Result of Tender Offer

HENDERSON INVESTMENT FUNDS LIMITED

HENDERSON VALUE TRUST PLC

24 December 2014

HENDERSON VALUE TRUST PLC

Result of Tender Offer

The Board of Directors of the Company announced on 26 November 2014 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 25 November 2014 (the "Circular").

The Board announces that the Tender Offer was over-subscribed with 74.04 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 1.51 per cent. of the excess Shares tendered.

The fair value cum income net asset value per Share as at the Calculation Date was 279.2792 pence per Share. Accordingly, the Tender Price, which has been calculated in accordance with the Circular is 267.4529 pence per Share.

A total of4,775,140 Shares will be repurchased by the Company under the Tender Offer and cancelled. Following the implementation of the Tender Offer the Company will have 42,976,264 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 6 January 2015 and that cheques and balancing certificates in respect of unsold certificated Shares will be dispatched during the week commencing 12 January 2015.

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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