Investment Trust For promotional purposes THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC www.hendersonsmallercompanies.com

Fund facts at 30 April 2018

Company objective Share price performance (total return) Dividend history (pence/share) The objective of The Henderson Smaller Companies Investment 260 20 Trust plc is to maximise shareholders' total returns by 220 15 investing in smaller companies that are quoted in the . 180 The latest Annual Report and Key 10 Information Document set out the investment objective and policy in 140 full and you should read them 5 before investing. 100 For commentary from our fund 2010 2008 2013 2006 2015 1998 2004 2000 2001 2002 1999 2003 2007 2009 2011 2014 2016 2017 manager please visit our website. 60 0 2005 2012 Apr Apr Apr Apr Apr Apr 13 14 15 16 17 18 NAV (cum income) 1005.8p Price (rebased) Income NUMIS Smaller Companies Index ex Investment Companies Income Special NAV (ex income) 992.7p Please note that this chart could include dividends that have been declared but not yet paid. Share price 902.0p Discount(-)/premium(+) -10.3% Discount/premium (%) with average line (cum income) Yield 2.11% 0 Net gearing 9% -5 -10 Net cash - -15 Total assets £816m -20 Net assets £751m Apr Dec Jul Feb Sep Apr 15 15 16 17 17 18 Market capitalisation £674m Shares in issue 74,701,796 Cumulative performance (cum income) (%) Annual performance (cum income) (%) Total number of holdings 109 Performance over 10y 5y 3y 1y 6m Discrete year performance Price NAV Ongoing charges 0.43% Share price (Total Return) 339.6 133.4 59.8 25.1 8.5 % change (updated quarterly) (year end 31/05/2017) Net Asset Value (Total Return) n/a 115.5 49.9 15.3 3.0 31/03/2017 to 30/03/2018 22.8 15.5 Benchmark (Total Return) 196.1 73.5 33.1 7.1 0.4 31/03/2016 to 31/03/2017 20.0 19.0 Source: BNP Paribas for holdings Relative NAV Outperformance n/a 42.0 16.8 8.2 2.6 31/03/2015 to 31/03/2016 4.1 7.3 information and Morningstar for all Peer Group Ranking n/a 2/11 6/11 9/13 10/13 31/03/2014 to 31/03/2015 4.8 5.5 other data. Differences in calculation Peer group rankings are based on the AIC UK Smaller Companies sector. 28/03/2013 to 31/03/2014 33.9 28.0 may occur due to the methodology All performance, cumulative growth and annual growth data is sourced from Morningstar. used. Top 10 holdings (%) Sector breakdown (%) 3.2 40 Intermediate Capital Group 2.5 Renishaw 2.3 35 Melrose Industries 2.3 30 2.3 25 Group 2.2 20 2.1 Clinigen Group 2.1 15 1.7 10 1.7 5 0

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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. Investment Trust For promotional purposes THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC www.hendersonsmallercompanies.com

Company information Glossary Stock code HSL NAV (Cum Income) The value of investments and cash, including Gearing The effect of borrowing money for investment AIC sector UK Smaller current year revenue, less liabilities (prior charges such as purposes (financial gearing). The amount a company can Companies loans, debenture stock and preference shares at fair value). “gear” is the amount it can borrow in order to invest. Gearing NAV (Ex Income) The value of investments and cash, excluding is used in the expectation that the returns on the investments Benchmark NUMIS Smaller current year revenue, less liabilities (prior charges such as bought will exceed the costs of the borrowings that funded Companies Index loans, debenture stock and preference shares at fair value). the purchase. This Company can also use synthetic gearing ex Investment Share price Closing mid-market share price at month end. through derivatives and foreign exchange hedging and/or Companies Discount/premium The amount by which the price per share of other non-fully funded instruments or techniques. Company type Conventional an investment trust is either lower (at a discount) or higher Leverage The Trust’s leverage is the sum of financial gearing (Ords) (at a premium) than the net asset value per share (cum and synthetic gearing. Details of the Trust’s leverage limits Launch date 1887 income), expressed as a percentage of the net asset value can be found in both the Key Information Document and per share. Annual Report. Where a trust utilises leverage, the profits Financial year end 31 May Total assets Cum Income NAV multiplied by the number of and losses incurred by the trust can be greater than those Dividend payment March, October shares, plus prior charges at fair value. of a trust that does not use leverage. Risk rating Slightly above Net assets Total assets minus any liabilities such as bank loans Net cash A company’s net exposure to cash/cash equivalents average or creditors. expressed as a percentage of shareholders’ funds, after any (Source: Numis) Market capitalisation Month end closing mid-market share price offset against its gearing. This is only shown for companies multiplied by the number of shares outstanding at month that have gearing in place. Management fee end. Net gearing A company’s total assets (less cash/cash 0.35% of net assets Share price total return The theoretical total return to the investor equivalents) divided by shareholders’ funds expressed as a Performance fee Yes assuming that all dividends received were reinvested in the percentage. (See Annual Report & Key Information shares of the company at the time the shares were quoted Risk rating The key measure used to assess risk is volatility of Document for more information) ex-dividend. Transaction costs are not taken into account. returns, using historic net asset value (NAV) performance of Regional focus UK Net asset value total return The theoretical total return on the trust over 1 and 3 years. In this instance volatility shareholders' funds per share reflecting the change in Net measures how much a trust’s NAV fluctuates over time in Fund manager 2002 appointment Asset Value (NAV) assuming that dividends paid to relation to the UK Equity market. The higher a volatility figure, shareholders were reinvested at NAV at the time the shares the more the NAV has fluctuated (both up and down) over were quoted ex-dividend. A way of measuring investment time. Please note that risk categorisations are indicative and management performance of investment trusts which is not based principally on historic data and should not be solely affected by movements in discounts/premiums. relied upon when making investment decisions. Yield Calculated by dividing the current financial year's For a full list of terminology please visit; dividends per share (this will include prospective dividends) www.hendersoninvestmenttrusts.com by the current price per share, then multiplying by 100 to arrive at a percentage figure. Ongoing charges The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100. Fund manager Neil Hermon 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 To find out more visit www.hendersoninvestmenttrusts.com/invest

Other documents available online Annual Report www.henderson.com/l33 Key Information Document www.henderson.com/hslkiid Fund Manager Commentary http://HGi.co/l44

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All data in this factsheet is as at or to 30 April 2018 unless otherwise stated. Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which Janus Capital International Limited (reg no. 3594615), Henderson Global Investors Limited (reg. no. 906355), Henderson Investment Funds Limited (reg. no. 2678531), AlphaGen Capital Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, EC2M 3AE) are authorised and regulated by the Financial Conduct Authority to provide investment products and services. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes. © 2018, Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC.