Statement re Press Article

HENDERSON INVESTMENT FUNDS LIMITEDHENDERSON VALUE TRUST PLC

17 NOVEMBER 2014

HENDERSON VALUE TRUST PLC

Press article relating to forthcoming continuation vote

The Board of Henderson Value Trust plc (the Company or HVTR) notes the article in yesterday's Sunday Telegraph by James Titcomb based on a briefing by Shane Ross who resigned as Chairman of the Company last week. The Board comments as follows:

Along with many other investment trusts HVTR is subject to a periodic continuation vote and the next one for HVTR will be put forward at December's Annual General Meeting. The Company has been subject to some considerable change since the last continuation vote including a switch of both manager and auditor and a newly invigorated Board of Directors. The Board accordingly wished the process relating to its recommendation of the forthcoming continuation vote, which all Board members including Mr Ross supported, to be as thorough as possible.

The review to which Mr Ross refers was one of many parts of that wide ranging process and it contained subjective estimations as to the possible impact of the level of liquidity of HVTR's holdings were the trust to be discontinued, based on a number of assumptions and variables.

It would have been most unusual to publish the details of such a review which in essence simply confirmed that it could take some time to realise holdings already known to be illiquid. No Board member, with the exception of Mr Ross, felt that it would be appropriate to do so and nor did the Board's advisers.

The Company's Annual Results and Notice of Annual General Meeting are expected to be published later this week and the Annual General Meeting to be held on 19 December 2014.

Richard Gubbins, who took over as Chairman of the Company when Shane Ross resigned, comments:

"Recognising that there was a difference of opinion, mainly on presentation, we went to some lengths to adopt a collegiate and consensus driven approach, accommodating as best we could the views of Mr Ross who was in any event due to stand down at the forthcoming AGM. As a Board, we were disappointed that Mr Ross was not prepared to entertain our views and those of our advisers and we were surprised in the circumstances that he chose to resign. I think it is regrettable that Mr Ross as outgoing chairman then chose to brief a journalist on the private deliberations of the Board and its advisers."

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