PMH Puma High

    PREMIER HIGH INCOME TRUST PLC

The Company announces that it has negotiated improved terms with Allied Irish
Banks p.l.c. in respect of its existing loan facility. At the Company's
request, the term loan facility arrangement has been converted to a revolving
credit loan which will provide greater flexibility to the Company with regard
to its borrowing requirements.

In addition, there has been a relaxa tion in one of the banking covenants,
being that the adjusted net asset value must at all times be greater than �
14.25m. Prior to the change, this level was set at �18m and the current level
is �19.5 m.

The new arrangement will also allow all bonds with a credit rating of BBB or
better to count towards the adjusted asset value figure, as compared to only
those that are currently rated A or better. The company has some �1m invested
in bonds with a credit rating below A that can now be counted towards the
adjusted asset value figure.

The value of borrowings under the facility as at 19 December 2002 was unchanged
at �5,674,541.

Enquiries: Mike O'Shea - Premier Fund Managers Limited 01483 306090

20 December 2002



END

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