Deutsche High Income Trust (KHI) Announces Proposal for Consideration at a Meeting of Shareholders

Deutsche High Income Trust (NYSE:KHI) (the “Fund”) announced today that a proposal to convert the Fund from a closed-end investment company to an open-end investment company will be presented at a meeting of shareholders of the Fund to be held in 2016. The Fund’s Agreement and Declaration of Trust requires the submission of such a proposal to shareholders if the average discount of the Fund’s share price to net asset value exceeds 10% based on the last trading day in each week during the 12 calendar weeks preceding the beginning of each year. The requirement has been triggered for the year ending December 31, 2015. The meeting of shareholders will be held during the first half of 2016. Further details with regard to the meeting of shareholders will be announced at a later date.

Important Information

Deutsche High Income Trust seeks to provide the highest current income obtainable, consistent with reasonable risk, with capital gains secondary. 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 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 gains or losses. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks.

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.

Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset 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-9647-2) (1/16)

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