Annual Financial Report

Henderson High Income Trust PLC

26 March 2026

 

LEGAL ENTITY IDENTIFIER: 213800OEXAGFSF7Y6G11
HENDERSON HIGH INCOME TRUST PLC
Financial results for the year ended 31 December 2025
This announcement contains regulated information
PERFORMANCE HIGHLIGHTS
Total return performance to 31 December 2025	One year %	Five years %
Benchmark1	20.6	55.1
NAV2	20.4	70.0
Share price3	22.6	73.5
FINANCIAL HIGHLIGHTS	2025	2024
NAV per share4,7	198.77p	174.72p
Mid-market price per share	187.50p	162.50p
Revenue return per share	11.28p	10.74p
Net assets	£340.2m	£303.2m
Dividend for the year	10.90p	10.60p
Dividend yield5,7	5.8%	6.5%
Ongoing charge for the year6,7	0.68%	0.74%
Gearing7	17.5%	21.0%

1	The benchmark is a composite of 80% of the FTSE All-Share Index (total return) and 20% of the ICE BofA Sterling Non-Gilts Index (total return) rebalanced annually)
2	Net asset value with debt at fair value per ordinary share total return (including dividends reinvested and excluding transaction costs)
3	Includes dividends reinvested
4	Net asset value with debt at fair value as published by the Association of Investment Companies (AIC)
5	Based on the dividends paid or announced for the year and the share price at the year end
6	Calculated using the methodology prescribed by the AIC
7	Alternative Performance Measure, see pages 79 to 80 in the Annual Report
Sources: Morningstar Direct, Janus Henderson. All data is either as at 31 December 2025 or for the year ended 31 December 2025.

CHAIRMAN'S STATEMENT Performance 2025 was a positive year of investment performance for Henderson High Income Trust. The Company's Net Asset Value (NAV) total return was +20.4% which was broadly in line with the benchmark return of +20.6%. The share price total return was a little higher at +22.6% as the discount at which the share price traded to underlying NAV narrowed a little during the year, ending the period at 5.7%. The UK equity market was one of the best performing markets globally in 2025, helped by attractive valuations and corporate activity, although smaller and medium sized companies struggled somewhat versus larger stocks. This strong market backdrop helped underpin equity returns despite a year characterised by ongoing volatility in financial markets, a pattern established since the arrival of President Trump in the White House. The threat of tariffs on US trading partners and geopolitical turmoil, offset more positively by the easing of inflation provided a volatile mix but the efforts of global policy makers to start to reduce interest rates helped support equity markets particularly. Strong ongoing corporate profitability stood in sharp contrast to pressure on government finances, especially in the UK where the corporate sector has been in the firing line of increased taxation to help fund higher public spending. Overall, during 2025 the Company's investment performance was broadly in line with the benchmark return. Gearing and asset allocation, with the portfolio continuing to favour equities over bonds, were positive relative influences but this was offset by a negative contribution from equity stock selection in the second half of the year. Dividends The Company's investment objective remains the same, to provide investors with a high dividend income stream while also maintaining the prospect of capital growth. In 2025 company dividends continued to be healthy with quoted companies delivering good levels of ongoing profitability in spite of the uncertain economic backdrop. It was again pleasing to see that the Company's overall earnings during the year were sufficient to cover the full-year dividend enabling a small amount to be added to revenue reserves. During 2025 the Board recommended the payment of dividends totalling 10.9 pence per share, an increase of 2.8% over the payment in 2024. This was the 13th consecutive year of dividend growth from the Company. The Board focuses carefully throughout the year on the revenue projections provided by the Fund Manager and it remains confident that the Company will be able to continue to generate a high level of income for shareholders. Gearing The Company's policy on gearing is provided in the Annual Report. Given increased borrowing costs over the last few years the Board has spent time discussing with the Fund Manager the appropriate level of gearing to reflect this increased cost burden whilst ensuring that the Company's capital structure continues to facilitate sufficient income generation. In early 2025 discussions with the Fund Manager led to its recommendation to effectively maintain the existing level of gearing which proved to be sound advice given the positive returns experienced from financial markets. Gearing did reduce a little over the course of the year, starting at 21% and finishing at 17.5%. The Board, in conjunction with the Fund Manager, will continue to keep the overall level under review. Overall asset allocation within the portfolio saw the Company favour equities over bonds which has been the stance for some time and helpful to relative returns. At the year end the Company had approximately 89% in equities and 11% in bonds (compared with the benchmark of 80% equities/20% bonds). In December 2025 the Company once again renewed its loan facility with BNP Paribas. This facility has a duration of 12 months and the terms on which the facility was renewed remain competitive. Management Fee Arrangements The Board regularly reviews the fee arrangements with the Company's Manager to ensure that they remain competitive, particularly in the context of fees payable by similar UK equity income focused trusts. In this respect the Board announces that it has agreed with the Manager that the fees will, from 1 January 2026, be an amount equal to 0.45% of adjusted net assets (previously 0.45% of adjusted average gross assets) at the relevant quarter end. Share Buybacks The Company continued to purchase its own shares during the year when the Board felt it appropriate to do so, driven by the prevailing level of discount at which the Company's shares were trading relative to the underlying NAV. In 2025 a total of 2,622,692 shares were purchased into treasury, representing 1.52% of the issued share capital. Between 1 January 2026 and 23 March 2026, being the last practicable date prior to the publication of this annual report, no shares were issued or bought back. It is pleasing that the discount to NAV at which the share price has been trading narrowed during the year and as at 31 December 2025 the discount stood at 5.7%. The Board will continue to monitor closely the prevailing discount and will undertake further buybacks where in its opinion it is appropriate to do so in the best interests of shareholders. Responsible Investing Responsible investing relates to how environmental, social and corporate governance (ESG) factors impact a company over the long term. Analysis of the resilience of a business and its profits has always been at the core of the Company's investment strategy, and ESG factors are integrated into the investment processes employed by the Fund Manager. The Board believes that voting the Company's shareholdings at general meetings is essential to good corporate stewardship and is an effective means of expressing its views on the policies and practices of its investee companies. Voting decisions reflect the provisions of Janus Henderson's Responsibility Report which is publicly available at www.janushenderson.com and records the high standards of corporate behaviour that are expected. Ultimately, however, our Fund Manager makes the final decision after consultation with the Board, as necessary. Janus Henderson will actively engage with those companies that fall below such expectations to encourage improvement over time. The final sanction is the divestment of those holdings that fail to make an acceptable transition and adapt sufficiently. The Board monitors the process by reviewing a report on the Company's voting pattern on an annual basis. For an overview on how Janus Henderson engaged with companies in which the Company is invested, please refer to the ESG Section in the Annual Report. AGM We look forward to seeing as many of our shareholders as possible at our AGM which will be held at 12 noon on Tuesday, 12 May 2026 at the offices of Janus Henderson at 201 Bishopsgate, London EC2M 3AE. David Smith, the Company's Fund Manager, will give a presentation on the Company's portfolio and performance, and you will, as usual, have the opportunity to talk to the Board, David and other Janus Henderson representatives. We very much welcome your comments and questions at the AGM and we would encourage those of you who are unable to attend in person to use your proxy votes and to watch the AGM live by logging onto www.janushenderson.com/hhi-agm. Prospects and Outlook "Markets climb a wall of worry" is an oft-quoted phrase describing how share prices tend to rise over the long term, even when confronted with negative news, geopolitical turmoil and economic uncertainty. Certainly looking back at 2025 this would appear to be true and as we look forward to the remainder of 2026 we can safely assume that there will be continuing volatility within financial markets. The war in Iran has of course resulted in a great deal of uncertainty and instability which will no doubt weigh on global economic activity, particularly due to the surge in energy prices. Another current driver and focus for investors is of course the development of Artificial Intelligence (AI) which is changing the world in which we live. As usual financial markets have recognised its potential and the valuations of companies exposed to such technology have in many cases reached very high levels. One of the key issues in 2026 will be to evaluate whether valuations have become too extended but in any event we can expect volatile movements in share prices. In the UK market there are fewer opportunities to invest in such companies but the impact of AI will still be profound and one of the challenges for our Fund Manager will be to evaluate which companies will be relative winners and losers from further technological development, at the same time as also attempting to decide which companies will be able to do better under a more hostile landscape taxation wise. Overall, whilst of course mindful of such challenges, there are reasons to be positive. The UK equity market has made good upward progress during the course of the last year and still valuations look relatively attractive in a global context. We should focus more on the relatively robust financial health of the quoted corporate sector rather than the parlous state of public finances. In the short term the performance of smaller- and medium-sized companies has lagged, not least due to a tougher UK economic environment, but valuations look relatively cheap against larger peers and the portfolio has good exposure to this area, as well as of course holding a good spread of larger companies which derive their profitability from operations around the globe. Undoubtedly the world in which we live will remain volatile but the objective for Henderson High Income will not change with your Board and Fund Manager continuing to focus on delivering a high level of income for shareholders whilst also attempting to deliver capital growth over the longer term. Jeremy Rigg Chairman 25 March 2026

Fund Manager's Report Market review The UK equity market made its strongest annual return since 2009, with the FTSE All-Share Index up 24.0% on a total return basis. Falling interest rates globally, increased fiscal spending and fading trade tensions post "Liberation Day" in April helped push markets through all-time highs. The Bank of England lowered its benchmark interest rate to 3.75% after announcing four 25 basis point (bps) cuts through the year. Similar to 2024, UK economic growth was better in the first half of the year before slowing as rumours over likely tax increases at the November Budget weighed on sentiment. Unemployment increased towards the end of the year reaching 5.1%, a five year high. Inflation proved stubborn during the year with the Consumer Price Index (CPI) rising from 3.0% in January to 3.8% in July, given wage pressures, before slowing to 3.4% in December. Despite this equity markets made strong gains, led by large multinational companies with the FTSE 100 Index returning 25.8%, materially outperforming the more domestic FTSE 250 Index, up 15.1%. This has been the fourth year in a row that the large cap FTSE 100 has outperformed the FTSE 250, producing a 55.9% total return over that period relative to only 9.0% for mid-caps. Given the strong performance of large cap companies, the UK equity market proved to be very concentrated, with only 31% of companies within the FTSE All-Share Index outperforming over the 12-month period. The best performing sectors included telecommunications, financials (led by banks), basic materials and industrials (led by aerospace & defence), while technology, consumer discretionary, real estate and consumer staples underperformed. Within commodities, the oil price fell given expectations of oversupply in 2026 after major producers raised output, while the gold price surged to an all-time high due to global economic and political uncertainty. The copper price also rallied to a record level near the end of the year, amid fears of a supply shortfall given strong demand from significant investments in data centres and energy infrastructure. UK government bonds endured a volatile 2025, with gilt prices under pressure as yields moved higher - particularly at the long end of the curve - before stabilising later on. Persistent inflation concerns, heavy gilt issuance and the Bank of England's ongoing quantitative tightening (QT) pushed yields to multi decade highs. The 30-year gilt yield rose to levels last seen in the late 1990s and the 10-year yield peaked close to 4.9% early in the year. As 2025 progressed, however, yields started to fall as inflation came under control, the Bank of England cut policy rates further and slowed its QT program. The November Budget was not as bad as feared with bond markets reacting positively given the increase in the Chancellor's fiscal buffer over the forecast period. The 10-year gilt yield finished the year at 4.5%. Performance review The Company's NAV (debt at fair value) returned 20.4% on a total return basis, performing broadly in line with the benchmark return of 20.6%. Given the Company's overweight position to equities relative to bonds against the benchmark, asset allocation had a positive impact on performance due to equities outperforming. Gearing also aided performance given the strong market backdrop. Despite the equity portfolio performing well in absolute terms, up 20.0% on a total return basis, it lagged the very strong returns from the FTSE All-Share Index (+24.0%). Within banks, although HSBC is the Company's second largest holding, its underweight relative to the weighting in the FTSE All-Share Index meant its strong share price performance was negative to relative performance. Likewise, the Company does not own Barclays, which also did well and was only partially offset by the good performance of the holdings in NatWest and Lloyds Banking Group. Banks continued to produce strong earnings and dividend growth through the year, with the sector further supported by signals from the UK's Prudential Regulation Authority (PRA) that capital requirements for banks could be eased. Other underweight positions also detracted from relative returns, namely Rolls Royce and AstraZeneca. Rolls Royce, which the Company does not own due to the low dividend yield but has a large weighting in the FTSE All-Share Index, significantly outperformed in 2025 on strong profit growth. AstraZeneca, which is held by the Company although with a lower weighting to the index, performed well in the second half of the year after it announced they had reached agreement with the US administration on drug pricing via the Most Favourable Nation (MFN) policy. The MFN policy pegs US prescription drug prices to the lowest prices paid in other comparable high-income countries. In exchange President Trump agreed to drop his tariff threat on non-US manufactured drugs. Elsewhere the portfolio's holdings in Hilton Food Group and Sodexo were also detrimental to performance. Meat packing company, Hilton Foods, faced a difficult operating environment during the second half of the year, in part, due to inflation in white fish and beef, causing volume declines in both categories. The company was also impacted by an outbreak of listeria in its Greek salmon processing plant which meant a further impact on profits. Contract caterer Sodexo's profits were held back by disappointing performance within its US division as it lost a number of key contracts. While the company has changed the CEO, it is likely to take time to implement changes to help stabilise client retention, while increased investment could see further earnings downside, hence we exited the holding. On the positive side, the portfolio's positions in British American Tobacco and life insurers Phoenix and M&G benefitted performance. British American Tobacco performed strongly in the year from a recovery in its US business, where cigarette and vaping volume declines eased as the US Administration strengthen the enforcement of its ban on illicit Chinese vapes. The company also benefitted from the strong growth in its modern oral (nicotine pouches) products. Phoenix delivered solid results, with cash generation ahead of expectations, while M&G announced a long-term strategic partnership with Japanese insurer Dai ichi Life that should drive new business flows and includes Dai ichi acquiring a 15% stake in M&G. The portfolio's holding in Chemical company Johnson Matthey was also positive for performance. The company announced the potential sale of their Catalyst Technologies division to Honeywell for £1.8 billion, materially more than analysts' estimate of its fair value. The shares were further buoyed by management's commitment to improve operational efficiencies and cash generation. Within the overseas holdings both Nordic telecommunications company Tele2 and French utility Engie performed well. Tele2 delivered solid results, with early signs that its cost transformation programme is translating into higher profits and cash flow, while Engie's shares rose after it upgraded profit guidance on stronger trading and increased investment in its energy infrastructure division. The fixed income portfolio rose 5.6% on a total return basis during the year, underperforming the 6.8% return from the ICE BofA Sterling Non-Gilts Index. The exposure to USD bonds detracted from relative performance given they lagged the performance of the GBP benchmark. Holdings in high yield bonds and financials aided returns given spreads tightened more in this area of the market. In addition, holdings in bonds issued by Direct Line and Aviva both performed well after the latter acquired the former which strengthened its capital position. Income review While headline dividends in the UK market fell during 2025, once special dividends and the impact of sterling strength are excluded, underlying dividends rose by 3.6% (according to the Computershare UK Dividend Monitor). There was strong dividend growth from financials and defence contractors but this was somewhat offset by further dividend reductions in the mining sector. The income return for the Company increased 5.0% to 11.28 pence per share in 2025, up from 10.74 pence in 2024. However this was flattered by an increase of £292,000 from special dividends in the period. Excluding special dividends, the income return increased 2.2%. Within the equity portfolio there was good dividend growth from some of the largest holdings including NatWest (+42.8%), 3i (+21.5%), Lloyds (+14.8%) and Tesco (+14.0%), while both Rio Tinto and Anglo American lowered their dividend payments in sterling terms by 16.8% and 66.7% respectively. During the year the Board declared a full year dividend of 10.9p which was fully covered by earnings. This was an increase of 2.8% over the dividend in 2024 (10.6p) and represents the 13th consecutive year of dividend growth, maintaining the Company's status as an AIC Next Generation Dividend Hero. The dividend has grown at a compound annual growth rate of 2.1% over those 13 years. Retained revenues earned in the year were approximately £680,000, which increased revenue reserves to £11.0 million as at 31 December 2025, providing approximately 60% cover over the Company's dividend. Portfolio activity The bond allocation finished the year at 10.7% of gross assets, down from 10.9% as at the end of 2024. The fall reflects the underperformance of bonds relative to equities over the year. In the fourth quarter, we added approximately £7 million to bonds to lower the underweight position relative to the benchmark. We bought bonds of large, well-capitalised banks and insurers where spreads were appealing. Notable additions included AXA, Barclays, Bupa (UK insurer), ING, and NatWest. These were either new or increased positions in subordinated debt of these institutions. We also bought GBP-denominated corporate bonds in defensive sectors with strong cash flows and attractive yields. For instance, we added Entain and Flutter (both gaming companies) bonds, Gatwick Airport bonds, Southern Water (infrastructure), and Pinewood Studios. Funding came from a reduction in the equity portfolio, selling holdings in Coca-Cola Hellenic Bottling Company (CCH) and IG Group. CCH has been a good performer for the Company over the long term and has recovered well since the start of the Russian Ukraine war. We believe the valuation has now reached a level which is not discounting the risk of slowing volume momentum given the significant price increases seen in recent years. We sold IG Group, the online trading and spread betting business which had performed well since purchase, on fears over potential changes to the tax treatment of remote gambling by the government. Although a new rate of general betting duty for remote gambling was introduced, it excluded spread betting, however, this still presents a risk going forward. Elsewhere, within the equity portfolio, we switched our preference in overseas banks from BNP Paribas to Banco Bilbao Vizcaya Argentaria (BBVA). French bank BNP was sold following a US court ruling against the bank in a human rights case related to Sudan. Although the damages awarded were modest, the precedent creates significant financial risk if claims escalate, while political instability in France could lead to higher banking levies. Spanish listed bank BBVA offers a more attractive alternative, with strong franchises and market positions in Spain, Turkey and Mexico, sector leading returns and a discounted valuation. Structural growth in Mexico and improving loan growth in Spain should support profit growth while the company also pays an attractive dividend. Other new additions to the equity portfolio included French insurer AXA and Aberdeen, while we increased our holding in Diageo, moving to an overweight position. AXA is a well diversified European multi-line insurer and has potential to improve profits given a good pricing environment in certain insurance lines while claims inflation is moderating. Aberdeen has faced significant challenges in its asset management business but this has masked the strong performance of its retail investment platform, Interactive Investor, which now contributes almost half of the group's profit. This should continue to see good growth given structural tailwinds in the direct-to-consumer market and its competitively priced offering, while cost savings in the asset management division should support margins. Diageo has strong brands with market leading positions and although trading has been difficult in recent years we believe this is more due to cyclical headwinds rather than structural issues. The valuation is attractive given the quality of the brand portfolio and we believe the new CEO can reinvigorate the business and drive profit recovery. Finally we sold holdings in SSE, Conduit Re and Sabre Insurance. UK utility SSE is due to make significant investments in renewable energy projects over the next few years, however, we are concerned over the level of returns given the material increase in construction costs in recent years. Sabre is a UK motor insurance underwriter. The shares had performed well from their lows as margins had recovered back to more normalised levels given the strong premium pricing environment over the last couple of years. However, we were concerned over the company's recent change in strategy to prioritise volume over price especially now the motor insurance market is softening. Conduit Re, the reinsurer, was sold over concerns around their ability to correctly price underwriting risks and also in the quality of their systems given disappointing event losses last year. Gearing at the end of December was 17.5%, down from the end of 2024 (21.0%), however, this was more a reflection of the growth in the NAV through the year with the absolute level of borrowing only falling modestly. Outlook Despite strong market returns from UK equities in 2025, there was a lack of aggregate earnings growth for the market as a whole. This was largely due to falling earnings in the oil & gas and mining sectors being offset by strong earnings growth within financials, especially banks and insurers. A continuation of falling inflation and further interest rates cuts could have supported an inflection in aggregate earnings growth for the UK market this year, however, events in Iran and the subsequent surging oil price has now put that at risk. The duration of the conflict in the Middle East will have implications on western economies through higher inflation and slower economic growth, especially in Europe which is a net importer of energy. A quick resolution or a return of oil flowing through the Strait of Hormuz could lessen the impact but geopolitical tensions are likely to remain high. Although UK equity market performed strongly in 2025, the recent pullback has left valuations in line with the long-term average and inexpensive relative to global markets. In the UK, the inflationary impact of rising oil and gas prices will not flow through to consumer energy bills until the second half of the year given the energy price cap mechanism. However further interest rate cuts from the Bank of England are now unlikely in the short term due to increased inflation uncertainty. It is worth remembering that UK consumers, businesses and the banking system remain in strong financial health which has supported the UK economy through periods of energy price volatility in recent years. The growth of AI and what it means for society cannot be underestimated. There are businesses that will win from AI development, others that will be enhanced by AI deployment and others that will suffer from AI disintermediation. We are already seeing the market try to predict which companies fit into which groups but it is probably too early to be certain. It will no doubt continue to be volatile but one needs to be disciplined in understanding the strengths of business models and how the valuation discounts the AI threat or opportunity. As ever the focus remains on finding good quality businesses at a compelling valuation that can pay and grow an attractive dividend. The portfolio is well balanced in terms of income generation, with good diversification between sectors and owning cash generative businesses. David Smith Fund Manager 25 March 2026

Managing risks
The Board, supported by the Manager, undertakes a robust and regular assessment of the principal and emerging risks facing the Company. The Board seeks assurance that these risks are clearly identified and assessed, and that appropriate systems of risk management and internal control are in place to mitigate them where practicable. The Company's principal risks are those that could threaten its business model, future performance, solvency, liquidity or reputation. To support effective oversight, the Board maintains a detailed risk matrix which sets out the key risks and the controls in place to manage them. The Board may implement safeguarding measures directly, such as establishing a schedule of investment limits and restrictions aligned with the Company's investment objective and policy. The Manager is required to adhere to these parameters and report on compliance on a monthly basis. Additionally, the Board may delegate the design and implementation of certain controls to the Company's third-party service providers, who provide regular updates on the effectiveness of their control environments. Each risk identified in the risk matrix is evaluated using a colour-coded traffic light system, which scores and prioritises risks based on their potential impact on the Company and the likelihood of occurrence. The principal risks identified through this process, along with the mitigating actions taken by the Board, are detailed in the table below. The Board does not consider these principal risks to have changed during the year under review and up to the date of this report.
Principal Risk	Trend	Mitigating Measures
Climate Change Risk Risk that investee companies within the Company's portfolio fail to respond to the pressures associated with climate change and fail to limit their carbon footprint to regulated targets, resulting in reduced investor demand for their shares and falling market values.	↔	ESG considerations are a fully integrated component of the investment process. The Fund Manager seeks to understand how a company is managing ESG risks through its policies and processes and where its investments are targeted, to ensure that its business model remains sustainable over the longer term. Please refer to Environmental, Social and Governance Matters in the Annual Report for further details.
Investment Risk Risk of long-term underperformance of the Company against the benchmark and/or peer group. This could result in the shares of the Company trading at a persistent discount to net asset value and/or reduced liquidity in the Company's shares. Risk that insufficient income generation could lead to a cut in the dividend.	↔	The Manager provides the Board with regular investment performance statistics against the benchmark and the peer group. The implementation of the investment strategy and results of the investment process, for which the Fund Manager is responsible, are discussed with the Manager and reviewed at each Board meeting. The premium/discount to net asset value and the trading volume of the Company's shares are also regularly reviewed, taking account of market conditions. The Board regularly reviews and monitors the investment in marketing activities with the Manager. Both the Manager and the Board maintain close contact with the Company's Broker to understand the supply of and demand for the Company's shares. The Board reviews the Income Statement and revenue forecasts at each meeting and continually monitors the Company's revenue reserves.
Market/Financial Risk Risk that market conditions lead to a fall in the value of the portfolio (magnified by any gearing) and/or a reduction of income. Risks associated with interest rates and their impact on the broader financial system. These could result in a loss of capital value for shareholders and/or a cut in the dividend payment.	↔	The Board reviews the Company's compliance with its loan covenants (for both the short-term and long-term facilities) on a monthly basis. Additional covenant testing is undertaken in extreme market conditions to give comfort that the Company can meet its financial liabilities. The portfolio is diverse, containing a sufficient range of investments to ensure that no single investment puts undue risk on the sustainability of the income generated by the portfolio or indeed the capital value. Regard is also given to having a broad mix of companies in the portfolio, as well as a spread across a range of economic sectors. The Board reviews the portfolio on a monthly basis. The Manager operates within investment limits and restrictions set by the Board, including limits for gearing and derivatives and confirms compliance with these each month. Any particularly high risks are highlighted and discussed, and appropriate follow up action is taken where necessary. A detailed analysis of the Company's financial risk management policies and procedures can be found in the Financial Risk Management Policies and Procedures note in the Annual Report. The Board reviews the Income Statement and revenue forecasts at each meeting and continually monitors the Company's revenue reserves.
Operational Risks including cyber risks, pandemic risks and epidemic risks and risks relating to terrorism and international conflicts Risk of loss through inadequate or failed internal procedures, policies, processes, systems or human error. This includes risk of loss to the Company's third-party service providers. Risk of financial loss, disruption or damage to the reputation of the Company, the Manager and the Company's other key third-party service providers, as a result of failure of information technology systems. Risk of loss as a result of external events outside of the Board's control such as pandemic and/or epidemic risks and risks relating to terrorism and/or international conflicts that disrupt and impact the global economy. This includes the risk of loss to the Company's third-party service providers that are also disrupted and impacted by such events.	↑	The Board receives quarterly internal control reports from the Manager to support its oversight of the Company's internal control and risk management framework. These are supplemented by regular updates from the Manager's Internal Audit, Risk, Compliance, Information Security, and Business Continuity teams, providing assurance that robust systems and procedures are in place to maintain operational resilience. The Board also seeks confirmation from the Manager that the portfolio can continue to be managed effectively during periods of disruption. Similar assurances are obtained from the Company's key third-party service providers, who are expected to maintain appropriate business continuity and risk mitigation plans to ensure service continuity in the event of cyber incidents, pandemics, terrorism, or geopolitical events.
Tax, Legal and Regulatory Risk Risk that a breach of, or a change in laws and regulations, could materially affect the viability and appeal of the Company, in particular section 1158/9 of the Corporation Tax Act 2010 which exempts capital gains from being taxed within investment trusts.	↔	The Manager has been contracted to provide investment, company secretarial, administration and accounting services through qualified professionals. The Board receives internal control reports produced by the Manager on a quarterly basis, which confirm tax, legal and regulatory compliance.

Emerging Risks With the help of the Manager's research resources and using its own market intelligence, the Board continually monitors the changing risk landscape and any emerging and increasing threats to the Company's business model. Such emerging risks could cause disruption for the Company if ignored, but if identified could provide business opportunities. Should an emerging risk become sufficiently clear, it may be moved to a principal risk. During the year under review, the Board did not identify any emerging risks which are not already encompassed within the existing principal risks.

VIABILITY STATEMENT The Company seeks to provide superior income generation and long-term capital growth for its shareholders. The Board aims to achieve this by implementing the Company's business model and strategy through the investment objective and policy. It remains committed to regularly reviewing and adapting the business model and strategy of the Company to ensure its long-term viability in relation to its principal and emerging risks. In assessing viability, the Board also considers: · the Company's prospects, including the liquidity of the portfolio which is mainly invested in readily realisable listed securities; · the level of borrowings, which are subject to restrictions; · the closed-end nature as an investment company, which mitigates risks associated with unexpected redemptions; · the ongoing charge ratio (0.68% for the year ended 31 December 2025; 2024: 0.74%); and · long-term borrowings in place, specifically the 3.67% senior unsecured loan note maturing in July 2034, representing 5.8% of net assets as at 31 December 2025 - a relatively modest proportion of total net assets. The Company retains legal title to all assets held by the custodian (under the terms of the formal agreement with the depositary). Cash is held with approved banks and revenue and expenditure forecasts are reviewed at each Board meeting. Additionally, the Fund Manager provides a conservative stress-tested revenue forecast at least once a year to assist the Board with its dividend decision making. The Company's revenue reserves remain strong with approximately seven months' worth of dividend cover, which gives additional comfort for any difficult years which may arise in the future. The Board believes it is appropriate to assess the Company's viability over a five-year period in recognition of its long-term investment horizon and taking account of the Company's current position and the assessment factors detailed above. When assessing the viability of the Company over the next five years, the Directors considered its ability to meet liabilities as they fall due. This included consideration of the duration of the Company's borrowing facilities and how a breach of any loan covenants could impact on the Company's net asset value and share price. The Directors also considered the impact of a global recession, inflation and risks associated with geopolitical conflicts. While these factors contribute to market uncertainty and volatility, they do not threaten the Company's viability. The Board does not envisage any change in strategy or investment objective, nor any events that would prevent the Company from continuing to operate over the next five years. The Company's liquid assets, limited commitments and intention to maintain its investment trust status support this view. In 2025 the Board received feedback from the Fund Manager and the Janus Henderson Investment Trust Sales Team on meetings held with shareholders. The Company's continuation vote took place at the AGM on 13 May 2025 and passed with 99.4% votes in favour. The next continuation vote is due to take place at the AGM in 2030. In light of the above considerations of the Company's viability and going concern, the Board remains confident that shareholders remain supportive of the Company. It takes comfort in the robustness of the Company's position, performance, liquidity and the well-diversified portfolio, as well as the Fund Manager's monitoring of the portfolio. Accordingly, the Board has a reasonable expectation that the Company will continue in operation and meet its liabilities as they fall due up to and including the year ending 31 December 2030. RELATED PARTY TRANSACTIONS The Company's transactions with related parties in the year were with the Directors and the Manager. There have been no material transactions between the Company and its Directors during the year. The only amounts paid to them were in respect of remuneration for which there were no outstanding amounts payable at the year end. Directors' interests in shares are disclosed in the Directors' Remuneration Report in the Annual Report. In relation to the provision of services by the Manager (other than fees payable by the Company in the ordinary course of business and the provision of marketing services) there have been no material transactions with the Manager affecting the financial position or performance of the Company during the year under review. More details on transactions with Janus Henderson and related parties, including amounts outstanding at the year end, are given in Note 21 to the financial statements within the Annual Report. STATEMENT OF DIRECTORS' RESPONSIBILITIES Each of the Directors, whose names and functions are listed in note 14 below, confirms that, to the best of their knowledge: ·      the Company's financial statements, which have been prepared in accordance with United Kingdom Accounting Standards, comprising FRS 102, give a true and fair view of the assets, liabilities, financial position and profit of the Company; and ·      the Strategic Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

On behalf of the Board Jeremy Rigg Chairman 25 March 2026

AUDITED INCOME STATEMENT

	Year ended 31 December 2025			Year ended 31 December 2024
	Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000
Gains on investments held at fair value through profit or loss (note 2)	-	43,613	43,613	-	11,155	11,155
Income from investments held at fair value through profit or loss (note 3)	21,258	-	21,258	20,513	-	20,513
Other interest receivable and similar income	258	-	258	313	-	313
	-----------	-----------	-----------	-----------	-----------	-----------
Gross revenue and capital gains	21,516	43,613	65,129	20,826	11,155	31,981
	-----------	-----------	-----------	-----------	-----------	-----------
Expenses
Management fee (note 5)	(639)	(959)	(1,598)	(666)	(999)	(1,665)
Other administrative expenses	(617)	-	(617)	(618)	-	(618)
	-----------	-----------	-----------	-----------	-----------	-----------
Net return before finance costs and taxation	20,260	42,654	62,914	19,542	10,156	29,698
Finance costs	(710)	(2,131)	(2,841)	(903)	(2,709)	(3,612)
	-----------	-----------	-----------	-----------	-----------	-----------
Net return before taxation	19,550	40,523	60,073	18,639	7,447	26,086
Taxation on net return	(308)	261	(47)	(338)	229	(109)
	-----------	-----------	-----------	-----------	-----------	-----------
Net return after taxation	19,242	40,784	60,026	18,301	7,676	25,977
	-----------	-----------	-----------	-----------	-----------	-----------
Return per ordinary share (note 6)	11.28p	23.90p	35.18p	10.74p	4.50p	15.24p
	=======	=======	=======	=======	=======	=======
The total columns of this statement represent the Income Statement of the Company. All capital and revenue items derive from continuing operations. No operations were acquired or discontinued during the period, see note 23 in the Annual Report for further details on the HDIV combination in the prior year. The Company has no other comprehensive income other than those items recognised in the Income Statement.

AUDITED STATEMENT OF CHANGES IN EQUITY

Year ended 31 December 2025	Called up share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000
At 1 January 2025	8,607	198,629	26,302	59,483	10,186	303,207
Net return after taxation	-	-	-	40,784	19,242	60,026
Dividends paid (note 9)	-	-	-	-	(18,442)	(18,442)
Buyback of shares for treasury (note 7)	-	-	-	(4,598)	-	(4,598)
	-----------	-----------	-----------	-----------	-----------	-----------
At 31 December 2025	8,607	198,629	26,302	95,669	10,986	340,193
	=======	=======	=======	=======	=======	=======
Year ended 31 December 2024	Called up share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000
At 1 January 2024	6,490	128,827	26,302	51,807	8,916	222,342
Net return after taxation	-	-	-	7,676	18,301	25,977
Dividends paid (note 9)	-	-	-	-	(17,031)	(17,031)
Issue of shares on the HDIV combination (note 7)	2,117	69,949	-	-	-	72,066
Issue costs of HDIV transaction	-	(3)	-	-	-	(3)
Listing fee in respect of the new shares issued following the HDIV combination	-	(144)	-	-	-	(144)
	-----------	-----------	-----------	-----------	-----------	-----------
At 31 December 2024	8,607	198,629	26,302	59,483	10,186	303,207
	=======	=======	=======	=======	=======	=======

AUDITED STATEMENT OF FINANCIAL POSITION

	At 31 December 2025 £'000		At 31 December 2024 £'000
Fixed assets
Investments held at fair value through profit or loss	399,867		366,790
	--------------		--------------
Current assets
Debtors	2,329		2,323
Cash at bank and in hand	3,746		2,493
	--------------		--------------
	6,075		4,816
	--------------		--------------
Creditors: amounts falling due within one year	(45,860)		(48,520)
	--------------		--------------
Net current liabilities	(39,785)		(43,704)
Total assets less current liabilities	360,082		323,086
	--------------		--------------
Creditors: amounts falling due after more than one year	(19,889)		(19,879)
	--------------		--------------
Net assets	340,193		303,207
	========		========
Capital and reserves
Called up share capital (note 7)	8,607		8,607
Share premium account	198,629		198,629
Capital redemption reserve	26,302		26,302
Other capital reserves	95,669		59,483
Revenue reserve	10,986		10,186
	--------------		--------------
Total shareholders' funds	340,193		303,207
	========		========
Net asset value per ordinary share (note 8)	200.68p		176.14p
	========		========

AUDITED Statement of Cash Flows

	Year ended 31 December 2025 £'000	Year ended 31 December 2024 £'000
Cash flows from operating activities
Net return before taxation	60,073	26,086
Add back: finance costs	2,841	3,612
Less gains on investments held at fair value through profit or loss	(43,613)	(11,155)
Withholding tax on dividends deducted at source	(47)	(109)
Increase in debtors	(6)	(231)
Increase/(decrease) in creditors	9	(282)
	--------------	--------------
Net cash inflow from operating activities1	19,257	17,921
	--------------	--------------
Cash flows from investing activities
Sales of investments held at fair value through profit or loss	79,649	101,287
Purchases of investments held at fair value through profit or loss	(68,895)	(147,956)
	--------------	--------------
Net cash inflow/(outflow) from investing activities	10,754	(46,669)
	--------------	--------------
Cash flows from financing activities
Net cash acquired and received following the HDIV transaction	-	32,586
Listing fees in respect of the new shares issued following the HDIV transaction	-	(144)
Issue costs in respect of the HDIV transaction	-	(3)
Share buybacks for treasury	(4,598)	-
Equity dividends paid	(18,442)	(17,031)
Drawdown of loans	-	17,932
Repayment of loans	(3,035)	-
Interest paid	(2,831)	(3,600)
	--------------	--------------
Net cash (outflow)/inflow from financing activities	(28,906)	29,740
	--------------	--------------
Net increase in cash and cash equivalents	1,105	992
Cash and cash equivalents at beginning of year	2,493	1,990
Exchange movements	148	(489)
	--------------	--------------
Cash and cash equivalents at end of year	3,746	2,493
Comprising:	--------------	--------------
Cash at bank	3,746	2,493
	========	========
1 Cash inflow from dividends was £19,173,000 (2024: £18,236,000) and cash inflow from interest was £2,049,000 (2024: £1,904,000)

NOTES TO THE FINANCIAL STATEMENTS 1a. Accounting policies: basis of accounting The Company is an investment company as defined in section 833 of the Companies Act 2006 and is incorporated in the UK. It operates in England and Wales and is registered at 201 Bishopsgate, London EC2M 3AE. The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland, and with the AIC Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts (SORP). The principal accounting policies applied in the presentation of these financial statements are set out in the Annual Report. These policies have been consistently applied to all the years presented. The financial statements have been prepared under the historical cost basis except for the measurement at fair value of investments. In applying FRS 102, financial instruments have been accounted for in accordance with sections 11 and 12 of the Standard. All of the Company's operations are of a continuing nature. 1b. Significant judgments and estimates The decision to allocate special dividends as income or capital is a judgment but not deemed to be material. The allocation of expenses as income or capital is not material but has an impact on distributable reserves. The Directors do not consider these to be significant judgments or estimates and do not believe any accounting judgments or estimates have been applied to this set of financial statements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. 1c. Going concern The Directors have considered the liquidity of the portfolio and concluded that the assets of the Company consists of securities that are readily realisable. The Directors have also assessed the potential impact of risks associated with interest rates on the broader financial system, alongside the implications of ongoing geopolitical conflicts. This assessment included a review of cash flow forecasts, covenant compliance - particularly the headroom available under the most restrictive covenants - and the liquidity profile of the portfolio. They have concluded that the Company is able to meet its financial obligations, including the repayment of the bank loan, as they fall due for a period to 25 March 2027, which is at least 12 months from the date of the approval of the financial statements. The Company's shareholders are asked every five years to vote on the continuation of the Company. An ordinary resolution to this effect was passed by the shareholders at the AGM held on 13 May 2025. Having assessed these factors, the principal risks and other matters discussed in connection with the viability statement, the Board has determined that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements. 2. Gains on Investments Held at Fair Value through Profit or Loss
					2025 £'000	2024 £'000
Gains on the sale of investments based on historical cost					713	5,815
Revaluation losses/(gains) recognised in previous years					349	(2,211)
					------------	------------
Gains on investments sold in the year based on carrying value at previous Statement of Financial Position date					1,062	3,604
					------------	------------
Net movement on revaluation of investments					42,908	7,046
Effective yield movement					(139)	(16)
Exchange (losses)/gains					(218)	521
					------------	------------
					43,613	11,155
					=======	=======
3.  Income from Investments Held at Fair Value through Profit or Loss					2025 £'000	2024 £'000
UK dividend income - listed					15,313	14,946
UK dividend income - special dividends					639	189
					----------	----------
					15,952	15,135
					----------	----------
Interest income - listed					2,091	2,058
Overseas and other dividend income - listed					3,215	3,162
Overseas and other dividend income - special dividends					-	158
					----------	----------
					5,306	5,378
					----------	----------
					21,258	20,513
					======	======
4.   Other Interest Receivable and Similar Income					2025 £'000	2024 £'000
Deposit interest					71	96
Traded option premiums					160	202
Underwriting commission					7	15
Interest on tax reclaims					4	-
Other income1					16	-
					-----	-----
					258	313
					===	===
1 Comprises a voting fee received in relation to the cancellation of General Accident 7.875% preference stock of £16,000 (2024 - £nil)
5.  Management Fee
	2025			2024
	Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000
Management fee	639	959	1,598	666	999	1,665
	=====	=====	=====	=====	=====	=====
A summary of the terms of the Investment Management Agreement is given in the Annual Report. An explanation of the split between revenue and capital is contained in Note 1g to the financial statements in the Annual Report.
6.  Profit for the year Profit attributable per ordinary share figure is based on the return attributable to the ordinary shares of £60,026,000 (2024: £25,977,000) and on the 170,626,901 weighted average number of ordinary shares in issue during the year (2024: 170,406,232). The Company had no securities in issue that could dilute the return per ordinary share. The return per ordinary share can be analysed between revenue and capital as shown below:
					2025 £'000	2024 £'000
Net revenue return					19,242	18,301
Net capital return					40,784	7,676
					------------	------------
Profit for the year					60,026	25,977
					=======	=======
Weighted average number of ordinary shares					170,626,901	170,406,232
Revenue return per ordinary share					11.28p	10.74p
Capital return per ordinary share					23.90p	4.50p
					------------	------------
Profit attributable per ordinary share					35.18p	15.24p
					=======	=======

7.         Called Up Share Capital
	Shares held in treasury	Shares entitled to dividend	Total shares in issue	Nominal value in issue £'000
Issued ordinary shares of 5p each
At 1 January 2025	-	172,141,700	172,141,700	8,607
Buyback of shares in treasury	2,622,692	(2,622,692)	-	-
	----------------	----------------	----------------	----------------
At 31 December 2025	2,622,692	169,519,008	172,141,700	8,607
	----------------	----------------	----------------	----------------
	Shares held in treasury	Shares entitled to dividend	Total shares in issue	Nominal value in issue £'000
Issued ordinary shares of 5p each
At 1 January 2024	-	129,796,278	129,796,278	6,490
Issued during the year	-	42,345,422	42,345,422	2,117
	----------------	----------------	----------------	----------------
At 31 December 2024	-	172,141,700	172,141,700	8,607
	----------------	----------------	----------------	----------------

During the year under review 2,622,692 shares were bought back and held in treasury (year ended 31 December 2024: no shares). No shares were issued during the year under review (year ended 31 December 2024: no shares subsequent to the HDIV combination). At 31 December 2025 there were 172,141,700 ordinary shares of 5p nominal value in issue.

Between 1 January 2026 and 23 March 2026, being the last practicable date prior to the publication of this annual report, no shares were issued or bought back. Accordingly, the number of shares in issue as at 23 March 2026 was 172,141,700 of which 2,622,692 were held in treasury. Therefore, the total voting rights in the Company at that date was 169,519,008.

On 17 January 2024 the Company issued 42,345,422 new shares to Henderson Diversified Income Trust plc (HDIV) shareholders in consideration of the £72.1 million of net assets acquired from HDIV in accordance with the scheme of reconstruction and winding up of HDIV under section 110 of the Insolvency Act 1986.

8.   Net Asset Value Per Ordinary Share The net asset value per ordinary share is based on the net assets attributable to the ordinary shares of £340,193,000 (2024: £303,207,000) and on the 169,519,008 ordinary shares in issue at 31 December 2025 (2024: 172,141,700). The movements during the year of the assets attributable to the ordinary shares were as follows:
				2025 £'000			2024 £'000
Net assets at start of year				303,207			222,342
Total net return after taxation				60,026			25,977
Dividends paid in the year				(18,442)			(17,031)
Buyback of shares for treasury				(4,598)			-
Issue of shares on the HDIV combination				-			72,066
Issue costs in respect of the HDIV combination				-			(3)
Listing fees in respect of the new shares issued following the HDIV combination				-			(144)
				------------			------------
				340,193			303,207
				------------			------------
9.   Dividends Paid on Ordinary Shares
		Payment date	2025 £'000			2024 £'000
Fourth interim dividend (2.625p per share) for the year ended 31 December 2023		26 January 2024	-			3,407
First interim dividend (2.625p per share) for the year ended 31 December 2024		26 April 2024	-			4,519
Second interim dividend (2.625p per share) for the year ended 31 December 2024		26 July 2024	-			4,519
Third interim dividend (2.675p per share) for the year ended 31 December 2024		25 October 2024	-			4,605
Fourth interim dividend (2.675p per share) for the year ended 31 December 2024		31 January 2025	4,605			-
First interim dividend (2.675p per share) for the year ended 31 December 2025		25 April 2025	4,571			-
Second interim dividend (2.675p per share) for the year ended 31 December 2025		25 July 2025	4,566			-
Third interim dividend (2.775p per share) for the year ended 31 December 2025		24 October 2025	4,720			-
Unclaimed dividends			(20)			(19)
			----------			----------
			18,442			17,031
			======			======
The total dividends payable in respect of the financial year which form the basis of the test under section 1158 of the Corporation Tax Act 2010, which sets out the maximum income that an investment trust can retain in any financial year, are set out below:
				2025 £'000			2024 £'000
Revenue available for distribution by way of dividend for the year				19,242			18,301
First interim dividend of 2.675p (2024: 2.625p)				(4,571)			(4,519)
Second interim dividend of 2.675p (2024: 2.625p)				(4,566)			(4,519)
Third interim dividend of 2.775p (2024: 2.675p)				(4,720)			(4,605)
Fourth interim dividend 2.775p (2024: 2.675p)				(4,704)			(4,605)
				----------			----------
Transfer to revenue reserves				681			53
				======			======
In accordance with FRS 102, interim dividends payable to equity shareholders are recognised in the Statement of Changes in Equity when they have been paid to shareholders. All dividends have been paid out of revenue reserves or current year revenue profits and at no point during the year did the revenue reserve move to a negative position.
10. 2025 Financial Information The figures and financial information for the year ended 31 December 2025 are extracted from the Company's Annual Financial Statements for that period and do not constitute statutory financial statements for that period. The Company's Annual Financial Statements for the year ended 31 December 2025 have been audited but have not yet been delivered to the Registrar of Companies. The Independent Auditors' Report on the 2025 Financial Statements was unqualified, did not include a reference to any matter to which the Auditors drew attention without qualifying the report, and did not contain any statements under sections 498(2) and 498(3) of the Companies Act 2006.
11. 2024 Financial Information The figures and financial information for the year ended 31 December 2024 are extracted from the Company's Annual Financial Statements for that period and do not constitute statutory financial statements for that period. The Company's Annual Financial Statements for the year ended 31 December 2024 have been audited and delivered to the Registrar of Companies. The Independent Auditors' Report on the 2024 Financial Statements was unqualified, did not include a reference to any matter to which the Auditors drew attention without qualifying the report, and did not contain any statements under sections 498(2) and 498(3) of the Companies Act 2006.
12. Annual Report The Company's Annual Report and Financial Statements for the year ended 31 December 2025 ("the Annual Report") includes the Notice of Annual General Meeting and will be published in hard copy format and posted to shareholders in April 2026. Thereafter hard copies will be available from the Corporate Secretary at the Company's registered office, 201 Bishopsgate, London EC2M 3AE. An electronic copy of the Annual Report will shortly be available to view and download from the Company's website: www.hendersonhighincome.com. The Annual Report, including the Notice of Annual General Meeting and together with the form of proxy, will shortly be uploaded to the Financial Conduct Authority's National Storage Mechanism and will be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
13. Annual General Meeting (AGM) The AGM will be held on Tuesday, 12 May 2026 at 12 noon at the Company's registered office, 201 Bishopsgate, London EC2M 3AE. Instructions on attending the meeting in person or virtually, and details of resolutions to be put to the AGM, are included in the Notice of AGM in the Annual Report and are available at www.hendersonhighincome.com. If shareholders would like to submit any questions in advance of the AGM, they are welcome to send these to the corporate secretary at [e-mail].
14. General Information a) Company Status The Company is a UK domiciled investment trust company with registered number 02422514. SEDOL/ISIN number: 0958057/GB0009580571 London Stock Exchange (TIDM) Code: HHI Global Intermediary Identification Number (GIIN): JBA08I.99999.SL.826 Legal Entity Identifier Number (LEI): 213800OEXAGFSF7Y6G11 b) Directors, Corporate Secretary and Registered Office The Directors of the Company are Jeremy Rigg (Chairman), Jonathan Silver (Chairman of the Audit & Risk Committee), Francesca Ecsery (Senior Independent Director), Richard Cranfield and Preeti Rathi. The Corporate Secretary is Janus Henderson Secretarial Services UK Limited, represented by Samantha McDonald, FCG. The registered office is 201 Bishopsgate, London EC2M 3AE.  c) Website Details of the Company's share price and net asset value, together with general information about the Company, monthly factsheets and data, copies of announcements, reports and details of general meetings can be found at www.hendersonhighincome.com.
For further information please contact:
David Smith Fund Manager Janus Henderson Investors Telephone: [phone]	Dan Howe Head of Investment Trusts Janus Henderson Investors Telephone: [phone]
Harriet Hall PR Director, Investment Trusts Janus Henderson Investors Telephone: [phone]
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) are incorporated into, or form part of, this announcement.

 

END