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Global High Income Fund Inc. - Distribution Declaration and Portfolio Statistics
UBS Global Asset Management

NEW YORK, Jul 09, 2012 (BUSINESS WIRE) -- Global High Income Fund Inc. (the "Fund") GHI -0.40% , 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 that the Fund's Board of Directors declared a regular monthly distribution of $0.0751 per share. The distribution is payable on July 31, 2012 to shareholders of record as of July 19, 2012. The ex-distribution date is July 17, 2012.

The Fund adopted a managed distribution policy ("Policy") in December 1999. Pursuant to the Policy as currently in effect, the Fund makes regular monthly distributions at an annualized rate equal to 7% of the Fund's net asset value, determined as of the last day on which the New York Stock Exchange is open for trading during the first week of that month. (Pursuant to the Policy with respect to distributions paid from August 2009 through May 2012, the annualized rate had been 8%.) Based on information available at this time, the Fund estimates that portions of the current regular monthly distribution may be comprised of net investment income, capital gain distributions and/or return of capital. Further information regarding the estimated sources of the current regular monthly distribution will be provided around month-end; however, information provided will be an estimate and subject to change based on the Fund's investment experience during the remainder of its fiscal year.

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 profit, 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."

The Fund estimates the source characteristics of its monthly distributions. The amounts and sources reported 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 the remainder of its fiscal year and may be subject to retroactive changes based on tax regulations. The actual sources of the Fund's regular monthly distributions may be net investment income, net realized capital gains, return of capital or a combination of the foregoing. The Fund sends shareholders a Form 1099-DIV (or a financial intermediary should provide an investor with similar information) for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.

Monthly distributions based on a fixed percentage of the Fund's net asset value may require the Fund to make multiple distributions of long-term capital gains during a single fiscal year. The Fund has received exemptive relief from the Securities and Exchange Commission that enables it to do so.

Investors 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.

        Portfolio statistics as of June 30, 2012(1)
        Asset allocation                                                  Percentage of net assets
        ----------------------------------------------------------------- ------------------------
        US dollar denominated sovereign debt                                                 33.6%
        ----------------------------------------------------------------- ------------------------
        Venezuela                                                         4.0%
        Indonesia                                                         3.4%
        Turkey                                                            3.2%
        Russia                                                            3.2%
        Other (less than 3.0% of net assets per credit)                   19.8%
        US dollar denominated corporate debt                                                 15.7%
        ----------------------------------------------------------------- ------------------------
        United States                                                     4.4%
        Other (less than 3.0% of net assets per credit)                   11.3%
        Non-US dollar denominated sovereign debt                                             39.1%
        ----------------------------------------------------------------- ------------------------
        Brazil                                                            9.3%
        South Africa                                                      5.0%
        Other (less than 3.0% of net assets per credit)                   24.8%
        Non-US dollar denominated corporate debt                                              3.5%
        ----------------------------------------------------------------- ------------------------
        Other (less than 3.0% of net assets per credit)                   3.5%
        Swaps (e.g. currency, interest rate and credit default) and other                     1.0%
        derivatives
        Short term investments                                                                4.3%
        Cash and other assets, less liabilities                                               2.8%
        ----------------------------------------------------------------- ------------------------
        Total                                                                               100.0%
        ----------------------------------------------------------------- ------------------------
        Distribution rates(2)
        -----------------------------------------------------------------
        NAV distribution rate (DR)                                                           7.05%
        Market distribution rate (DR)                                                        7.34%
        


        Portfolio statistics as of June 30, 2012, continued(1)
        Currency exposure                                      Percentage of net assets
        ------------------------------------------------------ ------------------------
        United States Dollar                                                      39.3%
        Brazilian Real                                                             6.6%
        Polish Zloty                                                               5.1%
        South African Rand                                                         5.1%
        Turkish Lira                                                               5.0%
        Malaysian Ringgit                                                          4.8%
        Indonesian Rupiah                                                          4.8%
        Mexican Peso                                                               4.8%
        Russian Ruble                                                              4.2%
        Thai Baht                                                                  3.7%
        Other (less than 3.0% of net assets per credit)                           16.6%
        ------------------------------------------------------ ------------------------
        Total                                                                    100.0%
        Credit quality(3)                                      Percentage of net assets
        ------------------------------------------------------ ------------------------
        AA                                                                         1.8%
        A                                                                         12.0%
        BBB                                                                       21.5%
        BB                                                                        14.6%
        B                                                                         10.5%
        Non-rated                                                                 36.8%
        Cash and other assets, less liabilities                                    2.8%
        ------------------------------------------------------ ------------------------
        Total                                                                    100.0%
        Characteristics
        ------------------------------------------------------
        Net asset value per share                                                $12.78
        Market price per share                                                   $12.28
        


(1) The Fund is actively managed, and its portfolio composition will vary over time.

(2) Net asset value (NAV), market price and distribution rates as a percentage of each will fluctuate. NAV distribution rate (DR) is calculated by multiplying the current month's distribution by 12 and dividing by the month-end net asset value. Market distribution rate (DR) is calculated by multiplying the current month's distribution by 12 and dividing by the month-end market price.

(3) Credit quality ratings shown are based on those assigned by Standard & Poor's ("S&P"), a division of The McGraw-Hill Companies, Inc. S&P is an independent rating agency.


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