Stmnt re share cap. reduction

Martin Currie High Income Trust PLC
16 July 2001




To:   Stock Exchange                         For immediate release
                                             16th July 2001


                    MARTIN CURRIE HIGH INCOME TRUST PLC

Circular to shareholders regarding the proposed cancellation of share premium
                 account and reorganisation of share capital





The Board of Martin Currie High Income Trust plc (the 'Company') announces
that it is proposing that the share premium account of the Company be
cancelled and that the Company's share capital be reorganised to allow for
greater flexibility in the payment of dividends.



As part of the proposals, it is intended that the nominal value of the issued
ordinary shares in the Company be reduced from 25p to 5p by cancelling paid up
share capital to the extent of 20p on each ordinary share and that the
unissued ordinary shares each be subdivided into 5 redenominated ordinary
shares of 5p each.



The proposals are subject to approval by shareholders and confirmation by the
Court of Session in Edinburgh.  A circular is being posted to shareholders
today setting out details of the proposals and containing the Notice of the
Extraordinary General Meeting of the Company, to be held on Monday 13th August
2001 at 2.30 p.m.



The expected timetable is:



Last date for receipt of proxies: 2.30 p.m. on Saturday, 11th August 2001
Extraordinary General Meeting:    2.30 p.m. on Monday, 13th August 2001
Court Hearing:                    November 2001
Effective Date:                   November 2001





                                   - ends -

For further information, please contact:




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