DWS High Income Opportunities Fund, Inc. Announces Extension of Share Repurchase Program

DWS High Income Opportunities Fund, Inc. (NYSE:DHG) (the “Fund”) announced today that the Fund’s Board of Directors has extended the Fund’s existing open market share repurchase program for an additional twelve-month period. The Fund may continue to purchase an aggregate of up to 5% of the Fund’s outstanding shares of common stock in open-market transactions over the period from December 1, 2014 until November 30, 2015 when the Fund’s shares trade at a discount to net asset value (“NAV”). The amount and timing of the repurchases will be at the discretion of Deutsche Investment Management Americas Inc. (“DIMA”), the Fund’s investment adviser, and subject to market conditions and investment considerations. DIMA will seek to purchase shares at prices that will be accretive to the Fund’s NAV.

The Board’s authorization of the repurchase program extension follows the previous repurchase program, which commenced on December 1, 2013 and runs until November 30, 2014. The Board will monitor the impact of the share repurchase program on the discount and may consider, from time to time, additional or alternative measures to address the discount that may be appropriate in the future. In doing so, it will also continue to monitor the effects of the repurchase program and may consider the potential impact of such other measures on the Fund’s expense ratio, its portfolio turnover, and its ability to achieve its objectives. Results of repurchases under the program for the year ended September 30, 2014 will be available in the Fund’s upcoming Annual Report to Stockholders.

Important Information

DWS High Income Opportunities Fund, Inc. seeks high current income with a secondary objective of total return. The Fund pursues its investment objectives by investing primarily in securities designed to generate income, with the potential for capital appreciation being a secondary consideration. The Fund may invest in a broad range of income-producing securities, including, but not limited to, domestic and foreign debt securities of any credit quality or maturity (including below investment grade debt securities and debt securities of issuers located in countries with new or emerging securities markets), convertible securities (including convertible bonds), dividend-paying common stocks, preferred stocks, and securities of real estate investment trusts (“REITS”), energy trusts and other investment companies. The Fund may invest in debt securities not paying interest currently and securities in default. In addition, the Fund may invest in senior bank loans, including bank loan participations and assignments. The Fund may buy or sell protection on credit exposure and may also purchase securities on a when-issued basis and engage in short sales. The Fund may invest in cash or money market instruments in the event portfolio management determines that securities meeting the Fund’s investment objectives are not readily available for purchase. Future earnings of the Fund cannot be guaranteed and the Fund's dividend policy is subject to change. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Bond investments are subject to interest-rate and credit risks. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Stocks may decline in value. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Leverage results in additional risks and can magnify the effect of any losses. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions.

Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are bought and sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to the net asset value. The price of a fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, a fund cannot predict whether its shares will trade at, below or above net asset value.

Past performance is no guarantee of future results.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Certain statements contained in this release may be forward-looking in nature. These include all statements relating to plans, expectations, and other statements that are not historical facts and typically use words like “expect,” “anticipate,” “believe,” “intend,” and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Management does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services. (R-35378-1 7/14)