Interim Results - 6 Months to 31 January 2000

Martin Currie High Income Trust PLC 29 February 2000 MARTIN CURRIE HIGH INCOME TRUST plc Interim results for the six months to 31 January 2000 The board of Martin Currie High Income Trust plc (MCHIT) has declared a second interim dividend of 1.75p per ordinary share. This is payable on 31 March 2000 to shareholders on the register at 10 March 2000. This follows a previous interim payment of 1.75p. We expect the third interim to be the same and the fourth to be 2.75p, making a total payment of 8.0p for the 12 months to 31 July 2000, an increase of 5.3% on last year. The net asset value per ordinary share of MCHIT fell by 18.3% from 86.1p to 70.4p over the six months to 31 January 2000. Gross assets, before gearing and excluding income, have fallen by 8.6%. The total return from the portfolio fell by 4.9%, and by way of comparison, the FTSE All-Share rose by 2.8% over the same period. Commenting, chairman Professor James MacLeod said: 'We are pleased to be on course to pay the forecast dividend despite difficult market conditions. Looking ahead, we will continue to add growth stocks where we can justify their ratings. But we remain hopeful that neglected sectors with positive cash flow and rising dividends will return to favour. Within the investment companies, prices have fallen and yields have risen to levels that now look very attractive to income investors.' For further information, please contact: David Cavaye Martin Currie Investment Management Ltd 0131 229 5252 davidc@martincurrie.com Fiona Harris Quill Communications 020 7 618 8905 fiona.h@quillcommunicate.com MARTIN CURRIE HIGH INCOME TRUST plc Statement of total return (incorporating the revenue account)* for the period 1 August 1999 to 31 January 2000 Revenue Capital Total £000 £000 £000 Losses on - realised 0 (422) (422) investments - unrealised 0 (4,499) (4,499) Income - franked 1,924 0 1,924 - unfranked 165 0 165 Investment management fee (44) (132) (176) Other expenses (82) 0 (82) Net return on ordinary activities before 1,963 (5,053) (3,090) finance costs and taxation Interest payable and similar charges (325) (975) (1,300) Net return on ordinary activities before 1,638 (6,028) (4,390) taxation Taxation on ordinary activities (192) 0 (192) Net return on ordinary activities after 1,446 (6,028) (4,582) taxation Dividends in respect of equity shares (1,313) 0 (1,313) (2nd interim 1.75p; 1st interim 1.75p) Transfer to reserves (after aggregate dividends paid and proposed of 3.45p) 133 (6,028) (5,895) Returns per ordinary share 3.86p (16.08)p (12.22)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. MARTIN CURRIE HIGH INCOME TRUST plc Statement of total return (incorporating the revenue account)* for the period 18 June 1998 to 31 January 1999 Revenue Capital Total £000 £000 £000 Losses on - realised 0 (669) (669) investments - unrealised 0 (1,353) (1,353) Income - franked 1,221 0 1,221 - unfranked 228 0 228 - foreign income 68 0 68 dividends Investment (34) (101) (135) management fee Other expenses (85) 0 (85) Net return on ordinary activities before 1,398 (2,123) (725) finance costs and taxation Interest payable and similar charges (234) (701) (935) Net return on ordinary activities before 1,164 (2,824) (1,660) taxation Taxation on ordinary activities (276) 33 (243) Net return on ordinary activities after 888 (2,791) (1,903) taxation Dividends in respect of equity shares (862) 0 (862) (2nd interim 2.15p; 1st interim 1.30p) Transfer to reserves (after aggregate dividends paid and proposed of 3.45p) 26 (2,791) (2,765) Returns per ordinary share 3.55p (11.16)p (7.61)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. MARTIN CURRIE HIGH INCOME TRUST plc Statement of total return (incorporating the revenue account)* for the period 18 June 1998 to 31 July 1999 Revenue Capital Total £000 £000 £000 (Losses)/gains on - realised 0 (633) (633) investments - unrealised 0 (881) (881) Income - franked 3,268 0 3,268 - unfranked 353 0 353 - foreign income 72 0 72 dividends Investment (74) (225) (299) management fee Other expenses (165) 0 (165) Net return on ordinary activities before 3,454 (1,739) 1,715 finance costs and taxation Interest payable and similar charges (505) (1,515) (2,020) Net return on ordinary activities before 2,949 (3,254) (305) taxation Taxation on ordinary activities (506) 0 (506) Net return on ordinary activities after 2,443 (3,254) (811) taxation Dividends in respect of equity shares (2,150) 0 (2,150) (3rd interim 2.15p; 2nd interim 2.15p; 1st interim 1.30p; 4th interim 2.00p) 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. * The weighted average number of shares for the period to 31 July 1999 is 28,496,042. MARTIN CURRIE HIGH INCOME TRUST plc BALANCE SHEET As at As at As at 31 January 31 January 31 July 1999 2000 1999 £000 £000 £000 £000 £000 £000 Investments at market value Listed on the Stock 63,481 45,028 67,672 Exchange in the UK Current assets Debtors 281 590 1,434 Short term deposits and 462 2,516 1,844 bank balances 743 3,106 3,278 Creditors Amounts falling due (1,430) (2,041) (2,261) within one year Net current assets (687) 1,065 1,017 Total assets less current 62,794 46,093 68,689 liabilities Creditors Amounts falling due outwith one year Loan (36,400) (25,000) (36,400) Total net assets 26,394 21,093 32,289 Capital and reserves Called up share capital 9,375 6,250 9,375 Share premium 25,875 17,608 25,875 Capital reserves - realised (422) (1,438) (2,373) - unrealised (8,860) (1,353) (881) Revenue reserve 426 26 293 Total shareholders' funds 26,394 21,093 32,289 Net asset value per 70.38 84.37p 86.11p ordinary share MARTIN CURRIE HIGH INCOME TRUST plc Statement of cash flow for the period 1 August 1999 to 31 January 2000 £000 £000 Operating Activities Net dividends and interest 2,028 received from investments Interest received from deposits 40 Investment management fee (218) Cash paid to and on behalf of (23) directors Other cash payments (6) Net cash inflow from operating 1,821 activities Returns on investments and servicing of finance Interest paid (1,301) Net cash outflow servicing of finance (1,301) Capital expenditure Payments to acquire investments (9,160) Receipts from disposal of 8,664 investments Net cash outflow from investing activities (496) Equity dividend paid (1,406) Financing Issue of shares - Issue expenses - Net cash inflow from financing Decrease in cash for period (1,382) MARTIN CURRIE HIGH INCOME TRUST plc Statement of cash flow for the period 18 June 1998 to 31 January 1999 £000 £000 Operating Activities Net dividends and interest 921 received from investments Interest received from deposits 158 Other cash payments (13) Net cash inflow from operating 1,066 activities Returns on investments and servicing of finance Interest paid (468) Net cash outflow from returns on investments and servicing of (468) finance Capital expenditure and financial investments Payments to acquire investments (51,593) Receipts from disposal of 4,978 investments Net cash outflow from capital expenditure and financial (46,615) investment Equity dividend paid (325) Financing Issue of shares 25,000 Issue expenses (1,142) Long term loan 25,000 Net cash inflow from financing 48,858 Increase in cash for period 2,516 MARTIN CURRIE HIGH INCOME TRUST plc Statement of cash flow for the period 18 June 1998 to 31 July 1999 £000 £000 Operating Activities Net dividends and interest 2,640 received from investments Interest received from deposits 203 Other cash payments (319) Net cash inflow from operating 2,524 activities Returns on investments and servicing of finance Interest paid (1,408) Net cash outflow from returns on 1,116 investments and servicing of 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 Equity dividend paid (1,400) Financing Issue of shares 35,250 Issue expenses Long term loan 36,400 Net cash inflow from financing 71,650 Increase in cash for period 1,844

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