Deutsche High Income Trust (KHI) Announces Termination of Trust and Liquidating Distribution to Shareholders by November 30, 2016 and Special Meeting of Shareholders to be Held in June 2016

Deutsche High Income Trust (NYSE:KHI) (the “Fund”) announced today that the Board of Trustees has approved the termination of the Fund, pursuant to which KHI will make a liquidating distribution to shareholders no later than November 30, 2016. The Fund also announced that a special meeting of shareholders will be held on June 30, 2016 at the offices of Deutsche Investment Management Americas Inc. (“DIMA”) at 345 Park Avenue, New York, NY 10154. As previously disclosed, at the special meeting, shareholders will consider a proposal to convert the Fund from a closed-end investment company to an open-end investment company. The proposal to convert the Fund from a closed-end investment company to an open-end investment company is being made to satisfy a requirement of the Fund’s Agreement and Declaration of Trust. After careful consideration of a range of factors, and in light of the Board’s approval of the Fund’s termination and liquidating distribution to shareholders no later than November 30, 2016, the Board recommends that shareholders vote against the proposal to convert the Fund to an open-end investment. A discussion of factors considered by the Board in developing this recommendation will be set forth in the proxy statement to be provided to Fund shareholders. Holders of record of common shares of the Fund at the close of business on April 26, 2016 will be entitled to vote at the meeting and any adjournments thereof.

DIMA proposed to the Fund’s Board the termination of the Fund and liquidating distribution pursuant to the terms of a Standstill Agreement that DIMA and the Fund entered into with Saba Capital Management L.P. (“Saba”), a large shareholder in the Fund, and certain parties associated with Saba. Under the terms of the Standstill Agreement, Saba has agreed, among other things, to vote in accordance with the Board's recommendation on various matters affecting KHI, including any proposal to convert KHI to an open-end investment company. The Fund has been advised that Saba will file a copy of the Standstill Agreement with the Securities and Exchange Commission as an exhibit to its Schedule 13D.

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.

NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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-45685-1 2/16)

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