This announcement contains information that is inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (the "Market Abuse Regulation"). The person responsible for arranging for the release of this announcement on behalf of Henderson European Trust plc is Janus Henderson Secretarial Services UK Limited acting as corporate secretary.

3 February 2025

Henderson European Trust plc

Portfolio management arrangements

The board of Henderson European Trust plc (the "Company") has been notified that the Company's two co-portfolio managers, Tom O'Hara and Jamie Ross, have resigned from Janus Henderson Investors ("JHI").

With effect from today, Robert Schramm-Fuchs and Nick Sheridan, experienced portfolio managers who have worked in JHI's European Equities team since 2014 and 2009 respectively, will assume interim joint responsibility for management of the Company's portfolio. Robert and Nick will be supported by the full breadth of JHI's well-resourced and specialised European Equities team, ensuring continuity of investment management. The Company's approach remains to seek to maximise total return by investing in Europe's "global champions".

The Board will, via Deutsche Numis, be soliciting shareholder views on the strategic direction of the Company, and intends to review the Company's position in light of the feedback received.

In conjunction with the Company's merger transaction completed last year, the Board introduced two new discount management provisions, and subsequently it has been actively operating its share buyback policy with a view to mitigating shareholders' exposure to volatility in the share price discount to NAV. The Board confirms its intent to continue the operation of the share buyback policy and, considering this development, has decided to introduce a target of maintaining a single-digit discount, in normal market conditions, to provide support to the absolute rating of the Company's shares.

A further announcement will be made by the Company in due course.

For further information please contact:

Notes

Robert Schramm-Fuchs

Robert Schramm-Fuchs is a Portfolio Manager on the European Equities Team at Janus Henderson Investors. He is the Portfolio Manager of the Janus Henderson European Focus Fund.  Robert joined Henderson in 2014 as a European equity analyst. Prior to Henderson, he was with Macquarie's global alternative energy and utilities research team from 2010. Before this, he was head of the renewables research team at Commerzbank based in Frankfurt. He also worked with BHF Bank and Independent Research covering the solar sector for nine years. Robert received a Diploma in international management from Friedrich-Schiller University of Jena. He has 20 years of financial industry experience.

Nick Sheridan

Nick Sheridan is a Portfolio Manager on the European Equities and Global Smaller Companies teams at Janus Henderson Investors. He is the Portfolio Manager of the Janus Henderson Horizon Euroland Fund. Nick joined Henderson in 2009 as part of the acquisition of New Star, where he was a portfolio manager for two years. Before New Star, he was a director of European equities at Tilney for six years. He began his fund management career at BWD Rensburg in 1990 and entered the industry as a buy-side analyst at Ashton Tod McLaren in 1986. Nick graduated with a BA degree (Hons) in politics from Liverpool University. He received the Securities Institute Diploma from the Chartered Institute for Securities & Investment and has 39 years of financial industry experience.

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