INVESTEC HIGH INCOME SECURITIES PLC

The following announcement should be read in conjunction with the final results
announcement of Investec High Income Trust Plc, released today.

Statement of Total Return

for the year ended 31 March 2003 (unaudited)

                          Year ended            Period from 28 February 2001  
                                                                              
                         31 March 2003                to 31 March 2002        
                                                                              
                  Revenue   Capital    Total    Revenue    Capital     Total  
                                                                              
                   �'000     �'000     �'000     �'000      �'000      �'000  
                                                                              
Income and                                                                    
capital profits                                                               
                                                                              
Accrued                  -       801       801          -        754       754
redemption                                                                    
premium                                                                       
                                                                              
Expenses                 -         -         -          -          -         -
                                                                              
Return before            -       801       801          -        754       754
and after                                                                     
taxation                                                                      
                                                                              
Appropriation to         -     (801)     (801)          -      (754)     (754)
redemption                                                                    
reserve                                                                       
                                                                              
Return to equity         -         -         -          -          -         -
shareholders                                                                  
                                                                              
Return per Zero          -     9.54p     9.54p          -      8.98p     8.98p
Dividend                                                                      
Preference share                                                              
(pence)                                                                       

INVESTEC HIGH INCOME SECURITIES PLC

Balance Sheet (unaudited)

as at 31 March 2003

                                   31 March 2003          31 March 2002
                                                                       
                                           �'000                  �'000
                                                                       
Current assets                                                         
                                                                       
Debtors                                   10,005                  9,204
                                                                       
Net assets                                10,005                  9,204
                                                                       
Capital and reserves                                                   
                                                                       
Called up share capital                    2,150                  2,150
                                                                       
Share premium                                  -                  6,300
                                                                       
Special reserve                            6,300                      -
                                                                       
Redemption reserve                         1,555                    754
                                                                       
                                          10,005                  9,204
                                                                       
Attributable to:                                                       
                                                                       
Non equity shareholders                    9,955                  9,154
                                                                       
Equity shareholders                           50                     50
                                                                       
                                          10,005                  9,204
                                                                       
Net asset value per share:               118.51p                108.98p
                                                                       
Zero Dividend Preference                                               
shares                                                                 

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the period ended 31 March
2002. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.

The Annual Report and Accounts for Investec High Income Trust Plc for the year
to 31 March 2003 contains the annual results for Investec High Income
Securities plc and will be posted to shareholders in due course.

For further information please contact:

Heather Williams

Investec Investment Management Limited 020 7597 2000

J:WPHwIHISLSE AnnouncementsFinal results 2003.doc



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