Investment Portfolio Update

HENDERSON INVESTMENT FUNDS LIMITED

HENDERSON ALTERNATIVE STRATEGIES TRUST PLC

5 October 2015

Henderson Alternative Strategies Trust plc (the 'Company')

Investment Portfolio Update

Henderson, the Company's investment manager, is pleased to provide the following investment portfolio update covering the period from 31 March 2015 to the date of this announcement.

The Company's 30 September 2015 year end results will be released to the market during December.

Portfolio Progress

Global equity markets have experienced considerable volatility since the Company's 31 March 2015 half-year end as the Greek crisis, China's economic slowdown and speculation regarding the timing and quantum of US interest rate rises have all contributed to market uncertainty.

Against this backdrop Henderson's objective of creating a high-quality portfolio of 30 to 40 alternative asset and specialist funds is approaching fruition. Henderson is therefore confident that the investment portfolio is now developing the attributes required to deliver long-term returns above those of the Company's FTSE World Index (£) global equity benchmark.

Portfolio Positioning

Since becoming the Company's investment manager on 1 April 2013, Henderson has reduced significantly the Company's exposures to both emerging markets and commodities and increased weightings to developed markets such as the US, UK and Western Europe. This process has continued since the 31 March 2015 half-year end as the outlook for emerging markets and commodities has deteriorated further.

Performance of Henderson's New Investments

In the 31 March 2015 half-year update Henderson commented on the performance of its own new investment selections since becoming manager.

Although the markets have experienced a considerable setback since the half-year, Henderson's selections have continued to perform robustly on a relative basis. For example, in the five months to 31 August 2015, Henderson estimates that this growing part of the investment portfolio generated a gross total return of -1.4% compared with a decline of -8.3% in the Company's benchmark. The Company's total investment portfolio delivered a gross total return of -3.2% during the same period.

Recent Investment Activity

The Company's restructured portfolio will contain 30 to 40 holdings. This will, in turn, typically comprise up to 30 core investments, which will usually be held over the medium to long-term, and up to 10 tactical selections, which will exploit shorter-term opportunities.

Since becoming investment manager, Henderson's main focus has been on developing the core tranche of the Company's portfolio. In the Company's 31 March 2015 half-year update Henderson stated that it was likely to make approximately five more core investments before the 30 September 2015 year end in order to finalise the core portfolio tranche. These five investments have now been made and are described below. All of the selections reflect Henderson's current preference for developed market exposure. In addition, two of Henderson's key investment themes feature strongly, namely the attractive returns still available in parts of the private equity market and the opportunities created by low default rates in the credit sector.

· Mantra Secondary Opportunities (£6.5 million commitment)

An unlisted vehicle which pursues a niche strategy investing globally in mature private equity partnerships at attractive valuations.

· Apax Global Alpha Limited (cost £2.3 million)

A UK-listed private equity vehicle managed by Apax Partners, a leading private equity investor. The vehicle provides access to Apax Partners' unlisted funds and also uniquely to other investments in public and private debt and listed equities derived from Apax Partners' private equity activities.

· Princess Private Equity Holding Limited (cost £4.0 million)

A UK-listed private equity vehicle managed by Partners Group, another leading private equity manager. The vehicle makes direct equity and fund investments across the large, mid and small-cap buy-out markets, mainly in the US and Europe.

· CT Invest Fund (cost £4.1 million)

An unlisted long/short European equity fund with a focus on pan-European large and mid-cap cyclicals/industrials managed by Christian Thum, a highly experienced European equity investor.

· Toro Limited (cost £4.0 million)

A UK-listed fund investing in European collateralised loan obligations and other structured credit instruments managed by Chenavari Capital Partners, a leading credit fund manager.

Henderson has also added to a number of core holdings since the 31 March 2015 half-year end. These include Blackstone GSO Loan Financing Limited, NB Private Equity Partners Limited and Riverstone Energy Limited.

With regard to the tactical tranche of the Company's portfolio, the increase in market volatility is creating a number of interesting short-term opportunities which Henderson intends to exploit as the Company enters its new financial year.

Enquiries:

Ian Barrass

Fund Manager

Henderson Alternative Strategies Trust plc

Tel: 020 7818 2964

James de Bunsen

Fund Manager

Henderson Alternative Strategies Trust plc

Tel: 020 7818 3869

Neil Winward / Mark Bloomfield

Stifel Nicolaus Europe Limited

Tel: 020 7710 7460