Interim Results

To:  Stock Exchange                            For immediate release
                                               24 February 2004


           Martin Currie High Income Trust plc interim report


Your company's gross assets remain below the level of its bank
borrowings.  However, over the six months to 31 January 2004, the market
environment has changed significantly, with a rise in the UK stockmarket
together with a marked improvement in investor sentiment.  Over the
period, the total return on the equity and convertible element of the
portfolio was 4.8%, compared with a total return of 8.4% for the FTSE
All-Share Index.  This underperformance was largely as a result of the
need to generate liquidity from the portfolio in order to finance
quarterly interest payments.  However, despite this positive market
impact, the net assets of the company at 31 January 2004 remained £0.9m
below total bank borrowings of £5.0m. The company remains unable to pay
a dividend and its ordinary shares continue to be suspended from the
Official List of the UK Listing Authority.

Your board continues to monitor the operational costs of the company and
has cancelled all non-essential services. Martin Currie Investment
Management Limited continues to receive no investment management fee and
directors' fees are paid at 50% of their previous level.

The company continues to be dependent on support from Bank of Scotland
plc.  Following negotiation, the bank has reduced the annual cost of
borrowings by 1% per annum, equivalent to £50,000.  These new
arrangements were effective from 4 February 2004, and are subject to an
annual review by the bank.

Currently UK equities as a whole are relatively attractively valued and
the board believes that it remains in the shareholders' best interests
to continue to trade in the hope that further stockmarket gains may lead
to a recovery in shareholder value.

- ends -


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








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

                                                      Revenue  Capital   Total
                                                         £000     £000    £000

Gains on investments                - realised              -       43      43
                                    - unrealised            -       72      72
Income                              - franked              84        -      84
Administrative expenses                                  (57)        -    (57)
                                                         ____     ____    ____

Net return before finance costs and taxation               27      115     142

Interest payable and similar charges                    (188)        -   (188)
                                                        _____    _____   _____
Net return on ordinary activities before taxation       (161)      115    (46)
Taxation on ordinary activities                             -        -       -
                                                        _____    _____   _____
Transfer (from)/to reserves
                                                        (161)      115    (46)
                                                        _____    _____   _____

Returns 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 derive from continuing operations.





Statement of total return (incorporating the revenue account)*
for the six months ended 31 January 2003


                                                   Revenue  Capita   Total
                                                      £000    £000    £000

Losses on investments               - realised           -    (75)    (75)
                                    - unrealised         -   (823)   (823)
Income                              - franked           72       -      72
                                    - unfranked         29       -      29
Administrative expenses                               (74)   (616)    (74)
                                                      ____   _____    ____

Net return before finance costs and taxation
                                                        27   (898)   (871)

Interest payable and similar charges                 (211)       -   (211)
                                                     _____   _____   _____
Net return on ordinary activities before taxation    (184) (1,118) (1,302)

Taxation on ordinary activities                          -       -       -
                                                     _____   _____   _____
Transfer from reserves
                                                     (184) (1,118) (1,302)
                                                     _____   _____   _____
Returns per ordinary share                         (0.49p) (2.98p) (3.47p)
                                                        )       )


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


Balance Sheet
                               As at 31      As at 31
                             January 2004  January 2003
                                 £000          £000        £000    £000

Investments at bid value *
Investments Listed - UK                           4,074              3,672
Current assets
Debtors                              101                       39
Cash at bank                          10                      140
                                  ______                   ______

                                     111                      179
Creditors
Amounts falling due within
one year                         (5,108)                  (5,121)
                                 _______                   ______
                                                               _
Net current liabilities                         (4,997)            (4,942)
                                                _______            _______

Total assets less current
liabilities                                       (923)            (1,270)

Creditors
Amounts falling due                                   -                  -
outwith one year                                _______            _______


Total net assets                                  (923)            (1,270)
                                                _______            _______


Capital and reserves
Called up share capital                           1,875              1,875
Capital reserves -
realised                                       (14,804)           (13,858)
Capital reserves -
unrealised                                      (8,083)            (9,691)
Revenue reserve                                   (431)              (116)
Special reserve                                  20,520             20,520
                                                _______            _______

Total shareholders' funds                         (923)            (1,270)
                                                _______            _______

Net asset value per
ordinary share of 5p                            (2.46p)            (3.39p)



Statement of cash flow for the six months ended 31 January 2004


                                                            £000    £000

Operating Activities
Net dividends and interest received from investments          84
Interest received from deposits                                -
Investment management fee                                      -
Other cash 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


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

Dividends paid                                                         -
                                                                  ______

Net cash inflow before financing                                     (2)

Financing
Movement in long term borrowings                               -
                                                         _______
Net cash outflow from financing                                        -
                                                                  ______

Decrease in cash for period                                          (2)
                                                                  ______




Statement of cash flow for the six months ended 31 January 2003



                                                           £000     £000

Operating Activities
Net dividends and interest received from investments        104
Interest received from deposits                              13
Investment management fee                                     -
Other cash payments                                        (71)
                                                        _______
Net cash inflow from operating activities                             46

Servicing of finance
Interest paid                                             (470)
                                                        _______
Net cash outflow from servicing of finance                         (470)

Taxation
Net taxation recovered                                                 -


Capital expenditure and financial investment
Payments to acquire investments                           (227)
Receipts from disposal of investments                       364
                                                        _______
Net cash inflow from capital expenditure and
financial investment                                                 137

Dividends paid                                                         -
                                                                  ______

Net cash outflow before financing                                  (287)

Financing
Movement in long term borrowings                        (2,300)
                                                        _______
Net cash outflow from financing                                  (2,300)
                                                                  ______

Decrease in cash for period                                      (2,587)
                                                                  ______