Final Results

To: Stock Exchange For immediate release: 10 September 2004 MARTIN CURRIE HIGH INCOME TRUST plc Annual results for the year ended 31 July 2004 Chairman's Statement During the year to 31 July 2004, net assets fell from a deficit of £0.877m at 31 July 2003 to a deficit at the year-end of £1.035m. As there has been insufficient income to cover interest charges and management expenses, it has been necessary to sell stocks from the portfolio. Net assets therefore fell but, adjusting for these sales, the company produced a net asset value total return of 7.8% over the twelve-month period. The gross assets of the company, based on bid prices, continue to be insufficient to cover the level of borrowings at 31 July 2004. The company's assets would need to grow by over 11.4% per annum until 2008 in order that the principal indebtedness of £5m be repaid to Bank of Scotland ("the bank"). Despite the continued breach of banking covenants and the substantial asset shortfall, the bank continues to remain supportive. 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. Loan interest charges of £0.351m were paid over the twelve-month period. The ordinary shares of the company continue to be suspended from the official list of the UK Listing Authority and cannot be traded on the London Stock Exchange. No dividends have been paid to shareholders since December 2001, and no dividend is proposed for the current year. Throughout the year, the directors have had three permanent committees to assist them in the execution of their responsibilities to shareholders - the nominations, audit and management engagement committees. Following consideration, the board has decided that as all three committees comprise of all directors, these committees will cease to exist, with immediate effect. The board will thereafter fulfil the roles and functions of these committees. - ends - For further information, please contact: Michael Woodward Martin Currie Investment Management 0131 229 5252 Ltd mwoodward@martincurrie.com MARTIN CURRIE HIGH INCOME TRUST plc Statement of total return (incorporating the revenue account*) for the year ended 31 July 2004 Unaudited Revenue Capital Total £'000 £'000 £'000 Gains on - realised and unrealised - 146 146 investments Income from 181 - 181 investments Investment management fee - - - Administrative expenses (134) - (134) _______ _______ _______ Net return before finance costs and 47 146 193 taxation Interest payable and similar charges (351) - (351) _______ _______ _______ Return on ordinary activities before (304) 146 (158) taxation Taxation on ordinary activities - - - _______ _______ _______ Return on ordinary activities after (304) 146 (158) taxation Dividends in respect of ordinary shares - - - _______ _______ _______ Transfer (from)/to reserves (304) 146 (158) _______ _______ _______ Return per ordinary share (0.81p) 0.39p (0.42p) * 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. No operations were acquired or discontinued in the year. 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 2003 have been delivered to the Registrar of Companies. The auditors have not reported on accounts for the year ended 31 July 2004, nor have such accounts been delivered to the Registrar of Companies. MARTIN CURRIE HIGH INCOME TRUST plc Statement of total return (incorporating the revenue account*) for the year ended 31 July 2003 Audited Revenue Capital Total £'000 £'000 £'000 Losses on - realised and unrealised - (350) (350) investments Income from 200 - 200 investments Investment - - - management fee Administrative (140) - (140) expenses _______ _______ _______ Net return before finance costs and 60 (350) (290) taxation Interest payable and similar charges (398) (221) (619) _______ _______ _______ Return on ordinary activities before (338) (571) (909) taxation Taxation on ordinary activities - - - _______ _______ _______ Return on ordinary activities after (338) (571) (909) taxation Dividends in respect of ordinary shares - - - _______ _______ _______ Transfer from reserves (338) (571) (909) _______ _______ _______ Return 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 in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. MARTIN CURRIE HIGH INCOME TRUST plc BALANCE SHEET As at 31 July 2004 As at 31 July 2003 (Unaudited) (Audited) £000 £000 £000 £000 Investments at bid value Listed on Stock Exchanges 3,957 4,133 in the UK Current assets Debtors 84 89 Cash at bank 20 12 _______ _______ 104 101 Creditors Amounts falling due within (5,096) (5,111) one year _______ _______ Net current liabilities (4,992) (5,010) _______ _______ Total assets less current (1,035) (877) liabilities Creditors Amounts falling due after - - one year _______ _______ Net assets (1,035) (877) _______ _______ Capital and reserves Ordinary share capital 1,875 1,875 Capital reserve - realised (14,719) (14,847) Capital reserve - (8,137) (8,155) unrealised Revenue reserve (574) (270) Special reserve 20,520 20,520 _______ _______ Total equity shareholders' (1,035) (877) funds _______ _______ Net asset value per (2.76p) (2.34p) ordinary share MARTIN CURRIE HIGH INCOME TRUST plc STATEMENT OF CASH FLOW Year to Year to 31 July 2004 31 July 2003 (Unaudited) (Audited) £000 £000 £000 £000 Operating activities Net dividends and interest 188 199 received from investments Interest received from - 24 deposits Investment management fee - - Other cash payments (147) (155) _______ _______ Net cash inflow from operating 41 68 activities Servicing of finance Interest paid (361) (658) _______ _______ Net cash outflow for servicing (361) (658) of finance Taxation Net taxation recovered - 23 _______ _______ Net cash inflow from taxation - 23 Capital expenditure and financial investment Payments to acquire (545) (589) investments Receipts from disposal of 873 741 investments _______ _______ Net cash inflow for capital 328 152 expenditure and financial investment Dividends paid - - _______ _______ Net inflow/(outflow) before 8 (415) financing Financing Repayment of long-term - (2,300) borrowings _______ _______ Net outflow before financing - (2,300) _______ _______ Increase/(decrease) in cash 8 (2,715) for the period _______ _______

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