INVESTEC HIGH INCOME TRUST PLC

Option Strategy

In line with the Company's portfolio protection strategy, it has purchased in
two tranches a European put option on the FTSE 100, on a notional amount of �
12.6m at the strike price of 3350. One half expires in October 2004 and the
other half in November 2004. The average cost of the option was 2.3% of the
notional amount.

Enquiries:

David Liddell / Heather Williams 020 7597 2000

Investec Investment Management Limited



END