RNS Number:4565U
Investec Bank (UK) Limited
20 January 2004

                                                                      FORM SAR 5

Lodge with a RIS or Newstrack, if appropriate, and the Takeover Panel. A copy
must also be sent to the company the shares of which are sold.

                                     Date of disclosure          20 January 2004

DISCLOSURE UNDER NOTE 3 ON RULE 5 OF THE RULES GOVERNING   SUBSTANTIAL
ACQUISITIONS  OF  SHARES  ("SARs")



Date of sale .........5 January 2004..........................................

Sale of ...............Investec High Income Trust Plc...........................


(1)   Class of voting shares         Number of shares/rights over shares  If rights over shares sold, as
                                     sold                                 opposed to the shares
        (eg ordinary shares)                                              themselves, specify nature of
                                                                          rights
                                     .......1,500,000..............
        ...Ordinary 25p shares...    shares
                                     ..................................
                                     rights



(2)   Resultant total holding of     Resultant total holding of rights   Total percentage
voting shares (and % of total voting over shares (and % of total voting
shares in issue)                     shares in issue)



.... 2,765,000........       ..................................
(9.875%)                             (   %)                              ....9.875%..................





(3)   Party making disclosure .........Investec Bank (UK) Limited...............
.................................



(4)   (a)   Name of person selling shares or rights over shares ......Investec
Asset Management Limited....

                and, if different, beneficial owner ......Investec European
Growth and Income Trust Ld.............



        (b)   Names of any other persons acting by

                agreement or understanding ...................................
...................................................



Signed, for and on behalf of the party named in (3) above .....................
........................................



(Also print name of signatory) ............Tania McMullin.....................
........................................



Telephone and extension number .........0207 597 4453...........................
....................................

                     ______________________________________

Note.      The resultant total percentage holding of voting shares and rights
over shares is to be calculated by reference to the percentage held and in issue
outside treasury.



For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129.
E-mail: monitoring@disclosure.org.uk








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