robust, the board are confident that the company can continue to achieve the objective of providing a high and growing level of income for ordinary shareholders.' For further information, please contact: Tom Maxwell/Allan MacLeod Martin Currie Investment Management Ltd 0131 229 5252 tmaxwell@martincurrie.com/amacleod@martincurrie.com Fiona Harris Quill Communications 020 7618 8905 fiona.h@quillcommunicate.com MARTIN CURRIE HIGH INCOME TRUST plc Statement of total return (incorporating the revenue account)* for the year ended 31 July 2000 Unaudited 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 - foreign income 0 0 0 dividends Investment management fee (89) (265) (354) Other expenses (186) 0 (186) _____ _____ _____ Net return on ordinary activities before 3,697 (4,424) (727) finance costs and taxation Interest payable and similar charges (642) (1,927) (2,569) _____ _____ _____ Net return on ordinary activities before 3,055 (6,351) (3,296) taxation Taxation on ordinary activities 0 0 0 _____ _____ _____ Net return on ordinary activities after 3,055 (6,351) (3,296) taxation Dividends in respect of ordinary shares (3,000) 0 (3,000) _____ _____ _____ Transfer to reserves (after aggregate dividends paid and proposed of 8.00p 55 (6,351) (6,296) (1999: 7.60p)) _____ _____ _____ 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. No operations were acquired or discounted in the year. Accounts are prepared on the basis of management and finance costs being allocated on a ratio of 75:25 capital to revenue. The financial information has been prepared on the basis of the accounting policies applied at 31 July 2000. This includes the adoption of FRS16 resulting in income from equities being shown net of taxation credits of £411,000. The directors have declared a fourth interim dividend on the ordinary shares of the company for the year ending 31 July 2000 of 2.75p per share (1999: 2.00p) to be paid on 29 September 2000 to shareholders on the register on 8 September 2000. The accounts for 2000 will be delivered to the Registrar of Companies following the company's AGM which will be held at Saltire Court, 20 Castle Terrace, Edinburgh on Tuesday, 28 November 2000 at 12.30pm. The annual results will be circulated in the form of an annual report on 31 October 2000, copies of which will be available at the company's registered office, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES. The statement of total return (incorporating the revenue account, balance sheet and cash flow) do not represent full accounts in accordance with section 240 of the Companies Act 1985. The accounts have been prepared in accordance with the statement of recommended practice 'Financial Statements of Investment Trust Companies'. MARTIN CURRIE HIGH INCOME TRUST plc Statement of total return (incorporating the revenue account)* for the period 18 June 1998 to 31 July 1999 Audited 1999 Revenue Capital Total £000 £000 £000 Losses on investments - realised 0 (633) (633) - unrealised 0 (881) (881) Income - franked 2,762 0 2,762 - unfranked 353 0 353 - foreign income 72 0 72 dividends Investment management fee (74) (225) (299) Other expenses (165) 0 (165) _____ _____ _____ Net return on ordinary activities before 2,948 (1,739) 1,209 finance costs and taxation Interest payable and similar charges (505) (1,515) (2,020) _____ _____ _____ Net return on ordinary activities before 2,443 (3,254) (811) taxation Taxation on ordinary activities 0 0 0 _____ _____ _____ Net return on ordinary activities after 2,443 (3,254) (811) taxation Dividends in respect of ordinary shares (2,150) 0 (2,150) _____ _____ _____ Transfer to reserves (after aggregate dividends paid and proposed of 7.60p) 293 (3,254) (2,961) _____ ______ _____ Returns per ordinary share 8.57p (11.42)p (2.85)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. No operations were acquired or discontinued in the year. Accounts are prepared on the basis of management and finance costs being allocated on a ratio of 75:25 capital to revenue. The statement of total return is for the period 18 June 1998 to 31 July 1999 and has been restated for FRS16. In accordance with FRS16, income from equities have been shown net of taxation credits of £506,000. The audit opinion was unqualified for the period ended 31 July 1999. MARTIN CURRIE HIGH INCOME TRUST plc BALANCE SHEET as at 31 July 2000 (unaudited) As at 31 As at 31 July 2000 July 1999 £000 £000 £000 £000 Investments at market value Listed on the Stock Exchange 61,655 67,672 in the UK Current assets Debtors 417 1,434 Short term deposits and bank 2,104 1,844 balances _______ _______ 2,521 3,278 Creditors Amounts falling due within one (1,783) (2,261) year _______ _______ Net current assets 738 1,017 ______ ______ Total assets less current 62,393 68,689 liabilities Creditors Amounts falling due outwith (36,400) (36,400) one year ______ ______ Total net assets 25,993 32,289 ______ ______ Capital and reserves Called up share capital 9,375 9,375 Share premium 25,875 25,875 Capital reserves - realised (5,102) (2,373) Capital reserves - unrealised (4,503) (881) Revenue reserve 348 293 ______ ______ Total shareholders' funds 25,993 32,289 ______ ______ Net asset value per ordinary 69.31p 86.11p share MARTIN CURRIE HIGH INCOME TRUST plc STATEMENT OF CASH FLOW for the year ended 31 July 2000 (unaudited) £000 £000 Operating activities Net dividends and interest received from investments 4,006 Interest received from deposits 77 Investment management fee (350) Other cash payments (206) ______ Net cash inflow from operating 3,527 activities Servicing of finance Interest paid (2,568) ______ Net cash outflow from servicing of finance (2,568) Capital expenditure Payments to acquire investments (16,615) Receipts from disposal of 18,635 investments ______ Net cash inflow from capital expenditure and investing 2,020 activities Dividends paid (2,719) ______ Net cash inflow before financing 260 Financing Issue of shares - Issue expenses - ______ Net cash inflow from financing - ______ Increase in cash for year 260 ______ MARTIN CURRIE HIGH INCOME TRUST plc STATEMENT OF CASH FLOW for the period 18 June 1998 to 31 July 1999 (audited) £000 £000 Operating activities Net dividends and interest received from investments 2,640 Interest received from deposits 203 Investment management fee (214) Other cash payments (105) ______ Net cash inflow from operating 2,524 activities Servicing of finance Interest paid (1,408) ______ Cash outflow from servicing of (1,408) finance Capital expenditure and financial investments Payments to acquire investments (90,567) Receipts from disposal of 21,045 investments ______ Net cash outflow from capital expenditure and financial (69,522) investment Dividends paid (1,400) _______ Net cash outflow before (69,806) financing Financing Issue of shares 35,250 Long term loan 36,400 ______ Net cash inflow from financing 71,650 ______ Increase in cash for period 1,844 ______

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