Interim Management Statement

Henderson Eurotrust PLC 19 December 2007 HENDERSON EUROTRUST PLC HENDERSON GLOBAL INVESTORS 19 December 2007 HENDERSON EUROTRUST PLC Interim Management Statement Review of the period from 1 August 2007 to 31 October 2007 The Directors of Henderson EuroTrust plc hereby announce the following: MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD Portfolio Comments: The three months to the end of October have seen markets become more nervous about the outlook for the banking sector and for economic growth. Although the fund has benefited from an underweight exposure to financials in general, some growth stocks have also lagged due to fears of slower rates of growth, in some cases accentuated by weakness in the US Dollar. The changes we have made have been to reduce the financials exposure further by the sale of Aegon. Elsewhere we have tended to add to holdings which we believe have consistent reliable growth characteristics. We have positioned the fund in anticipation of slower economic growth in the Western world during 2008. Gearing: At the end of the quarter the Company had cash of 5.1% (at 31 July 2007 4.9%). Dividends: Following shareholder approval a final dividend of 4.00p per ordinary Share, in respect of the year ending 31 July 2007 was paid on 9 November 2007 to holders that were on the Register of Members on 5 October 2007. The ex-dividend date was 3 October 2007. Changes to Board: Mr Stanilas Yassukovich and Mr Patrick Stevenson resigned from the Board at the conclusion of the AGM held on 6 November 2007 and Mr Mark Tapley was appointed Chairman. On 31 October 2007, it was announced that John Cornish and Joop Feilzer would be appointed as Directors of the Company with effect from the conclusion of the AGM held on 6 November 2007. Share Capital: During the period 1 August 2007 to 31 October 2007 there was no change in the issued share capital of the Company. On 6 November 2007 the Company cancelled 2,363,942 treasury shares. On 18 December 2007 the Company bought back 35,000 shares at a price of 468 pence per share which are held in treasury. Following these changes, the issued share capital as at today's date is 23,303,063 ordinary shares of 5 pence each. The figure to be used as the denominator for calculations of interests in the Company's voting rights is 23,268,063. There are no other material events or transactions to report. - MORE - PERFORMANCE AND FINANCIAL HIGHLIGHTS Financial Position (excluding current financial year revenue items) at 31 October 2007 at 31 July 2007 Ordinary share price 517.00p 516.50p Discount 8.50% 5.80% Gross total assets £132m £128m Net asset value 565.10p 548.12p Gearing Nil Nil Yield 1.16% 1.06% Total Expense Ratio 1.04% 1.04% (Source: Henderson/Fact Sheet) Performance at 31 October 2007 (total return % change) 6 months 1 year 3 years 5 years Net asset value -1.29 15.57 88.04 174.99 Share price -4.28 10.62 94.71 192.49 Benchmark * 4.20 20.45 84.45 149.30 (Source: Datastream) * The benchmark is the FTSE World Europe (ex UK) Index THE PORTFOLIO (Source: Henderson/Fact Sheet) Top 10 Investments at 31 October 2007 % of total assets Kuehne+Nagel 4.2 Fresenius 4.1 Fresenius Medical Care 3.6 Essilor 3.5 Sodexho Alliance 3.4 Deutsche Post 3.4 Aegon 3.3 SGS 3.2 Inditex 3.1 Puma 3.1 ----- Top 10 = 34.9 Top 10 Investments at 31 July 2007 % of total assets Kuehne+Nagel 4.6 Fresenius 4.4 Fresenius Medical Care 3.4 AP Moeller-Maersk 3.3 Inditex 3.3 Essilor 3.2 SGS 3.2 TNT 3.2 Aegon 3.1 Puma 3.1 ------ Top 10 = 34.8 - MORE - Geographic Breakdown % at 31 October 2007 % at 31 July 2007 Austria 1.3 3.5 Denmark 5.1 6.3 France 14.5 12.5 Germany 20.8 21.2 Ireland 3.3 2.0 Italy 8.5 9.5 Netherlands 10.1 10.0 Spain 3.0 3.2 Switzerland 14.3 16.6 Others 14.0 10.3 Cash and Bonds 5.1 4.9 ------ ------ Total 100.0 100.0 ==== ==== Sector Breakdown % at 31 October 2007 % at 31 July 2007 Oil & Gas 4.7 6.1 Basic Materials 2.0 3.1 Industrials 25.7 24.2 Consumer Goods 16.2 15.6 Health Care 17.1 16.7 Consumer Services 6.2 5.4 Financials 16.0 15.5 Technology 7.0 8.5 Cash and Fixed Interest 5.1 4.9 ------ ------ Total 100.0 100.0 ==== ==== The objective of Henderson EuroTrust plc is to invest predominantly in large and medium sized companies which are perceived to be undervalued in view of their growth prospects or on account of a significant change in management or structure. The Company's aim is to achieve a superior total return from a portfolio of high quality European investments. The Manager is Henderson Global Investors Limited. Further information on the Company, including an up to date NAV and share price information, can be found on the Manager's website at www.itshenderson.com For further information, please contact: Tim Stevenson James de Sausmarez Fund Manager Head of Investment Trusts Henderson EuroTrust plc Henderson Global Investors Telephone: 020 7818 4342 Telephone: 020 7818 3349 - ENDS - This information is provided by RNS The company news service from the London Stock Exchange DGMMZVLGGNZM

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