Preliminary results of an EXOSAT observation of the transient X-ray source 4U1543-47 are presented. The source was observed in August 1983, during a high state, following a Tenma alert that the source was again active. Results from the GSPC and the LE 1000 l/mm grating are presented. The spectrum is complex, but in the 2 10 keV energy range can be well described by a Comptonised thermal distribution. Extrapolating the same model into the lower energy band of the grating requires an absorption column density equivalent to 2 × 1021 H cm2. A marked under-abundance of Oxygen and overabundance of Nitrogen, along with a strong, unidentified line feature at 9.8 Å, are necessary to model the grating data.