Investec High Income Trust PLC

15 July 2003  

First Interim Dividend - Year to 31 March 2004

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The Board of Investec High Income Trust PLC has today declared a First Interim
Dividend on its Ordinary shares. The First Interim Dividend is in respect of
the year ending 31 March 2004 and amounts to 1.625p net per Ordinary share
(2003: 2.25p). The dividend is payable on 26 August 2003 to shareholders on the
register as at 1 August 2003.

The payment of this dividend is subject to the Company being legally permitted
to make the payment under Section 264 of the Companies Act 1985, which requires
the Company's net assets (including undistributed revenue reserves) to exceed
its share capital and undistributable reserves of �7.0 million. As at 11 July
2003, the net asset value of the Company attributable to Ordinary shareholders
was �9.6 million (ex the proposed dividend payment). If between now and the
payment date net assets fall below share capital and undistributed reserves of
�7.0 million, the First Interim dividend will be reduced to the extent
necessary to ensure that post payment net assets remain above �7.0 million.
Prior to the payment date, the figure for net assets including undistributed
revenue reserves will be announced weekly.

Enquiries

David Liddell / Heather Williams 020 7597 2000

Investec Investment Management Limited



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