RNS Number:1787R
Credit Lyonnais (Investments) Ltd
22 October 2003

                                                                      FORM SAR 3



Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.
A copy must also be sent to the company the shares of which are acquired.



Date of disclosure

22nd October 2003



DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")



Date of acquisition

21st October 2003



Acquisition in (name of company)

Premier High Income Trust Plc  (SEDOL 0721129)



1. Class of voting shares (eg ordinary shares)

Ordinary



Number of shares/rights over shares acquired

   500,000             Shares                     Rights



If rights over shares acquired, as opposed to the shares themselves, specify
nature of rights






2. Resultant total holding of voting shares (and % of total voting shares in
issue)

3,140,000                                                16.14%



Resultant total holding of rights over shares (and % of total voting shares in
issue)
                                                         %



Total percentage

  16.14 %



3. Party making disclosure

Credit Lyonnais (investments) Limited

4. (a) Name of person acquiring shares or rights over shares

Credit Lyonnais Securities

and, if different, beneficial owner




(b) Names of any other persons acting by agreement or understanding (see SAR 5)



Signed, for and on behalf of the party named in (3) above



(Also print name of signatory)

Anna Maria Heritier de la Roche



Telephone and extension number

020-7214-5210



Note.   Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.



For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section.  Tel. No: 020 7638 0129.

Email:monitoring@disclosure.org.uk




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