Portfolio Update

HENDERSON INVESTMENT FUNDS LIMITED

HENDERSON VALUE TRUST PLC

Portfolio Update

In accordance with Listing Rule 15.6.8 the Company discloses that as at31 December 2014 it held the following investments in other listed closed-ended investment funds which do not have a stated investment policy to invest no more than 15% of their total assets in other listed closed-ended investment funds:

Holding % of the Company's gross assets

Geiger Counter Limited 0.01

Riverstone Energy 1.28

Henderson Secretarial Services Limited

Corporate Secretary to Henderson Value Trust plc