Compliance with Model Code

HENDERSON INVESTMENT FUNDS LIMITED

HENDERSON VALUE TRUST PLC

20 October 2014

Henderson Value Trust plc ("the Company")

Compliance with Model Code

In accordance with Listing Rule 15.5.1 (4), the Company announces that it is satisfied that all inside information which the Directors and the Company may have to 20 October 2014 has previously been published or notified via a regulatory information service. Therefore the dealings referred to in Listing Rule 15.5.1 (3) are permitted.

The close period to which this relates is in respect of the year ended 30 September 2014.

If, in the period leading up to the announcement of the half year results, the Directors of the Company come into possession of any inside information, this will be notified to a RIS before any such transactions are undertaken.

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For further information please contact:

Ian Barrass James de Sausmarez

Co-Portfolio Manager Director and Head of Investment Trusts

Henderson Value Trust plc Henderson Global Investors

Telephone: 020 7818 2964 Telephone: 020 7818 3349