Global High Income Fund Reports Distribution Characteristics
UBS Global Asset Management


New York, December 31, 2007 -- Global High Income Fund Inc. (the "Fund") (GHI), a non-diversified, closed-end management investment company seeking high current income and secondarily, capital appreciation through investments primarily in securities of emerging market debt issuers, today announced its distribution characteristics for the month of December 2007.

On December 10, 2007, the Fund's Board of Directors declared a regular monthly distribution of $0.1127 per share. This distribution is payable on December 31, 2007 to shareholders of record as of December 20, 2007. The ex-dividend date was December 18, 2007.

Additionally, the Fund's Board of Directors declared an annual long-term capital gain distribution of $0.4655 per share, and an annual short-term capital gain distribution of $0.2614 per share, for aggregate additional annual capital gain distributions of $0.7269 per share. These distributions also are payable on December 31, 2007 to shareholders of record as of December 20, 2007. The ex-dividend date is December 18, 2007.

The Fund adopted a managed distribution policy in December 1999, which was revised in May 2005. Pursuant to the policy as currently in effect, the Fund makes regular monthly distributions at an annualized rate equal to 9% of the Fund's net asset value, as determined as of the last day on which the New York Stock Exchange is open for trading during the first week of that month. The Fund's Board will reassess no less frequently than annually the annualized percentage of net assets at which the Fund's monthly distributions will be made. The Fund's Board may change or terminate the managed distribution policy at any time; any such change or termination may have an adverse effect on the market price for the Fund's shares.

To the extent that the Fund's taxable income in any fiscal year exceeds the aggregate amount distributed based on a fixed percentage of its net asset value, the Fund would make an additional distribution in the amount of that excess near the end of the fiscal year. To the extent that the aggregate amount distributed by the Fund based on a fixed percentage of its net asset value exceeds its current and accumulated earnings and profits, the amount of that excess would constitute a return of capital or net realized capital gains for tax purposes.

Based on information available at this time, the Fund estimates that net investment income, excluding short-term capital gains, is the source of approximately 37% of the December distribution of $0.1127 per share, 2% represents short-term capital gain distributions and 61% represents return of capital distributions. Additionally, for the Fund's current fiscal period which began on November 1, 2007 through December 31, 2007, it is currently estimated that net investment income is the source of approximately 41% of your regular monthly aggregate distributions of $0.2273 per share and short-term capital gains is the source of approximately 59% of your regular monthly aggregate distributions. These are only estimates, however, and are subject to change.

The actual sources of the Fund's distributions may be net investment income, net realized capital gains, return of capital or a combination of the foregoing and may be subject to retroactive recharacterization at the end of the Fund's fiscal year based on tax regulations. The actual amounts attributable to each of these sources will be reported to shareholders in January 2008 on Form 1099-DIV.

As of November 30, 2007, the Fund had estimated undistributed net investment income of $2,398,695.


View more information on UBS Global Asset Management or other Closed-End Funds