Investec High Income Trust Plc                         

As at close of business on 31 December 2003, the 10 largest investments in the
Company's portfolio were:

Top Ten                                              % Gross Assets          
                                                                             
GlaxoSmithKline                                      3.20                    
                                                                             
BP                                                   3.01                    
                                                                             
HSBC Holdings                                        2.86                    
                                                                             
Barclays                                             2.84                    
                                                                             
Shell Transport & Trading                            2.47                    
                                                                             
British American Tobacco                             2.13                    
                                                                             
Royal Bank of Scotland Group                         2.04                    
                                                                             
Lloyds TSB Group                                     2.03                    
                                                                             
BT Group                                             1.97                    
                                                                             
Merrill Lynch Defined Returns Sterling (Zero Shares) 1.90                    
                                                                             
                                                     24.45                   

For enquiries please contact:

Heather Williams 020 7597 2000

Investec Investment Management Limited



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