Result of Tender Offer

HENDERSON INVESTMENT FUNDS LIMITED

HENDERSON ALTERNATIVE STRATEGIES TRUST PLC

26 JANUARY 2017

HENDERSON ALTERNATIVE STRATEGIES TRUST PLC

Result of Tender Offer

The Board of Directors of the Company announced on 28 December 2016 a tender offer for up to 10 per cent. of the Company's shares in issue (the "Tender Offer"), details of which were contained in a circular sent to shareholders on 28 December 2016 (the "Circular").

The Board announces that the Tender Offer was over-subscribed with 78.87 per cent. of the Company's issued share capital being validly tendered. As a result, the Basic Entitlement of all Shareholders who have validly tendered their Shares will be accepted in full and excess tenders will be satisfied to the extent of approximately 1.27 per cent. of the excess Shares tendered.

The fair value cum income net asset value per Share as at the Calculation Date was 321.39 pence per Share. Accordingly, the Tender Price, which has been calculated in accordance with the Circular is 301.3756 pence per Share.

A total of 4,297,626 Shares will be repurchased by the Company under the Tender Offer and cancelled. Following the implementation of the Tender Offer the Company will have 38,678,638 Shares in issue.

It is expected that CREST accounts will be credited with proceeds in respect of successfully tendered Shares and with unsold uncertificated Shares on 30 January 2017. Cheques and balancing certificates in respect of unsold certificated Shares will be dispatched no later than the week commencing 6 February 2017.

Terms used in this announcement shall, unless the context otherwise requires, have the same meaning given to them in the Circular.

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