Global High Income Fund Inc. – Additional Waivers Reducing Advisory Fees

Global High Income Fund Inc. (the "Fund") (NYSE: GHI) is 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.

The Fund today announced additional fee waiver arrangements with UBS Global Asset Management (Americas) Inc. (“UBS Global AM”), the Fund’s investment advisor and administrator. Pursuant to its advisory contract with UBS Global AM (the "Advisory Contract"), the Fund pays UBS Global AM an investment advisory and administration fee, accrued weekly and paid monthly, at the annual rate of 1.25% of the Fund's average weekly net assets. Since August 1, 2005, UBS Global AM has contractually agreed to waive compensation otherwise payable to it, to reduce the fee it receives under the Advisory Contract so that it is paid at the annual rate of 1.25% of the Fund’s average weekly net assets on assets up to $200 million, and at the annual rate of 1.00% of the Fund's average weekly net assets on assets above $200 million. This fee reduction “breakpoint” continues indefinitely unless the Fund’s board agrees to any change.

Effective August 1, 2010, UBS Global AM had also voluntarily waived compensation otherwise payable to it under the Advisory Contract so that it was paid at the annual rate of 1.20% of the Fund's average weekly net assets on assets up to $200 million, and at the annual rate of 1.00% of the Fund's average weekly net assets on assets above $200 million. This further voluntary waiver (i.e., the 0.05% reduction of the “base” fee) was originally for a period ended July 31, 2011, but was extended last July through July of this year. This further voluntary waiver is now being extended for another year and at a greater fee reduction level so that the annual rate of the advisory fee on the first $200 million of the Fund’s average weekly net assets is reduced by an additional 0.10% to 1.10% effective August 1, 2012 until July 31, 2013. (That is, the “base” level of the advisory fee is reduced from 1.25% to 1.10% from August 1, 2012 until July 31, 2013.)

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