Interim Results

    21 October 2003

INVESTEC HIGH INCOME SECURITIES PLC

Preliminary announcement of interim results to 30 September 2003

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

The Directors announce the unaudited statement of results for the period ended
30 September 2003 as follows:

Statement of Total Return

(incorporating the Revenue Account)

for the six months to 30 September 2003 (unaudited)

                 Six months ended      Six months ended          Year ended       
                                                                                  
                 30 September 2003     30 September 2002   31 March 2003 (audited)
                    (unaudited)           (unaudited)                             
                                                                                  
               Revenue Capital Total Revenue Capital Total Revenue Capital   Total
                                                                                  
                 £'000   £'000 £'000   £'000   £'000 £'000   £'000   £'000   £'000
                                                                                  
Income and                                                                        
capital                                                                           
profits                                                                           
                                                                                  
Accrued              -     428   428       -     393   393       -     801     801
redemption                                                                        
premium                                                                           
                                                                                  
Return before        -     428   428       -     393   393       -     801     801
expenses and                                                                      
taxation                                                                          
                                                                                  
Expenses             -       -     -       -       -     -       -       -       -
                                                                                  
Return before        -     428   428       -     393   393       -     801     801
and after                                                                         
taxation                                                                          
                                                                                  
Appropriation                                                                     
to non-equity                                                                     
shareholders                                                                      
                                                                                  
Zero dividend        -   (428) (428)       -   (393) (393)       -   (801)   (801)
preference                                                                        
shares                                                                            
                                                                                  
Return to            -       -     -       -       -     -       -       -       -
equity                                                                            
shareholders                                                                      
                                                                                  
Return per           -   5.09p 5.09p       -   4.68p 4.68p       -   9.54p   9.54p
zero dividend                                                                     
preference                                                                        
share                                                                             
                                                                                  

Balance Sheet

as at 30 September 2003 (unaudited)

                                         30 September 2003       31 March 2003 
                                                                               
                                         (unaudited)             (audited)     
                                                                               
                                         £'000                   £'000         
                                                                               
Current assets                                                                 
                                                                               
Debtors                                    10,433                 10,005       
                                                                               
Net assets                                 10,433                 10,005       
                                                                               
Capital and reserves                                                           
                                                                               
Called up share capital                     2,150                  2,150       
                                                                               
Special reserve                             6,300                  6,300       
                                                                               
Redemption reserve                          1,983                  1,555       
                                                                               
                                           10,433                 10,005       
                                                                               
Attributable to:                                                               
                                                                               
Non equity shareholders                    10,383                  9,955       
                                                                               
Equity shareholders                            50                     50       
                                                                               
                                           10,433                 10,005       
                                                                               
Net asset value per share:                                                     
                                                                               
Zero Dividend Preference shares           123.60p                118.51p       

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.

The interim report for the period to 30 September 2003 is contained within the
interim report of Investec High Income Trust plc and will be posted to
shareholders shortly.

For further information please contact:

Heather Williams

Investec Investment Management Limited 020 7597 2000



END