Market Overview

Deutsche High Income Opportunities Fund, Inc. Announces Additional Details Regarding Its Liquidation

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Deutsche High Income Opportunities Fund, Inc. (NYSE:DHG) (the
"Fund") announced today that its Board of Directors has approved a Plan
of Liquidation for the Fund (the "Plan") related to the previously
approved liquidation of the Fund to occur on or before March 30, 2018.
As further described below, pursuant to the Plan a final liquidating
distribution is expected to be made on or about March 16, 2018.

Under the terms of the Plan, the "Cessation Date" for the Fund's planned
liquidation is expected to occur on or about March 9, 2018. As provided
in the Plan, at the close of business on the Cessation Date, the Fund
will cease to engage in any business activities, except for the purpose
of liquidating and winding up its affairs, and the books of the Fund
will be closed. Effective the business day following the Cessation Date,
the Fund's shares will not be transferable (except for the settlement of
prior transactions), and it is anticipated that trading in the Fund's
shares on the New York Stock Exchange will cease. The Fund will
subsequently seek to reduce all remaining portfolio securities to cash
or cash equivalents and make a final liquidating distribution to
shareholders on or about March 16, 2018. All Fund shareholders as of the
close of business on the Cessation Date will be entitled to receive a
liquidating distribution. The Cessation Date may be extended if
necessary or appropriate in connection with the orderly liquidation of
the Fund or to protect the interests of Fund shareholders.

Prior to the Cessation Date, the Fund intends to reduce and eliminate
its financial leverage by paying back its bank line of credit. It is
anticipated that the Fund's de-levering will occur in stages over time
and, subject to portfolio management's discretion, is currently expected
to be completed no later than early February. In addition, prior to the
Cessation Date and subject to portfolio management's discretion, the
Fund intends to begin the process of converting its portfolio securities
to more liquid investments, including cash or cash equivalents. As the
Fund de-levers and begins to transition its portfolio to more liquid
investments, its net investment income may decline, which, in turn, may
reduce its remaining regular monthly dividends. The Fund's last
anticipated regular monthly dividend will be for the month of February.
The Fund does not expect to pay its regular March monthly dividend. Any
net investment income earned in March would consequently be included as
part of the Fund's final liquidating distribution to shareholders.

Important Information

Deutsche 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, credit, liquidity and market risks to varying degrees.
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. 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. Stocks may decline in value. Investing in foreign securities
presents certain risks, such as currency fluctuations, political and
economic changes, and market risks. 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.

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, the fund cannot predict whether its shares will trade at,
below or above net asset value.

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.
The following factors,
among others, could cause actual results to differ materially from
forward-looking statements: (i) the effects of adverse changes in market
and economic conditions; (ii) legal and regulatory developments; and
(iii) other additional risks and uncertainties.

Nothing contained herein is fiduciary or impartial investment advice
that is individualized or directed to any plan, plan participant, or IRA
owner regarding the advisability of any investment transaction,
including any IRA distribution or rollover.

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

Deutsche AM Distributors, Inc.
222 South Riverside Plaza
Chicago,
IL 60606-5808
www.deutschefunds.com
Tel
(800) 621-1148
Copyright © 2017 Deutsche Bank AG. All Rights
Reserved

Deutsche Asset Management represents the asset management activities
conducted by Deutsche Bank AG or any of its subsidiaries. Investment
products offered through Deutsche AM Distributors, Inc. Advisory
services offered through Deutsche Investment Management Americas Inc. (R-053514-1)
(12/17)

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