Strategic Update

HENDERSON INVESTMENT FUNDS LIMITED

HENDERSON GLOBAL TRUST PLC

1 February 2016

HENDERSON GLOBAL TRUST PLC

STRATEGIC UPDATE

The Board of Henderson Global Trust plc ("HGL" or the "Company") has undertaken a strategic review of the Company and its position within the global sector. The Board is aware that there are significant challenges for a company that does not have sufficient scale to remain relevant to investors in the global sector and that opportunities to grow are currently limited. The Company's shares have traded at an average discount of 10.7% over the last 12 months and the Company has been active in buying back shares with 4.2% of the Company's issued share capital repurchased over this period. The ongoing buyback programme has served to mitigate the discount at which the Company's shares trade but has consequently reduced the size of Company, potentially narrowing the pool of investors that can support HGL.

The Board is of the view, following its strategic review and after consultation with the Company's largest shareholders, that the Company's current approach is not sustainable over the longer term. The Board, after consultation with its advisers, has concluded that certain shareholders would prefer access to a global income strategy in the current market environment while others may wish to retain exposure to a global growth strategy. In the light of that, it has examined a number of options which can secure this objective.

The Company has agreed, in principle, the terms of a combination with Henderson International Income Trust plc ("HINT"). HINT follows a global income investment strategy and its shares have traded, on average, at a premium to NAV over the last 12 months. The Board believes that the combination of HGL and HINT would provide HGL shareholders with an investment in a trust with a stronger rating and would create an enlarged entity with sufficient scale to be attractive to a wider pool of investors.

With regard to the global growth option, HGL has agreed, in principle, with the Board of The Bankers Investment Trust plc ("Bankers"), for Bankers to act as an alternative rollover option for shareholders of HGL.

The transaction would be effected by way of a scheme of reconstruction of HGL under section 110 of the Insolvency Act 1986 resulting in the voluntary liquidation of HGL and a roll-over of shares in HGL into HINT with shareholders also being given the option to elect to roll-over into Bankers. The transaction would be subject to shareholder approval.

A circular convening a general meeting to approve the proposals is expected to be sent to HGL shareholders in due course.

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