December 31, 2012 at 17:05 PM EST
Global High Income Fund Inc. — Distribution Characteristics for December 2012

Global High Income Fund Inc. (the “Fund”) (NYSE: GHI), 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 December 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

December 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 December 10, 2012, the Fund's Board of Directors declared a regular monthly distribution of $0.0797 per share. This distribution is payable on December 31, 2012 to shareholders of record as of December 20, 2012. The ex-distribution date was December 18, 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%.) 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, 2013 (November 1, 2012 to October 31, 2013), the Fund has made two (2) regular monthly distributions which are equal to $0.1580 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
Distributions

Net investment
income

Net realized short-
term capital gains

Net realized long-
term capital gains

Return of
capital

Current month $ 0.0797 $ 0.0797 (100 %) $ 0 (0 %) $ 0 (0 %) $ 0 (0 %)
YTD* $ 0.1580 $ 0.1580 (100 %) $ 0 (0 %) $ 0 (0 %) $ 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 11/1/2012 to 11/30/2012
Year-to-date cumulative net asset value return1 0.95 %
Cumulative distribution rate2 0.58 %
Preceding five-year period 12/1/2007 to 11/30/2012
5 years average annual total net asset value return1 7.90 %
Average annual distribution rate3 9.85 %
Current annualized distribution rate4 7.08 %

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, 2012 through November 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 November 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 November 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.

Fiscal year
ending
Oct 31

Average
daily NAV for
period

End of
period
NAV per
share

Change
in NAV
Total returns

Distribution
rate 2

Net investment
income
distributions paid

Short-term
distributions
paid

Long-term
distributions paid

Return of
capital

Total
distributions
paid

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
Oct-121 $ 13.01 $ 13.45 3.38 % 11.53 % 7.60 % 0.7104 - 0.2785 - 0.9889
Nov-122 $ 13.40 $ 13.50 0.37 % 0.95 % 0.58 % - - - - 0.0783
Since inception (October 8, 1993) annualized total return: 10.68%
1 This period’s final distribution characterization will not be completed until January 2013.
2 Figures are fiscal year to date, November 1, 2012 through November 30, 2012, and this period's final distribution characterization will not be completed until January 2014.
3 Distribution rate calculated by taking the total distributions paid within the period divided by average daily NAV for the period.

Contacts:

UBS Global Asset Management
Closed-End Funds Desk: 888-793 8637
ubs.com
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