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Global High Income Fund Inc. — Distribution Characteristics for May 2012
UBS Global Asset Management

NEW YORK, May 31, 2012 (BUSINESS WIRE) -- Global High Income Fund Inc. (the "Fund") GHI -0.85% , 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 May 2012.

The following notice was sent to shareholders today:

Global High Income Fund Inc. c/o UBS Global Asset Management (Americas) Inc. 1285 Avenue of the Americas New York, NY 10019

DISTRIBUTION NOTICE May 2012

The purpose of this document is to provide you with information that is required to be sent to you as well as additional information that may be of interest to at least some investors.

On May 14, 2012, the Fund's Board of Directors declared a regular monthly distribution of $0.0882 per share. This distribution is payable on May 31, 2012 to shareholders of record as of May 24, 2012. The ex-distribution date was May 22, 2012.

The Fund adopted a managed distribution policy ("Policy") in December 1999. Pursuant to the Policy as in effect from August 2009 through May 2012, the Fund made regular monthly distributions at an annualized rate equal to 8% of the Fund's net asset value, as determined as of the last day on which the New York Stock Exchange was open for trading during the first week of that month. (As indicated in a press release issued on May 17, 2012, the annualized rate was changed to 7%, effective beginning with the June 2012 monthly distribution. The annualized rate had been 9% with respect to distributions paid from June 2005 through July 2009.) The Fund's Board receives recommendations from UBS Global Asset Management (Americas) Inc., the Fund's investment advisor, periodically, and no less frequently than annually will reassess 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 without prior notice to Fund shareholders; 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. A return of capital may occur, for example, when some or all of the money that shareholders invested in the Fund is deemed to be paid back to shareholders. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."

During the current fiscal year which ends on October 31, 2012 (November 1, 2011 to May 31, 2012), the Fund has made seven (7) regular monthly distributions which are equal to $0.6072 per share. The sources of the distributions paid during the month and current fiscal year are estimated as follows:

        Estimated Source of Regular Monthly
        Distributions:
        ---------------------------------------------------------------------
                                                   Estimated Allocations
                                                   ------------------------------
                                                   Net Realized    Net Realized
                  Distributions   Net Investment   Short-Term      Long-Term       Return of
                                  Income           Capital Gains   Capital Gains   Capital
                  -------------   --------------   -------------   -------------   ---------
        Current   $0.0882         $0.0582 (66%)    $0.0106 (12%)   $0.0194 (22%)   $ 0 (0%)
        Month
        -------   -------------   --------------   -------------   -------------   ---------
        YTD*      $0.6072         $0.4797 (79%)    $0 (0%)         $0.1275 (21%)   $ 0 (0%)
        -------   -------------   --------------   -------------   -------------   ---------
        


* Fiscal year-to-date.

The Fund periodically issues notices to shareholders and press releases estimating the source characteristics of its monthly distributions. The amounts and sources reported in these materials are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during its entire fiscal year and may be subject to retroactive changes based on tax regulations. The Fund sends shareholders a Form 1099-DIV (or a financial intermediary should provide a shareholder with similar information) for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.

If you chose to receive your distributions in cash, a check should have been sent to you or a credit should have been made on your financial intermediary or Fund account statement. If you chose to reinvest your distributions, that statement (or a subsequent one) should indicate the additional shares purchased for your account in full and fractional shares of the Fund's common stock.

You should not draw any conclusions about the Fund's investment performance from the amount of the monthly distribution or from the terms of the Fund's managed distribution policy.

If you would like to change your distribution option, please write or call your broker or, if you hold shares directly with the Fund, the Fund's distribution disbursing agent, BNY Mellon Investment Servicing, at 1-800-331-1710. For more information about the Fund, please contact: UBS Global Asset Management Closed-End Funds Desk, 888-793 8637.

Please find below additional information regarding the Fund's performance. Please note that this information is primarily based on the Fund's net asset value based performance, not its market price based performance. Market price based performance for various periods is included in the Fund's most recent report to shareholders and is different.

        Fund Performance and Distribution Rate
        Information:
        ---------------------------------------------------------------------
        Fiscal Year-to-date 11/1/2011 to 4/30/2012
        ---------------------------------------------------------------------
             Year-to-date Cumulative Net Asset Value Return (1)                                                                              5.27%
        --------------------------------------------------------------------- --------------------------------------------------------------------
             Cumulative Distribution Rate(2)                                                                                                 3.94%
        --------------------------------------------------------------------- --------------------------------------------------------------------
        Preceding Five-Year Period 5/1/2007 to 4/30/2012
        ---------------------------------------------------------------------
             5 Years Average Annual Total Net Asset Value Return (1)                                                                         7.30%
        --------------------------------------------------------------------- --------------------------------------------------------------------
             Average Annual Distribution Rate(3)                                                                                            10.06%
        --------------------------------------------------------------------- --------------------------------------------------------------------
        Current Annualized Distribution Rate(4)                                                                                              8.04%
        --------------------------------------------------------------------- --------------------------------------------------------------------
        (1) The Fund's net asset value ("NAV") returns assume, for
        illustration only, that dividends and other distributions, if any,
        were reinvested at the NAV on the payable dates.
        (2) Cumulative Distribution Rate for the Fund's fiscal
        period (November 1, 2011 through April 30, 2012) measured on the
        dollar value of distributions in the year-to-date period as a
        percentage of the Fund's NAV as of April 30, 2012.
        (3) Average Annual Distribution Rate is the simple
        arithmetic average of the Annual Distribution Rates for the
        preceding five-year period. The Annual Distribution Rates are
        calculated by taking the total distributions paid during the period
        divided by average daily NAV for the period.
        (4) The Current Annualized Distribution Rate is the current
        monthly distribution rate annualized as a percentage of the Fund's
        NAV as of April 30, 2012.
        


Please refer to the chart below for information about the Fund's historical NAVs, change in NAVs, total returns, and distributions paid. Performance data assumes reinvestment of distributions.

        
                                                                          Net
        Fiscal      Average   End of                                      Investment      Short-Term      Long-Term                 Total
                              Period                                      Income
        Year        Daily     NAV                          Distribution   Distributions   Distributions   Distributions   Return    Distributions
        Ending      NAV for   Per      Change    Total     Rate (2)       Paid            Paid            Paid            of        Paid
        Oct 31      Period    Share    in NAV    Returns                                                                  Capital
        ----------  -------   ------   -------   -------                                                                  -------
        Oct-07      $15.04    $15.25   2.74%     12.40%    8.99%          0.8202          -               0.5317          -         1.3519
        --------    -------   ------   -------   -------   ------------   -------------   -------------   -------------   -------   -------------
        Oct-08      $13.92    $9.82    -35.61%   -25.76%   14.36%         0.9510          0.2614          0.4655          0.3210    1.9989
        ----------  -------   ------   -------   -------   ------------   -------------   -------------   -------------   -------   -------------
        Oct-09      $11.31    $12.89   31.26%    43.02%    8.64%          0.7167          -               -               0.2600    0.9767
        ----------  -------   ------   -------   -------   ------------   -------------   -------------   -------------   -------   -------------
        Oct-10      $13.29    $14.16   9.85%     18.91%    7.96%          1.0579          -               -               -         1.0579
        --------    -------   ------   -------   -------   ------------   -------------   -------------   -------------   -------   -------------
        Oct-11      $13.47    $13.01   -8.12%    1.95%     10.42%         1.3723          -               -               0.0310    1.4033
        --------    -------   ------   -------   -------   ------------   -------------   -------------   -------------   -------   -------------
        Apr-12(1)   $12.92    $13.16   1.15%     5.27%     4.02%          -               -               -               -         0.5190
        --------    -------   ------   -------   -------   ------------   -------------   -------------   -------------   -------   -------------
        Since Inception                10.63%
        (October 8, 1993)
        Annualized Total Return
        (1)Figures are fiscal year to date, November 1, 2011
        through April 30, 2012, and this period's final distribution
        characterization will not be completed until January 2013.
        (2)Distribution rate calculated by taking the total
        distributions paid within the period divided by average daily NAV
        for the period.
      

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