The Henderson Smaller Companies

plc Fund manager Investment Trust Neil Hermon www.hendersonsmallercompanies.com Fund facts at 28 March 2013 Share price performance Dividend history (pence/share) Company objective 8 The objective of The 220 Henderson Smaller 190 Companies Investment Trust 6 plc is to maximise 160 shareholders’ total returns by 4 investing in smaller 130 companies that are quoted in 2 the United Kingdom. The 100 latest Annual Report sets out 2005 1993 2003 2008 2001 2010 1999 1994 1995 1997 1998 1996 2006 2012 2004 2002 2011 2009 2007 the investment objective and 70 0 2000 Mar Mar Mar Mar policy in full and you should 10 11 12 13 read this before investing. Price (rebased) NUMIS Smaller Companies Index ex Investment Companies Income Special For commentary from our Income

fund manager please visit our Please note that this chart could include dividends that have been declared but not yet paid. website. Discount/premium (%) with average line (Ex Par)

Trust statistics 0 NAV (cum income) 521.7p -5 -10 NAV (ex income) 518.6p -15 -20 Share price 438.0p -25 -30 Discount(-)/ -16.0% Mar Nov Jun Jan Aug Mar premium(+) 10 10 11 12 12 13 Yield 1.26% Net Gearing 9% Cumulative performance (cum income) (%) Annual performance (ex-par) to 28 March Performance over 1m 3m 6m 12m 3y Discrete year performance Price NAV Net Cash - Share price (Total Return) 3.2 18.2 28.7 41.8 105.8 % change (updated quarterly) Total Assets £428m Net Asset Value (Total Return) 3.3 16.0 24.9 34.8 99.4 30/03/2012 to 28/03/2013 41.8 34.2 Benchmark (Total Return) 1.8 12.3 19.5 23.5 57.1 31/03/2011 to 30/03/2012 6.4 6.3 £390m Net Assets Relative NAV Outperformance 1.5 3.7 5.4 11.3 42.3 31/03/2010 to 31/03/2011 36.4 38.3 Market capitalisation £327m Peer Group Ranking 2/11 2/11 1/11 1/11 1/10 31/03/2009 to 31/03/2010 82.8 71.3 Peer group rankings are based on the AIC UK Smaller Companies sector 31/03/2008 to 31/03/2009 -48.3 -45.6 Shares in issue 74,701,796 All performance, cumulative growth and annual growth data is sourced from Morningstar Total number of 102 holdings Top 10 holdings (%) Geographic breakdown (%) Sector breakdown (%) Spectris Group 3.5 UK 99.4 Industrials 39.6 Ongoing Charges 0.54% Informa 3.1 Ireland 0.5 Consumer Services 17.1 (year end 31/05/2012) Taylor Wimpey 2.9 Australia 0.1 Financials 13.7 Bellway 2.8 Technology 8.5 Oxford Instruments 2.7 Oil & Gas 6.5 Source: BNP Paribas for holdings Ashtead 2.5 Consumer Goods 6.5 information and Morningstar for all Paragon 2.3 Basic Materials 4.3 other data Interserve 2.1 Health Care 3.4 Victrex 2.1 Telecommunications 0.4 Differences in calculation may occur Intermediate Capital 2.1 due to the methodology used

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Please remember that past performance is not a guide to future performance. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. The Henderson Smaller Companies Investment Trust plc www.hendersonsmallercompanies.com

Glossary Trust information NAV (Cum Income) The value of investments and cash, including Net asset value total return The theoretical total return on HSL EPIC code current year revenue, less liabilities (prior charges such as loans, shareholders' funds per share reflecting the change in Net Asset Value debenture stock and preference shares at fair value). AIC Sector UK Smaller (NAV) assuming that dividends paid to shareholders were reinvested at Companies NAV (Ex Income) The value of investments and cash, excluding NAV at the time the shares were quoted ex-dividend. A way of current year revenue, less liabilities (prior charges such as loans, measuring investment management performance of investment trusts Benchmark NUMIS Smaller debenture stock and preference shares at fair value). which is not affected by movements in discounts/premiums. Companies Index Share price Closing mid-market share price at month end. Yield Calculated by dividing the current financial year's dividends per ex Investment Discount/premium The amount by which the price per share of an share (this will include prospective dividends) by the current price per Companies investment trust is either lower (at a discount) or higher (at a premium) share, then multiplying by 100 to arrive at a percentage figure. Trust type Conventional than the net asset value per share (cum imcome), expressed as a Ongoing charges The total expenses for the financial year (excluding (Ords) percentage of the net asset value per share. performance fee), divided by the average daily net assets, multiplied by Total assets Cum Income NAV multiplied by the number of shares, 100. 1887 Launch date plus prior charges at fair value. Gearing The effect of borrowing money for investment purposes. The Financial Year End 31 May Net assets Total assets minus any liabilities such as bank loans or amount a company can "gear" is the amount it can borrow in order to creditors. invest. Gearing is used in the expectation that the returns on the October investments bought will exceed the costs of the borrowings that funded Dividend Payment Market capitalisation Month end closing mid-market share price the purchase. Slightly above multiplied by the number of shares outstanding at month end. Risk Rating For a full list of terminology please visit; average Share price total return The theoretical total return to the investor www.hendersoninvestmenttrusts.com (Source: WINS investment trusts) assuming that all dividends received were reinvested in the shares of the company at the time the shares were quoted ex-dividend. Management Fee 0.35% Transaction costs are not taken into account. Performance Fee Yes (See annual report & financial statements for more information) Specific risks

• Most of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell and their share price may fluctuate more than that of larger companies. • If a fund is a specialist country-specific or geographic regional fund, the investment carries greater risk than a more internationally diversified portfolio.

How to invest Investing in a Henderson Managed Investment Trust is easy with our partners. Choose which account is right for you, apply and then simply give your trading instructions online or by phone. • Choose from a range of accounts including Self Invested Personal Pensions (SIPPs), and Individual Savings Accounts (ISAs). • Buy investment trust shares immediately or use a regular monthly instruction. • Trade and hold most other investment types in a single account. To find out more visit www.hendersoninvestmenttrusts.com/invest

Other documents available online Annual report

Half year report www.twitter.com/hgitrusts Fund manager commentary Up-to-date share price and performance Customer services 0800 856 5656

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All data in this factsheet is as at or to 28 March 2013 unless otherwise stated. Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management Limited (reg. no. 2607112), Henderson Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), Henderson Alternative Investment Advisor Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), Gartmore Investment Limited (reg. no. 1508030), (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE) are authorised and regulated by the Financial Conduct Authority to provide investment products and services. Telephone calls may be recorded and monitored.