Henderson Global Trust plc

Update for the half year ended 31 July 2013

Managed by

Financial Summary

Portfolio Analysis as at 31 July 2013

Geographical analysis

% of portfolio

Benchmark index %

Sector analysis

% of portfolio

Benchmark index %

North America 42.9 52.2 Financials 21.8 21.7United Kingdom 22.0 8.2 Consumer discretionary 14.5 11.6Continental Europe 15.4 16.1 Consumer staples 12.5 10.4Pacific Rim 12.7 5.4 Health care 10.7 10.3Japan 6.4 7.9 Energy 9.9 10.0Other 0.6 10.2 Information technology 9.6 11.9

100.0 100.0 Industrials 8.3 10.6Telecommunications services 6.1 4.1Materials 5.6 6.0Utilities 1.0 3.4

100.0 100.0

www.hendersonglobaltrust.com www.hendersonglobaltrust.comTop 20 Investmentsas at 31 July 2013

DividendsThe Company pays dividends on a quarterly basis. A first interim dividend of 2.5p per ordinary share was paid on 1 July 2013. A second interim dividend of 2.5p per ordinary share will be paid on 1 October 2013 to shareholders on the register of members on 13 September 2013. The Company’s shares were quoted ex dividend on 11 September 2013. Based on the number of shares in issue on 13 September 2013, the cost of the dividend will be £992,000.

Company

Main activity

Valuation£’000

% of portfolio

Nestlé Food producers 4,896 3.1Novartis Pharmaceuticals 4,488 2.8HSBC Banks 4,487 2.8Macy’s General retailers 3,985 2.5Japan Tobacco Tobacco 3,675 2.3Wharf Holdings Real estate 3,565 2.2Oracle Software & computer services 3,414 2.1Pfizer Pharmaceuticals 3,375 2.1GlaxoSmithKline Pharmaceuticals 3,368 2.1Singapore Telecom Telecommunications 3,301 2.1BorgWarner Auto parts 3,149 2.0ANZ Banking Banks 3,082 1.9DBS Banks 3,076 1.9Twenty First Century Fox Media 2,990 1.9Royal Dutch Shell Oil & gas producers 2,946 1.8Syngenta Chemicals 2,867 1.8IBM Software & computer services 2,741 1.7Prada Personal goods 2,692 1.7Philip Morris International Tobacco 2,623 1.6Citigroup Banks 2,580 1.620 largest 67,300 42.0

Half year ended

Extract from the Consolidated Statement of Comprehensive Income (unaudited)

31 July 2013

Revenue£’000

31 July 2013

Capital£’000

31 July 2013Total

£’000

31 July 2012Total

£’000

Dividends and other income 3,067 - 3,067 2,836Gains/(losses) on investments - 10,953 10,953 (422)Net exchange gain - 253 253 11Net dealing profit 49 - 49 16Total income 3,116 11,206 14,322 2,441

Expenses, finance costs and taxation

(617) (372) (989) (844)

Net profit/(loss) 2,499 10,834 13,333 1,597Return per ordinary share 6.29p 27.29p 33.58p 4.02p

Extract from the Consolidated Balance Sheet (unaudited)

At 31 July 2013

£’000

At 31 July 2012

£’000

At 31 January 2013

(audited)£’000

Fair value of investments 160,233 133,027 144,608Current assets 2,615 5,860 7,535Current liabilities (515) (413) (1,045)Non-current liabilities (1,000) (1,000) (1,000)Net assets 161,333 137,474 150,098Net asset value per ordinary share 406.6p 345.8p 378.0pOrdinary shares in issue 39,678,381 39,756,123 39,709,691

Total return performance (including dividends reinvested)

2 months%

6 months%

1 year%

3 years%

5 years%

10 years%

Net asset value per share 2.4 9.0 20.8 40.0 61.1 173.4Ordinary share price 4.3 4.0 26.0 27.7 63.0 234.6Benchmark(1) 1.8 11.3 26.1 47.5 62.6 143.1(1) Comprising 50% FTSE All-Share Index and 50% MSCI World Index ex UK (in sterling terms) to 31 May 2013 and the MSCI All Country World Index (in sterling terms, total return) thereafter.Sources: Henderson Global Investors Limited, Morningstar FundData and Thomson Reuters Datastream.

This report is printed on Revive, a paper containing 50% recycled fibre from both pre and post consumer waste and 50% FSC virgin fibre. Pulps used are elemental chlorine free manufactured at a mill accredited with the ISO 14001 environmental management system. The FSC logo identifies products which contain wood from well managed forests certified in accordance with the rules of the Forest Stewardship Council.

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Henderson Global Trust plc 201 BishopsgateLondonEC2M 3AE

H003184/0913

Portfolio Manager’s Review

www.hendersonglobaltrust.comwww.hendersonglobaltrust.comChairman’s StatementHalf year ended 31 July 2013

This Update contains material extracted from the unaudited results of the Group for the half year ended 31 July 2013. The unabridged results for the half year are available on the Company’s website, www.hendersonglobaltrust.com, together with copies of monthly factsheets, annual reports and financial statements, notices of meetings and all other reports and announcements made by the Company.

Equity markets have made progress over the past six months, led by Wall Street, with the S&P Composite Index reaching a new all-time high. However, the background is mixed with emerging economies struggling as more developed economies gradually improve. Corporate balance sheets remain strong and should help support dividends and equity markets but the volatility of currency movements in emerging markets will need to be watched carefully.

www.hendersonglobaltrust.comwww.hendersonglobaltrust.com

ObjectiveThe Company seeks long-term capital growth from a concentrated portfolio of international equities with a secondary objective to increase dividends over the longer term.

Financial HighlightsShareholders’ funds

At 31 July 2013

At 31 January 2013

% Change

Net assets attributable to ordinary shareholders (£’000) 161,333 150,098

Net asset value (“NAV”) per ordinary share: with debt at par(1) 406.6p 378.0p +7.6 with debt at fair value(1) 407.4p 378.8p +7.6Mid-market price per ordinary share 372.8p 363.6p +2.5

Discount(2)

with debt at par(1) 7.4% 3.9% with debt at fair value(1) 7.6% 4.1%

Total return to equity shareholdersHalf year ended

31 July 2013Half year ended

31 July 2012Revenue return after taxation (£'000) 2,499 2,307Capital return after taxation (£'000) 10,834 (710)

13,333 1,597Total return per ordinary shareRevenue 6.29p 5.80pCapital 27.29p (1.78)

33.58p 4.02p

Dividends per ordinary share 5.00p 5.00p

(1) Debt comprises the Company’s cumulative preference stock.(2) Share price discount to the ex-income net asset value per share.Source: Henderson Global Investors Limited

Performance Shareholders approved a change to the investment objective and policy at the annual general meeting in May. This included a switch to a single benchmark, the MSCI All Country World Index (in sterling terms, total return) (“the New Benchmark”) with effect from 1 June 2013. Over the two months since this change the Company’s net asset value (“NAV”) per ordinary share total return (including dividends reinvested) was 2.4% and the share price total return was 4.3% compared to a return of 1.8% from the New Benchmark.

During the half year to 31 July 2013 the NAV per ordinary share total return was 9.0% compared to a total return of 11.3% from a combination of the old benchmark (made up of a composite of 50% FTSE All-Share Index and 50% MSCI World Index ex UK (in sterling terms)) to 31 May 2013 and the New Benchmark thereafter. The share price total return was lower at 4.0% as a result of the discount widening slightly. The average discount (excluding revenue) was 8.2% compared with the sector average of 9.2%.

The Portfolio Manager’s Review provides information on the factors which contributed to the Company’s performance during the period and the changes made to the portfolio following the change in investment policy.

Dividends The Company paid a first interim dividend of 2.5p per share on 2 July 2013 and has declared a second interim dividend of 2.5p per share which will be paid to shareholders on 1 October 2013.

Discount management The Company repurchased 31,310 shares which have been held in treasury. No shares have been bought between the end of the period and the date of this report. The Board remains committed to its policy of reviewing the level of discount in comparison to the Company’s peers and will buy back shares as market conditions allow in order to reduce discount volatility and maintain liquidity in the shares.

Outlook The macro background for equities is mixed. The US leads the developed world in growth although the UK economy is picking up and there are more encouraging signs coming from the Eurozone. On the other hand, emerging economies are suffering from a blend of political problems, slowing growth and currency weakness. At the same time, the prospect of an end to monetary easing in the US and elsewhere has seen short term interest rates reach a two year high which could limit the scope for further revaluation of equities. Corporate earnings are growing, but at a more moderate rate, and corporate balance sheets are robust. Notwithstanding current headwinds, equities are benefitting from strong fund inflows which should continue to support equity markets.

Richard StoneChairman

19 September 2013

World stock-markets made progress during the period under review with the MSCI All Country World Index rising by 5% (in sterling terms, as is all data included within this report), but in football parlance it certainly was a period of two halves while there was a marked divergence in performance between the developed and the developing markets.

In the early part of the year, markets were being consoled by the policy of monetary easing particularly as practised by the US Federal Reserve and the Bank of England. In February, the authorities in Japan announced a comprehensive programme including monetary easing which saw the Japanese yen fall by 11% against the US dollar and the Topix soar by 33%. As a consequence of these activities short term interest rates remained negligible while 10 year bond rates remained at extremely low levels; US 10 year bonds at 1.6%. The low level of interest rates has undoubtedly helped the housing markets of the UK and the US to recover. The impact of a stronger more active housing market in the US on the broader economy has so far been limited, being outweighed by high unemployment and no wage growth. In the UK, however, a more buoyant housing market (boosted by government initiatives) has staved off recession and helped sterling recover somewhat against the US dollar although still down 4% over the period.

While the Japanese authorities were struggling to boost their economy and credit growth, the Chinese authorities were struggling to reconcile curtailing excessive money growth while still maintaining acceptable rates of economic growth. For most of the period growth rates were being revised down but more recent statistics suggest that this process may be coming to an end.

The European authorities continued their efforts to stimulate the banking system and while most of the European economies remained becalmed, they were rewarded with stabilisation of the euro and a decline in bond yields in the more troubled countries.

The benign conditions in the early part of the year saw equity markets move higher, the FTSE 100 Index up 9% and the S&P Composite Index up by 11% respectively in the first three months of the period. It appears that investors were taking money from low/non yielding cash deposits to purchase low risk equities such as consumer staples and utilities. This strategy was vindicated by the

purchase of HJ Heinz in March for US$23bn and as a result lower risk equities unusually outperformed in a rising market. Weak economic numbers from China undermined the resources sector while autos and auto parts were among the few economically sensitive sectors to perform well as US sales offset a slump in European car sales. The gradual rehabilitation of the banking sector saw a strong recovery in banking stocks. During this period, emerging markets such Indonesia and India made good progress, Jakarta, for example was up 18% in sterling terms in the first three months of the period.

The announcement in May that the Federal Reserve was considering ‘tapering’ its programme of monetary stimulus sent shockwaves through the markets. The initial impact was on government bond markets, the US 10 year bond yield rising from 1.6% at the beginning of May to nearly 2.5% by the end of May. Similar moves were seen in the UK gilt market. The main economic impact in the US was to reverse the downward trend in mortgage rates which had been helpful in stabilising the housing market. Elsewhere, however, the effects were more dramatic. In particular, the change in US policy seemed to signal time for ‘risk off’ trades. Emerging markets, especially countries with current account deficits, came under pressure with India, Indonesia and South African currencies under attack. Political instability in a number of countries also affected sentiment. Even relatively stable countries such as Australia and New Zealand saw their erstwhile strong currencies come under pressure.

Equity markets initially ignored the change in emphasis, the FTSE 100 reaching a new high of 6840, but as bonds continued to sell off and emerging markets remained under pressure, equity markets sold off sharply, the FTSE 100 Index falling nearly 12% from late May to late June. Improving economic numbers from the UK and more latterly Europe did provide support for equity markets, particularly as US numbers remained positive. More importantly, developed market equities were supported by funds flowing out of bonds into equities even if emerging markets saw fund outflows. More latterly, however, the corporate earnings season has proven disappointing globally while we have seen increasing tension in the Middle East.

Over the period, the US was the best performing market, the S&P 500 Index up by 17.6% in sterling terms,

although outpaced by small cap, the Russell 2000 up by 21.1%. Despite the fall in the yen, the Topix was still up by 17%. Emerging markets ended the period under, Brazil one of the worst performers down 27% in sterling terms. The FTA All Share Index was up by 6.7% over the period.

ActivityOur activity over the period has been dominated by the impact of the change in our benchmark at the end of May. To recap, the weighting of the UK in our benchmark fell from 50% to 8.3% while the weighting to North America rose from 31.8% to 51.0%. To reflect this change we undertook a low cost programme trade at the end of May to align our portfolio more closely to that of the benchmark. As a result, we either reduced or sold holdings in the UK and either bought or increased holdings in North America. New holdings include Deere, Exxon Mobil, Google, IBM, Lockheed Martin and Occidental.

PerformanceThe benchmark for the Company was changed at the end of May, so performance is being measured on the basis of four months of the old benchmark and two months of the new benchmark. We matched the return of the new benchmark in the last two months of the year although for the period as a whole we underperformed the benchmark, with a net asset value total return of 8.3% against 11.3% for the benchmark. Our underweight position in North America was the biggest detractor to performance. Stock selection in the energy and health care sectors also detracted from performance and the portfolio suffered from being underweight industrial stocks and having a modest amount of cash

OutlookMarket sentiment is currently dominated by events in the Middle East and pressures in emerging markets. The prospect of intervention into Syria has pushed oil prices up to a six month high in US dollar terms which only exacerbates the problems of emerging markets.

Nevertheless, the outlook is far from gloomy. The UK economy is recovering, led by the housing market; the Eurozone economy may be bottoming; July saw new car sales up and while there may be some uncertainty about recent trends the US

economy is still maintaining its momentum. There are signs that the Chinese economy may now be reaching more sustainable levels of growth while the Japanese programme of reform is really just under way with hopefully the full benefits yet to come. Certainly, interest rates do need to revert towards more normalised pre-crisis levels, but at least in the US and the UK that process is well under way and it can be argued that the market has now priced tapering in.

We are however, somewhat cautious. Markets have substantially recovered, the S&P Composite Index at new all-time high levels, although other markets have still a little way to go. As a result, markets are no longer cheap on price/earnings levels, the S&P 500 for example trades on 15 times 2013 estimated earnings. US mortgage rates have backed up by 100 basis points since early May and this may prove a constraint to a further recovery in US housing starts. While employment prospects both in the UK and the US appear to have improved, we are concerned that many of these jobs are either zero hour (UK) or part time (US). We think that this is significant as the authorities in both the UK and the US are looking at unemployment rates to judge when to tighten monetary policy and they may be getting a misleading signal. Finally, while bank balance sheets have certainly improved there is still pressure on banks to further reduce leverage which means either further capital raising (negative for shares) or reducing the size of their balance sheets which may prove negative for economic growth.

Brian O’Neill Henderson Global Investors Limited

19 September 2013

Portfolio Manager’s Review

www.hendersonglobaltrust.comwww.hendersonglobaltrust.comChairman’s StatementHalf year ended 31 July 2013

This Update contains material extracted from the unaudited results of the Group for the half year ended 31 July 2013. The unabridged results for the half year are available on the Company’s website, www.hendersonglobaltrust.com, together with copies of monthly factsheets, annual reports and financial statements, notices of meetings and all other reports and announcements made by the Company.

Equity markets have made progress over the past six months, led by Wall Street, with the S&P Composite Index reaching a new all-time high. However, the background is mixed with emerging economies struggling as more developed economies gradually improve. Corporate balance sheets remain strong and should help support dividends and equity markets but the volatility of currency movements in emerging markets will need to be watched carefully.

www.hendersonglobaltrust.comwww.hendersonglobaltrust.com

ObjectiveThe Company seeks long-term capital growth from a concentrated portfolio of international equities with a secondary objective to increase dividends over the longer term.

Financial HighlightsShareholders’ funds

At 31 July 2013

At 31 January 2013

% Change

Net assets attributable to ordinary shareholders (£’000) 161,333 150,098

Net asset value (“NAV”) per ordinary share: with debt at par(1) 406.6p 378.0p +7.6 with debt at fair value(1) 407.4p 378.8p +7.6Mid-market price per ordinary share 372.8p 363.6p +2.5

Discount(2)

with debt at par(1) 7.4% 3.9% with debt at fair value(1) 7.6% 4.1%

Total return to equity shareholdersHalf year ended

31 July 2013Half year ended

31 July 2012Revenue return after taxation (£'000) 2,499 2,307Capital return after taxation (£'000) 10,834 (710)

13,333 1,597Total return per ordinary shareRevenue 6.29p 5.80pCapital 27.29p (1.78)

33.58p 4.02p

Dividends per ordinary share 5.00p 5.00p

(1) Debt comprises the Company’s cumulative preference stock.(2) Share price discount to the ex-income net asset value per share.Source: Henderson Global Investors Limited

Performance Shareholders approved a change to the investment objective and policy at the annual general meeting in May. This included a switch to a single benchmark, the MSCI All Country World Index (in sterling terms, total return) (“the New Benchmark”) with effect from 1 June 2013. Over the two months since this change the Company’s net asset value (“NAV”) per ordinary share total return (including dividends reinvested) was 2.4% and the share price total return was 4.3% compared to a return of 1.8% from the New Benchmark.

During the half year to 31 July 2013 the NAV per ordinary share total return was 9.0% compared to a total return of 11.3% from a combination of the old benchmark (made up of a composite of 50% FTSE All-Share Index and 50% MSCI World Index ex UK (in sterling terms)) to 31 May 2013 and the New Benchmark thereafter. The share price total return was lower at 4.0% as a result of the discount widening slightly. The average discount (excluding revenue) was 8.2% compared with the sector average of 9.2%.

The Portfolio Manager’s Review provides information on the factors which contributed to the Company’s performance during the period and the changes made to the portfolio following the change in investment policy.

Dividends The Company paid a first interim dividend of 2.5p per share on 2 July 2013 and has declared a second interim dividend of 2.5p per share which will be paid to shareholders on 1 October 2013.

Discount management The Company repurchased 31,310 shares which have been held in treasury. No shares have been bought between the end of the period and the date of this report. The Board remains committed to its policy of reviewing the level of discount in comparison to the Company’s peers and will buy back shares as market conditions allow in order to reduce discount volatility and maintain liquidity in the shares.

Outlook The macro background for equities is mixed. The US leads the developed world in growth although the UK economy is picking up and there are more encouraging signs coming from the Eurozone. On the other hand, emerging economies are suffering from a blend of political problems, slowing growth and currency weakness. At the same time, the prospect of an end to monetary easing in the US and elsewhere has seen short term interest rates reach a two year high which could limit the scope for further revaluation of equities. Corporate earnings are growing, but at a more moderate rate, and corporate balance sheets are robust. Notwithstanding current headwinds, equities are benefitting from strong fund inflows which should continue to support equity markets.

Richard StoneChairman

19 September 2013

World stock-markets made progress during the period under review with the MSCI All Country World Index rising by 5% (in sterling terms, as is all data included within this report), but in football parlance it certainly was a period of two halves while there was a marked divergence in performance between the developed and the developing markets.

In the early part of the year, markets were being consoled by the policy of monetary easing particularly as practised by the US Federal Reserve and the Bank of England. In February, the authorities in Japan announced a comprehensive programme including monetary easing which saw the Japanese yen fall by 11% against the US dollar and the Topix soar by 33%. As a consequence of these activities short term interest rates remained negligible while 10 year bond rates remained at extremely low levels; US 10 year bonds at 1.6%. The low level of interest rates has undoubtedly helped the housing markets of the UK and the US to recover. The impact of a stronger more active housing market in the US on the broader economy has so far been limited, being outweighed by high unemployment and no wage growth. In the UK, however, a more buoyant housing market (boosted by government initiatives) has staved off recession and helped sterling recover somewhat against the US dollar although still down 4% over the period.

While the Japanese authorities were struggling to boost their economy and credit growth, the Chinese authorities were struggling to reconcile curtailing excessive money growth while still maintaining acceptable rates of economic growth. For most of the period growth rates were being revised down but more recent statistics suggest that this process may be coming to an end.

The European authorities continued their efforts to stimulate the banking system and while most of the European economies remained becalmed, they were rewarded with stabilisation of the euro and a decline in bond yields in the more troubled countries.

The benign conditions in the early part of the year saw equity markets move higher, the FTSE 100 Index up 9% and the S&P Composite Index up by 11% respectively in the first three months of the period. It appears that investors were taking money from low/non yielding cash deposits to purchase low risk equities such as consumer staples and utilities. This strategy was vindicated by the

purchase of HJ Heinz in March for US$23bn and as a result lower risk equities unusually outperformed in a rising market. Weak economic numbers from China undermined the resources sector while autos and auto parts were among the few economically sensitive sectors to perform well as US sales offset a slump in European car sales. The gradual rehabilitation of the banking sector saw a strong recovery in banking stocks. During this period, emerging markets such Indonesia and India made good progress, Jakarta, for example was up 18% in sterling terms in the first three months of the period.

The announcement in May that the Federal Reserve was considering ‘tapering’ its programme of monetary stimulus sent shockwaves through the markets. The initial impact was on government bond markets, the US 10 year bond yield rising from 1.6% at the beginning of May to nearly 2.5% by the end of May. Similar moves were seen in the UK gilt market. The main economic impact in the US was to reverse the downward trend in mortgage rates which had been helpful in stabilising the housing market. Elsewhere, however, the effects were more dramatic. In particular, the change in US policy seemed to signal time for ‘risk off’ trades. Emerging markets, especially countries with current account deficits, came under pressure with India, Indonesia and South African currencies under attack. Political instability in a number of countries also affected sentiment. Even relatively stable countries such as Australia and New Zealand saw their erstwhile strong currencies come under pressure.

Equity markets initially ignored the change in emphasis, the FTSE 100 reaching a new high of 6840, but as bonds continued to sell off and emerging markets remained under pressure, equity markets sold off sharply, the FTSE 100 Index falling nearly 12% from late May to late June. Improving economic numbers from the UK and more latterly Europe did provide support for equity markets, particularly as US numbers remained positive. More importantly, developed market equities were supported by funds flowing out of bonds into equities even if emerging markets saw fund outflows. More latterly, however, the corporate earnings season has proven disappointing globally while we have seen increasing tension in the Middle East.

Over the period, the US was the best performing market, the S&P 500 Index up by 17.6% in sterling terms,

although outpaced by small cap, the Russell 2000 up by 21.1%. Despite the fall in the yen, the Topix was still up by 17%. Emerging markets ended the period under, Brazil one of the worst performers down 27% in sterling terms. The FTA All Share Index was up by 6.7% over the period.

ActivityOur activity over the period has been dominated by the impact of the change in our benchmark at the end of May. To recap, the weighting of the UK in our benchmark fell from 50% to 8.3% while the weighting to North America rose from 31.8% to 51.0%. To reflect this change we undertook a low cost programme trade at the end of May to align our portfolio more closely to that of the benchmark. As a result, we either reduced or sold holdings in the UK and either bought or increased holdings in North America. New holdings include Deere, Exxon Mobil, Google, IBM, Lockheed Martin and Occidental.

PerformanceThe benchmark for the Company was changed at the end of May, so performance is being measured on the basis of four months of the old benchmark and two months of the new benchmark. We matched the return of the new benchmark in the last two months of the year although for the period as a whole we underperformed the benchmark, with a net asset value total return of 8.3% against 11.3% for the benchmark. Our underweight position in North America was the biggest detractor to performance. Stock selection in the energy and health care sectors also detracted from performance and the portfolio suffered from being underweight industrial stocks and having a modest amount of cash

OutlookMarket sentiment is currently dominated by events in the Middle East and pressures in emerging markets. The prospect of intervention into Syria has pushed oil prices up to a six month high in US dollar terms which only exacerbates the problems of emerging markets.

Nevertheless, the outlook is far from gloomy. The UK economy is recovering, led by the housing market; the Eurozone economy may be bottoming; July saw new car sales up and while there may be some uncertainty about recent trends the US

economy is still maintaining its momentum. There are signs that the Chinese economy may now be reaching more sustainable levels of growth while the Japanese programme of reform is really just under way with hopefully the full benefits yet to come. Certainly, interest rates do need to revert towards more normalised pre-crisis levels, but at least in the US and the UK that process is well under way and it can be argued that the market has now priced tapering in.

We are however, somewhat cautious. Markets have substantially recovered, the S&P Composite Index at new all-time high levels, although other markets have still a little way to go. As a result, markets are no longer cheap on price/earnings levels, the S&P 500 for example trades on 15 times 2013 estimated earnings. US mortgage rates have backed up by 100 basis points since early May and this may prove a constraint to a further recovery in US housing starts. While employment prospects both in the UK and the US appear to have improved, we are concerned that many of these jobs are either zero hour (UK) or part time (US). We think that this is significant as the authorities in both the UK and the US are looking at unemployment rates to judge when to tighten monetary policy and they may be getting a misleading signal. Finally, while bank balance sheets have certainly improved there is still pressure on banks to further reduce leverage which means either further capital raising (negative for shares) or reducing the size of their balance sheets which may prove negative for economic growth.

Brian O’Neill Henderson Global Investors Limited

19 September 2013

Portfolio Manager’s Review

www.hendersonglobaltrust.comwww.hendersonglobaltrust.comChairman’s StatementHalf year ended 31 July 2013

This Update contains material extracted from the unaudited results of the Group for the half year ended 31 July 2013. The unabridged results for the half year are available on the Company’s website, www.hendersonglobaltrust.com, together with copies of monthly factsheets, annual reports and financial statements, notices of meetings and all other reports and announcements made by the Company.

Equity markets have made progress over the past six months, led by Wall Street, with the S&P Composite Index reaching a new all-time high. However, the background is mixed with emerging economies struggling as more developed economies gradually improve. Corporate balance sheets remain strong and should help support dividends and equity markets but the volatility of currency movements in emerging markets will need to be watched carefully.

www.hendersonglobaltrust.comwww.hendersonglobaltrust.com

ObjectiveThe Company seeks long-term capital growth from a concentrated portfolio of international equities with a secondary objective to increase dividends over the longer term.

Financial HighlightsShareholders’ funds

At 31 July 2013

At 31 January 2013

% Change

Net assets attributable to ordinary shareholders (£’000) 161,333 150,098

Net asset value (“NAV”) per ordinary share: with debt at par(1) 406.6p 378.0p +7.6 with debt at fair value(1) 407.4p 378.8p +7.6Mid-market price per ordinary share 372.8p 363.6p +2.5

Discount(2)

with debt at par(1) 7.4% 3.9% with debt at fair value(1) 7.6% 4.1%

Total return to equity shareholdersHalf year ended

31 July 2013Half year ended

31 July 2012Revenue return after taxation (£'000) 2,499 2,307Capital return after taxation (£'000) 10,834 (710)

13,333 1,597Total return per ordinary shareRevenue 6.29p 5.80pCapital 27.29p (1.78)

33.58p 4.02p

Dividends per ordinary share 5.00p 5.00p

(1) Debt comprises the Company’s cumulative preference stock.(2) Share price discount to the ex-income net asset value per share.Source: Henderson Global Investors Limited

Performance Shareholders approved a change to the investment objective and policy at the annual general meeting in May. This included a switch to a single benchmark, the MSCI All Country World Index (in sterling terms, total return) (“the New Benchmark”) with effect from 1 June 2013. Over the two months since this change the Company’s net asset value (“NAV”) per ordinary share total return (including dividends reinvested) was 2.4% and the share price total return was 4.3% compared to a return of 1.8% from the New Benchmark.

During the half year to 31 July 2013 the NAV per ordinary share total return was 9.0% compared to a total return of 11.3% from a combination of the old benchmark (made up of a composite of 50% FTSE All-Share Index and 50% MSCI World Index ex UK (in sterling terms)) to 31 May 2013 and the New Benchmark thereafter. The share price total return was lower at 4.0% as a result of the discount widening slightly. The average discount (excluding revenue) was 8.2% compared with the sector average of 9.2%.

The Portfolio Manager’s Review provides information on the factors which contributed to the Company’s performance during the period and the changes made to the portfolio following the change in investment policy.

Dividends The Company paid a first interim dividend of 2.5p per share on 2 July 2013 and has declared a second interim dividend of 2.5p per share which will be paid to shareholders on 1 October 2013.

Discount management The Company repurchased 31,310 shares which have been held in treasury. No shares have been bought between the end of the period and the date of this report. The Board remains committed to its policy of reviewing the level of discount in comparison to the Company’s peers and will buy back shares as market conditions allow in order to reduce discount volatility and maintain liquidity in the shares.

Outlook The macro background for equities is mixed. The US leads the developed world in growth although the UK economy is picking up and there are more encouraging signs coming from the Eurozone. On the other hand, emerging economies are suffering from a blend of political problems, slowing growth and currency weakness. At the same time, the prospect of an end to monetary easing in the US and elsewhere has seen short term interest rates reach a two year high which could limit the scope for further revaluation of equities. Corporate earnings are growing, but at a more moderate rate, and corporate balance sheets are robust. Notwithstanding current headwinds, equities are benefitting from strong fund inflows which should continue to support equity markets.

Richard StoneChairman

19 September 2013

World stock-markets made progress during the period under review with the MSCI All Country World Index rising by 5% (in sterling terms, as is all data included within this report), but in football parlance it certainly was a period of two halves while there was a marked divergence in performance between the developed and the developing markets.

In the early part of the year, markets were being consoled by the policy of monetary easing particularly as practised by the US Federal Reserve and the Bank of England. In February, the authorities in Japan announced a comprehensive programme including monetary easing which saw the Japanese yen fall by 11% against the US dollar and the Topix soar by 33%. As a consequence of these activities short term interest rates remained negligible while 10 year bond rates remained at extremely low levels; US 10 year bonds at 1.6%. The low level of interest rates has undoubtedly helped the housing markets of the UK and the US to recover. The impact of a stronger more active housing market in the US on the broader economy has so far been limited, being outweighed by high unemployment and no wage growth. In the UK, however, a more buoyant housing market (boosted by government initiatives) has staved off recession and helped sterling recover somewhat against the US dollar although still down 4% over the period.

While the Japanese authorities were struggling to boost their economy and credit growth, the Chinese authorities were struggling to reconcile curtailing excessive money growth while still maintaining acceptable rates of economic growth. For most of the period growth rates were being revised down but more recent statistics suggest that this process may be coming to an end.

The European authorities continued their efforts to stimulate the banking system and while most of the European economies remained becalmed, they were rewarded with stabilisation of the euro and a decline in bond yields in the more troubled countries.

The benign conditions in the early part of the year saw equity markets move higher, the FTSE 100 Index up 9% and the S&P Composite Index up by 11% respectively in the first three months of the period. It appears that investors were taking money from low/non yielding cash deposits to purchase low risk equities such as consumer staples and utilities. This strategy was vindicated by the

purchase of HJ Heinz in March for US$23bn and as a result lower risk equities unusually outperformed in a rising market. Weak economic numbers from China undermined the resources sector while autos and auto parts were among the few economically sensitive sectors to perform well as US sales offset a slump in European car sales. The gradual rehabilitation of the banking sector saw a strong recovery in banking stocks. During this period, emerging markets such Indonesia and India made good progress, Jakarta, for example was up 18% in sterling terms in the first three months of the period.

The announcement in May that the Federal Reserve was considering ‘tapering’ its programme of monetary stimulus sent shockwaves through the markets. The initial impact was on government bond markets, the US 10 year bond yield rising from 1.6% at the beginning of May to nearly 2.5% by the end of May. Similar moves were seen in the UK gilt market. The main economic impact in the US was to reverse the downward trend in mortgage rates which had been helpful in stabilising the housing market. Elsewhere, however, the effects were more dramatic. In particular, the change in US policy seemed to signal time for ‘risk off’ trades. Emerging markets, especially countries with current account deficits, came under pressure with India, Indonesia and South African currencies under attack. Political instability in a number of countries also affected sentiment. Even relatively stable countries such as Australia and New Zealand saw their erstwhile strong currencies come under pressure.

Equity markets initially ignored the change in emphasis, the FTSE 100 reaching a new high of 6840, but as bonds continued to sell off and emerging markets remained under pressure, equity markets sold off sharply, the FTSE 100 Index falling nearly 12% from late May to late June. Improving economic numbers from the UK and more latterly Europe did provide support for equity markets, particularly as US numbers remained positive. More importantly, developed market equities were supported by funds flowing out of bonds into equities even if emerging markets saw fund outflows. More latterly, however, the corporate earnings season has proven disappointing globally while we have seen increasing tension in the Middle East.

Over the period, the US was the best performing market, the S&P 500 Index up by 17.6% in sterling terms,

although outpaced by small cap, the Russell 2000 up by 21.1%. Despite the fall in the yen, the Topix was still up by 17%. Emerging markets ended the period under, Brazil one of the worst performers down 27% in sterling terms. The FTA All Share Index was up by 6.7% over the period.

ActivityOur activity over the period has been dominated by the impact of the change in our benchmark at the end of May. To recap, the weighting of the UK in our benchmark fell from 50% to 8.3% while the weighting to North America rose from 31.8% to 51.0%. To reflect this change we undertook a low cost programme trade at the end of May to align our portfolio more closely to that of the benchmark. As a result, we either reduced or sold holdings in the UK and either bought or increased holdings in North America. New holdings include Deere, Exxon Mobil, Google, IBM, Lockheed Martin and Occidental.

PerformanceThe benchmark for the Company was changed at the end of May, so performance is being measured on the basis of four months of the old benchmark and two months of the new benchmark. We matched the return of the new benchmark in the last two months of the year although for the period as a whole we underperformed the benchmark, with a net asset value total return of 8.3% against 11.3% for the benchmark. Our underweight position in North America was the biggest detractor to performance. Stock selection in the energy and health care sectors also detracted from performance and the portfolio suffered from being underweight industrial stocks and having a modest amount of cash

OutlookMarket sentiment is currently dominated by events in the Middle East and pressures in emerging markets. The prospect of intervention into Syria has pushed oil prices up to a six month high in US dollar terms which only exacerbates the problems of emerging markets.

Nevertheless, the outlook is far from gloomy. The UK economy is recovering, led by the housing market; the Eurozone economy may be bottoming; July saw new car sales up and while there may be some uncertainty about recent trends the US

economy is still maintaining its momentum. There are signs that the Chinese economy may now be reaching more sustainable levels of growth while the Japanese programme of reform is really just under way with hopefully the full benefits yet to come. Certainly, interest rates do need to revert towards more normalised pre-crisis levels, but at least in the US and the UK that process is well under way and it can be argued that the market has now priced tapering in.

We are however, somewhat cautious. Markets have substantially recovered, the S&P Composite Index at new all-time high levels, although other markets have still a little way to go. As a result, markets are no longer cheap on price/earnings levels, the S&P 500 for example trades on 15 times 2013 estimated earnings. US mortgage rates have backed up by 100 basis points since early May and this may prove a constraint to a further recovery in US housing starts. While employment prospects both in the UK and the US appear to have improved, we are concerned that many of these jobs are either zero hour (UK) or part time (US). We think that this is significant as the authorities in both the UK and the US are looking at unemployment rates to judge when to tighten monetary policy and they may be getting a misleading signal. Finally, while bank balance sheets have certainly improved there is still pressure on banks to further reduce leverage which means either further capital raising (negative for shares) or reducing the size of their balance sheets which may prove negative for economic growth.

Brian O’Neill Henderson Global Investors Limited

19 September 2013

Portfolio Manager’s Review

www.hendersonglobaltrust.comwww.hendersonglobaltrust.comChairman’s StatementHalf year ended 31 July 2013

This Update contains material extracted from the unaudited results of the Group for the half year ended 31 July 2013. The unabridged results for the half year are available on the Company’s website, www.hendersonglobaltrust.com, together with copies of monthly factsheets, annual reports and financial statements, notices of meetings and all other reports and announcements made by the Company.

Equity markets have made progress over the past six months, led by Wall Street, with the S&P Composite Index reaching a new all-time high. However, the background is mixed with emerging economies struggling as more developed economies gradually improve. Corporate balance sheets remain strong and should help support dividends and equity markets but the volatility of currency movements in emerging markets will need to be watched carefully.

www.hendersonglobaltrust.comwww.hendersonglobaltrust.com

ObjectiveThe Company seeks long-term capital growth from a concentrated portfolio of international equities with a secondary objective to increase dividends over the longer term.

Financial HighlightsShareholders’ funds

At 31 July 2013

At 31 January 2013

% Change

Net assets attributable to ordinary shareholders (£’000) 161,333 150,098

Net asset value (“NAV”) per ordinary share: with debt at par(1) 406.6p 378.0p +7.6 with debt at fair value(1) 407.4p 378.8p +7.6Mid-market price per ordinary share 372.8p 363.6p +2.5

Discount(2)

with debt at par(1) 7.4% 3.9% with debt at fair value(1) 7.6% 4.1%

Total return to equity shareholdersHalf year ended

31 July 2013Half year ended

31 July 2012Revenue return after taxation (£'000) 2,499 2,307Capital return after taxation (£'000) 10,834 (710)

13,333 1,597Total return per ordinary shareRevenue 6.29p 5.80pCapital 27.29p (1.78)

33.58p 4.02p

Dividends per ordinary share 5.00p 5.00p

(1) Debt comprises the Company’s cumulative preference stock.(2) Share price discount to the ex-income net asset value per share.Source: Henderson Global Investors Limited

Performance Shareholders approved a change to the investment objective and policy at the annual general meeting in May. This included a switch to a single benchmark, the MSCI All Country World Index (in sterling terms, total return) (“the New Benchmark”) with effect from 1 June 2013. Over the two months since this change the Company’s net asset value (“NAV”) per ordinary share total return (including dividends reinvested) was 2.4% and the share price total return was 4.3% compared to a return of 1.8% from the New Benchmark.

During the half year to 31 July 2013 the NAV per ordinary share total return was 9.0% compared to a total return of 11.3% from a combination of the old benchmark (made up of a composite of 50% FTSE All-Share Index and 50% MSCI World Index ex UK (in sterling terms)) to 31 May 2013 and the New Benchmark thereafter. The share price total return was lower at 4.0% as a result of the discount widening slightly. The average discount (excluding revenue) was 8.2% compared with the sector average of 9.2%.

The Portfolio Manager’s Review provides information on the factors which contributed to the Company’s performance during the period and the changes made to the portfolio following the change in investment policy.

Dividends The Company paid a first interim dividend of 2.5p per share on 2 July 2013 and has declared a second interim dividend of 2.5p per share which will be paid to shareholders on 1 October 2013.

Discount management The Company repurchased 31,310 shares which have been held in treasury. No shares have been bought between the end of the period and the date of this report. The Board remains committed to its policy of reviewing the level of discount in comparison to the Company’s peers and will buy back shares as market conditions allow in order to reduce discount volatility and maintain liquidity in the shares.

Outlook The macro background for equities is mixed. The US leads the developed world in growth although the UK economy is picking up and there are more encouraging signs coming from the Eurozone. On the other hand, emerging economies are suffering from a blend of political problems, slowing growth and currency weakness. At the same time, the prospect of an end to monetary easing in the US and elsewhere has seen short term interest rates reach a two year high which could limit the scope for further revaluation of equities. Corporate earnings are growing, but at a more moderate rate, and corporate balance sheets are robust. Notwithstanding current headwinds, equities are benefitting from strong fund inflows which should continue to support equity markets.

Richard StoneChairman

19 September 2013

World stock-markets made progress during the period under review with the MSCI All Country World Index rising by 5% (in sterling terms, as is all data included within this report), but in football parlance it certainly was a period of two halves while there was a marked divergence in performance between the developed and the developing markets.

In the early part of the year, markets were being consoled by the policy of monetary easing particularly as practised by the US Federal Reserve and the Bank of England. In February, the authorities in Japan announced a comprehensive programme including monetary easing which saw the Japanese yen fall by 11% against the US dollar and the Topix soar by 33%. As a consequence of these activities short term interest rates remained negligible while 10 year bond rates remained at extremely low levels; US 10 year bonds at 1.6%. The low level of interest rates has undoubtedly helped the housing markets of the UK and the US to recover. The impact of a stronger more active housing market in the US on the broader economy has so far been limited, being outweighed by high unemployment and no wage growth. In the UK, however, a more buoyant housing market (boosted by government initiatives) has staved off recession and helped sterling recover somewhat against the US dollar although still down 4% over the period.

While the Japanese authorities were struggling to boost their economy and credit growth, the Chinese authorities were struggling to reconcile curtailing excessive money growth while still maintaining acceptable rates of economic growth. For most of the period growth rates were being revised down but more recent statistics suggest that this process may be coming to an end.

The European authorities continued their efforts to stimulate the banking system and while most of the European economies remained becalmed, they were rewarded with stabilisation of the euro and a decline in bond yields in the more troubled countries.

The benign conditions in the early part of the year saw equity markets move higher, the FTSE 100 Index up 9% and the S&P Composite Index up by 11% respectively in the first three months of the period. It appears that investors were taking money from low/non yielding cash deposits to purchase low risk equities such as consumer staples and utilities. This strategy was vindicated by the

purchase of HJ Heinz in March for US$23bn and as a result lower risk equities unusually outperformed in a rising market. Weak economic numbers from China undermined the resources sector while autos and auto parts were among the few economically sensitive sectors to perform well as US sales offset a slump in European car sales. The gradual rehabilitation of the banking sector saw a strong recovery in banking stocks. During this period, emerging markets such Indonesia and India made good progress, Jakarta, for example was up 18% in sterling terms in the first three months of the period.

The announcement in May that the Federal Reserve was considering ‘tapering’ its programme of monetary stimulus sent shockwaves through the markets. The initial impact was on government bond markets, the US 10 year bond yield rising from 1.6% at the beginning of May to nearly 2.5% by the end of May. Similar moves were seen in the UK gilt market. The main economic impact in the US was to reverse the downward trend in mortgage rates which had been helpful in stabilising the housing market. Elsewhere, however, the effects were more dramatic. In particular, the change in US policy seemed to signal time for ‘risk off’ trades. Emerging markets, especially countries with current account deficits, came under pressure with India, Indonesia and South African currencies under attack. Political instability in a number of countries also affected sentiment. Even relatively stable countries such as Australia and New Zealand saw their erstwhile strong currencies come under pressure.

Equity markets initially ignored the change in emphasis, the FTSE 100 reaching a new high of 6840, but as bonds continued to sell off and emerging markets remained under pressure, equity markets sold off sharply, the FTSE 100 Index falling nearly 12% from late May to late June. Improving economic numbers from the UK and more latterly Europe did provide support for equity markets, particularly as US numbers remained positive. More importantly, developed market equities were supported by funds flowing out of bonds into equities even if emerging markets saw fund outflows. More latterly, however, the corporate earnings season has proven disappointing globally while we have seen increasing tension in the Middle East.

Over the period, the US was the best performing market, the S&P 500 Index up by 17.6% in sterling terms,

although outpaced by small cap, the Russell 2000 up by 21.1%. Despite the fall in the yen, the Topix was still up by 17%. Emerging markets ended the period under, Brazil one of the worst performers down 27% in sterling terms. The FTA All Share Index was up by 6.7% over the period.

ActivityOur activity over the period has been dominated by the impact of the change in our benchmark at the end of May. To recap, the weighting of the UK in our benchmark fell from 50% to 8.3% while the weighting to North America rose from 31.8% to 51.0%. To reflect this change we undertook a low cost programme trade at the end of May to align our portfolio more closely to that of the benchmark. As a result, we either reduced or sold holdings in the UK and either bought or increased holdings in North America. New holdings include Deere, Exxon Mobil, Google, IBM, Lockheed Martin and Occidental.

PerformanceThe benchmark for the Company was changed at the end of May, so performance is being measured on the basis of four months of the old benchmark and two months of the new benchmark. We matched the return of the new benchmark in the last two months of the year although for the period as a whole we underperformed the benchmark, with a net asset value total return of 8.3% against 11.3% for the benchmark. Our underweight position in North America was the biggest detractor to performance. Stock selection in the energy and health care sectors also detracted from performance and the portfolio suffered from being underweight industrial stocks and having a modest amount of cash

OutlookMarket sentiment is currently dominated by events in the Middle East and pressures in emerging markets. The prospect of intervention into Syria has pushed oil prices up to a six month high in US dollar terms which only exacerbates the problems of emerging markets.

Nevertheless, the outlook is far from gloomy. The UK economy is recovering, led by the housing market; the Eurozone economy may be bottoming; July saw new car sales up and while there may be some uncertainty about recent trends the US

economy is still maintaining its momentum. There are signs that the Chinese economy may now be reaching more sustainable levels of growth while the Japanese programme of reform is really just under way with hopefully the full benefits yet to come. Certainly, interest rates do need to revert towards more normalised pre-crisis levels, but at least in the US and the UK that process is well under way and it can be argued that the market has now priced tapering in.

We are however, somewhat cautious. Markets have substantially recovered, the S&P Composite Index at new all-time high levels, although other markets have still a little way to go. As a result, markets are no longer cheap on price/earnings levels, the S&P 500 for example trades on 15 times 2013 estimated earnings. US mortgage rates have backed up by 100 basis points since early May and this may prove a constraint to a further recovery in US housing starts. While employment prospects both in the UK and the US appear to have improved, we are concerned that many of these jobs are either zero hour (UK) or part time (US). We think that this is significant as the authorities in both the UK and the US are looking at unemployment rates to judge when to tighten monetary policy and they may be getting a misleading signal. Finally, while bank balance sheets have certainly improved there is still pressure on banks to further reduce leverage which means either further capital raising (negative for shares) or reducing the size of their balance sheets which may prove negative for economic growth.

Brian O’Neill Henderson Global Investors Limited

19 September 2013

Henderson Global Trust plc

Update for the half year ended 31 July 2013

Managed by

Financial Summary

Portfolio Analysis as at 31 July 2013

Geographical analysis

% of portfolio

Benchmark index %

Sector analysis

% of portfolio

Benchmark index %

North America 42.9 52.2 Financials 21.8 21.7United Kingdom 22.0 8.2 Consumer discretionary 14.5 11.6Continental Europe 15.4 16.1 Consumer staples 12.5 10.4Pacific Rim 12.7 5.4 Health care 10.7 10.3Japan 6.4 7.9 Energy 9.9 10.0Other 0.6 10.2 Information technology 9.6 11.9

100.0 100.0 Industrials 8.3 10.6Telecommunications services 6.1 4.1Materials 5.6 6.0Utilities 1.0 3.4

100.0 100.0

www.hendersonglobaltrust.com www.hendersonglobaltrust.comTop 20 Investmentsas at 31 July 2013

DividendsThe Company pays dividends on a quarterly basis. A first interim dividend of 2.5p per ordinary share was paid on 1 July 2013. A second interim dividend of 2.5p per ordinary share will be paid on 1 October 2013 to shareholders on the register of members on 13 September 2013. The Company’s shares were quoted ex dividend on 11 September 2013. Based on the number of shares in issue on 13 September 2013, the cost of the dividend will be £992,000.

Company

Main activity

Valuation£’000

% of portfolio

Nestlé Food producers 4,896 3.1Novartis Pharmaceuticals 4,488 2.8HSBC Banks 4,487 2.8Macy’s General retailers 3,985 2.5Japan Tobacco Tobacco 3,675 2.3Wharf Holdings Real estate 3,565 2.2Oracle Software & computer services 3,414 2.1Pfizer Pharmaceuticals 3,375 2.1GlaxoSmithKline Pharmaceuticals 3,368 2.1Singapore Telecom Telecommunications 3,301 2.1BorgWarner Auto parts 3,149 2.0ANZ Banking Banks 3,082 1.9DBS Banks 3,076 1.9Twenty First Century Fox Media 2,990 1.9Royal Dutch Shell Oil & gas producers 2,946 1.8Syngenta Chemicals 2,867 1.8IBM Software & computer services 2,741 1.7Prada Personal goods 2,692 1.7Philip Morris International Tobacco 2,623 1.6Citigroup Banks 2,580 1.620 largest 67,300 42.0

Half year ended

Extract from the Consolidated Statement of Comprehensive Income (unaudited)

31 July 2013

Revenue£’000

31 July 2013

Capital£’000

31 July 2013Total

£’000

31 July 2012Total

£’000

Dividends and other income 3,067 - 3,067 2,836Gains/(losses) on investments - 10,953 10,953 (422)Net exchange gain - 253 253 11Net dealing profit 49 - 49 16Total income 3,116 11,206 14,322 2,441

Expenses, finance costs and taxation

(617) (372) (989) (844)

Net profit/(loss) 2,499 10,834 13,333 1,597Return per ordinary share 6.29p 27.29p 33.58p 4.02p

Extract from the Consolidated Balance Sheet (unaudited)

At 31 July 2013

£’000

At 31 July 2012

£’000

At 31 January 2013

(audited)£’000

Fair value of investments 160,233 133,027 144,608Current assets 2,615 5,860 7,535Current liabilities (515) (413) (1,045)Non-current liabilities (1,000) (1,000) (1,000)Net assets 161,333 137,474 150,098Net asset value per ordinary share 406.6p 345.8p 378.0pOrdinary shares in issue 39,678,381 39,756,123 39,709,691

Total return performance (including dividends reinvested)

2 months%

6 months%

1 year%

3 years%

5 years%

10 years%

Net asset value per share 2.4 9.0 20.8 40.0 61.1 173.4Ordinary share price 4.3 4.0 26.0 27.7 63.0 234.6Benchmark(1) 1.8 11.3 26.1 47.5 62.6 143.1(1) Comprising 50% FTSE All-Share Index and 50% MSCI World Index ex UK (in sterling terms) to 31 May 2013 and the MSCI All Country World Index (in sterling terms, total return) thereafter.Sources: Henderson Global Investors Limited, Morningstar FundData and Thomson Reuters Datastream.

This report is printed on Revive, a paper containing 50% recycled fibre from both pre and post consumer waste and 50% FSC virgin fibre. Pulps used are elemental chlorine free manufactured at a mill accredited with the ISO 14001 environmental management system. The FSC logo identifies products which contain wood from well managed forests certified in accordance with the rules of the Forest Stewardship Council.

If undelivered please return to the above address

Printed by Leycol, London

Henderson Global Trust plc 201 BishopsgateLondonEC2M 3AE

H003184/0913

Henderson Global Trust plc

Update for the half year ended 31 July 2013

Managed by

Financial Summary

Portfolio Analysis as at 31 July 2013

Geographical analysis

% of portfolio

Benchmark index %

Sector analysis

% of portfolio

Benchmark index %

North America 42.9 52.2 Financials 21.8 21.7United Kingdom 22.0 8.2 Consumer discretionary 14.5 11.6Continental Europe 15.4 16.1 Consumer staples 12.5 10.4Pacific Rim 12.7 5.4 Health care 10.7 10.3Japan 6.4 7.9 Energy 9.9 10.0Other 0.6 10.2 Information technology 9.6 11.9

100.0 100.0 Industrials 8.3 10.6Telecommunications services 6.1 4.1Materials 5.6 6.0Utilities 1.0 3.4

100.0 100.0

www.hendersonglobaltrust.com www.hendersonglobaltrust.comTop 20 Investmentsas at 31 July 2013

DividendsThe Company pays dividends on a quarterly basis. A first interim dividend of 2.5p per ordinary share was paid on 1 July 2013. A second interim dividend of 2.5p per ordinary share will be paid on 1 October 2013 to shareholders on the register of members on 13 September 2013. The Company’s shares were quoted ex dividend on 11 September 2013. Based on the number of shares in issue on 13 September 2013, the cost of the dividend will be £992,000.

Company

Main activity

Valuation£’000

% of portfolio

Nestlé Food producers 4,896 3.1Novartis Pharmaceuticals 4,488 2.8HSBC Banks 4,487 2.8Macy’s General retailers 3,985 2.5Japan Tobacco Tobacco 3,675 2.3Wharf Holdings Real estate 3,565 2.2Oracle Software & computer services 3,414 2.1Pfizer Pharmaceuticals 3,375 2.1GlaxoSmithKline Pharmaceuticals 3,368 2.1Singapore Telecom Telecommunications 3,301 2.1BorgWarner Auto parts 3,149 2.0ANZ Banking Banks 3,082 1.9DBS Banks 3,076 1.9Twenty First Century Fox Media 2,990 1.9Royal Dutch Shell Oil & gas producers 2,946 1.8Syngenta Chemicals 2,867 1.8IBM Software & computer services 2,741 1.7Prada Personal goods 2,692 1.7Philip Morris International Tobacco 2,623 1.6Citigroup Banks 2,580 1.620 largest 67,300 42.0

Half year ended

Extract from the Consolidated Statement of Comprehensive Income (unaudited)

31 July 2013

Revenue£’000

31 July 2013

Capital£’000

31 July 2013Total

£’000

31 July 2012Total

£’000

Dividends and other income 3,067 - 3,067 2,836Gains/(losses) on investments - 10,953 10,953 (422)Net exchange gain - 253 253 11Net dealing profit 49 - 49 16Total income 3,116 11,206 14,322 2,441

Expenses, finance costs and taxation

(617) (372) (989) (844)

Net profit/(loss) 2,499 10,834 13,333 1,597Return per ordinary share 6.29p 27.29p 33.58p 4.02p

Extract from the Consolidated Balance Sheet (unaudited)

At 31 July 2013

£’000

At 31 July 2012

£’000

At 31 January 2013

(audited)£’000

Fair value of investments 160,233 133,027 144,608Current assets 2,615 5,860 7,535Current liabilities (515) (413) (1,045)Non-current liabilities (1,000) (1,000) (1,000)Net assets 161,333 137,474 150,098Net asset value per ordinary share 406.6p 345.8p 378.0pOrdinary shares in issue 39,678,381 39,756,123 39,709,691

Total return performance (including dividends reinvested)

2 months%

6 months%

1 year%

3 years%

5 years%

10 years%

Net asset value per share 2.4 9.0 20.8 40.0 61.1 173.4Ordinary share price 4.3 4.0 26.0 27.7 63.0 234.6Benchmark(1) 1.8 11.3 26.1 47.5 62.6 143.1(1) Comprising 50% FTSE All-Share Index and 50% MSCI World Index ex UK (in sterling terms) to 31 May 2013 and the MSCI All Country World Index (in sterling terms, total return) thereafter.Sources: Henderson Global Investors Limited, Morningstar FundData and Thomson Reuters Datastream.

This report is printed on Revive, a paper containing 50% recycled fibre from both pre and post consumer waste and 50% FSC virgin fibre. Pulps used are elemental chlorine free manufactured at a mill accredited with the ISO 14001 environmental management system. The FSC logo identifies products which contain wood from well managed forests certified in accordance with the rules of the Forest Stewardship Council.

If undelivered please return to the above address

Printed by Leycol, London

Henderson Global Trust plc 201 BishopsgateLondonEC2M 3AE

H003184/0913

Henderson Global Trust plc

Update for the half year ended 31 July 2013

Managed by

Financial Summary

Portfolio Analysis as at 31 July 2013

Geographical analysis

% of portfolio

Benchmark index %

Sector analysis

% of portfolio

Benchmark index %

North America 42.9 52.2 Financials 21.8 21.7United Kingdom 22.0 8.2 Consumer discretionary 14.5 11.6Continental Europe 15.4 16.1 Consumer staples 12.5 10.4Pacific Rim 12.7 5.4 Health care 10.7 10.3Japan 6.4 7.9 Energy 9.9 10.0Other 0.6 10.2 Information technology 9.6 11.9

100.0 100.0 Industrials 8.3 10.6Telecommunications services 6.1 4.1Materials 5.6 6.0Utilities 1.0 3.4

100.0 100.0

www.hendersonglobaltrust.com www.hendersonglobaltrust.comTop 20 Investmentsas at 31 July 2013

DividendsThe Company pays dividends on a quarterly basis. A first interim dividend of 2.5p per ordinary share was paid on 1 July 2013. A second interim dividend of 2.5p per ordinary share will be paid on 1 October 2013 to shareholders on the register of members on 13 September 2013. The Company’s shares were quoted ex dividend on 11 September 2013. Based on the number of shares in issue on 13 September 2013, the cost of the dividend will be £992,000.

Company

Main activity

Valuation£’000

% of portfolio

Nestlé Food producers 4,896 3.1Novartis Pharmaceuticals 4,488 2.8HSBC Banks 4,487 2.8Macy’s General retailers 3,985 2.5Japan Tobacco Tobacco 3,675 2.3Wharf Holdings Real estate 3,565 2.2Oracle Software & computer services 3,414 2.1Pfizer Pharmaceuticals 3,375 2.1GlaxoSmithKline Pharmaceuticals 3,368 2.1Singapore Telecom Telecommunications 3,301 2.1BorgWarner Auto parts 3,149 2.0ANZ Banking Banks 3,082 1.9DBS Banks 3,076 1.9Twenty First Century Fox Media 2,990 1.9Royal Dutch Shell Oil & gas producers 2,946 1.8Syngenta Chemicals 2,867 1.8IBM Software & computer services 2,741 1.7Prada Personal goods 2,692 1.7Philip Morris International Tobacco 2,623 1.6Citigroup Banks 2,580 1.620 largest 67,300 42.0

Half year ended

Extract from the Consolidated Statement of Comprehensive Income (unaudited)

31 July 2013

Revenue£’000

31 July 2013

Capital£’000

31 July 2013Total

£’000

31 July 2012Total

£’000

Dividends and other income 3,067 - 3,067 2,836Gains/(losses) on investments - 10,953 10,953 (422)Net exchange gain - 253 253 11Net dealing profit 49 - 49 16Total income 3,116 11,206 14,322 2,441

Expenses, finance costs and taxation

(617) (372) (989) (844)

Net profit/(loss) 2,499 10,834 13,333 1,597Return per ordinary share 6.29p 27.29p 33.58p 4.02p

Extract from the Consolidated Balance Sheet (unaudited)

At 31 July 2013

£’000

At 31 July 2012

£’000

At 31 January 2013

(audited)£’000

Fair value of investments 160,233 133,027 144,608Current assets 2,615 5,860 7,535Current liabilities (515) (413) (1,045)Non-current liabilities (1,000) (1,000) (1,000)Net assets 161,333 137,474 150,098Net asset value per ordinary share 406.6p 345.8p 378.0pOrdinary shares in issue 39,678,381 39,756,123 39,709,691

Total return performance (including dividends reinvested)

2 months%

6 months%

1 year%

3 years%

5 years%

10 years%

Net asset value per share 2.4 9.0 20.8 40.0 61.1 173.4Ordinary share price 4.3 4.0 26.0 27.7 63.0 234.6Benchmark(1) 1.8 11.3 26.1 47.5 62.6 143.1(1) Comprising 50% FTSE All-Share Index and 50% MSCI World Index ex UK (in sterling terms) to 31 May 2013 and the MSCI All Country World Index (in sterling terms, total return) thereafter.Sources: Henderson Global Investors Limited, Morningstar FundData and Thomson Reuters Datastream.

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