JANUS HENDERSON GROUP PLC — Net Asset Value 2026

May 13, 2026

National Storage Mechanism | Additional information

RNS Number : 1976E

Janus Henderson Fund Mgmnt UK Ltd.

13 May 2026

JANUS HENDERSON FUND MANAGEMENT UK LIMITED

13 May 2026

Trust Name	LOWLAND INVESTMENT COMPANY PLC
Legal Entity Identifier	2138008RHG5363FEHV19
NAV Details	As at close of business on 12 May 2026, the unaudited net asset value per share calculated in accordance with the AIC formula (including current financial year revenue items and excluding shares held in treasury) was 180.9p and the net asset value per share with debt marked at fair value was 183.9p. As at close of business on 12 May 2026, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 178.5p and the net asset value per share with debt marked at fair value was 181.5p. Debt marked at fair value is the Company's estimate of the "fair value" of its senior unsecured notes. The current estimated fair value of the Company's senior unsecured notes is based on a discount rate calculated using the redemption yield of the relevant existing UK Gilt plus a credit spread. The discount rate is calculated and updated monthly and applied daily to determine the Company's published fair value NAVs.
For further information, please call:	Janus Henderson Secretarial Services UK Limited Corporate Secretary Telephone: 020 7818 1818

Trust Name	THE NORTH AMERICAN INCOME TRUST PLC
Legal Entity Identifier	5493007GCUW7G2BKY360
NAV Details	As at close of business on 12 May 2026, the unaudited net asset value per share calculated in accordance with the AIC formula (including current financial year revenue items and excluding shares held in treasury) was 410.8p and the net asset value per share with debt marked at fair value was 414.3p. As the Company's shares are now ex-dividend, the dividend has been deducted from the net asset value. As at close of business on 12 May 2026, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 408.2p and the net asset value per share with debt marked at fair value was 411.7p. Debt marked at fair value is the Company's estimate of the "fair value" of its senior unsecured notes. The current estimated fair value of the Company's senior unsecured notes is based on a discount rate calculated using the redemption yield of the relevant US Treasury plus a credit spread determined by the month-end difference in redemption yields of the ICE BofA 3-5 Year Single-A US Corporate Index for the 2.7% senior unsecured 2030 notes and the ICE BofA 5-10 Year Single-A US Corporate Index for the 2.96% senior unsecured 2035 notes. The discount rate is calculated and updated monthly and applied daily to determine the Company's published fair value NAVs.
For further information, please call	Janus Henderson Secretarial Services UK Limited Corporate Secretary Telephone: 020 7818 1818

Trust Name	THE BANKERS INVESTMENT TRUST PLC
Legal Entity Identifier	213800B9YWXL3X1VMZ69
NAV Details	As at close of business on 12 May 2026, the unaudited net asset value per share calculated in accordance with the AIC formula (including current financial year revenue items and excluding shares held in treasury) was 153.3p and the net asset value per share with debt marked at fair value was 157.1p. As the Company's shares are now ex-dividend, the dividend has been deducted from the net asset value. As at close of business on 12 May 2026, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 152.9p and the net asset value per share with debt marked at fair value was 156.8p. The current estimated fair value of the Company's GBP denominated unsecured loan notes is based on a discount rate calculated using the yield of a UK Gilt of a similar maturity plus a credit spread. The current estimated fair value of the Company's Euro denominated unsecured loan notes is based on a discount rate calculated using the yield of a Euro Swap of similar maturity plus a credit spread.
For further information, please call:	Janus Henderson Secretarial Services UK Limited Corporate Secretary Telephone: 020 7818 1818

Trust Name	HENDERSON HIGH INCOME TRUST PLC
Legal Entity Identifier	213800OEXAGFSF7Y6G11
NAV Details	As at close of business on 12 May 2026, the unaudited net asset value per share calculated in accordance with the AIC formula (including current financial year revenue items and excluding shares held in treasury) was 200.8p and the net asset value per share with debt marked at fair value was 202.1p. As at close of business on 12 May 2026, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 199.0p and the net asset value per share with debt marked at fair value was 200.3p. Debt marked at fair value is the Company's estimate of the "fair value" of its senior unsecured notes. The current estimated fair value of the Company's senior unsecured notes is based on a discount rate calculated using the redemption yield of the relevant existing UK Gilt plus a credit spread determined by the month-end difference in redemption yields between the ICE BofAML 5-10 Year A Sterling Non-Gilt Index and the ICE BofAML 5-10 Year UK Gilt Index. The discount rate is calculated and updated monthly and applied daily to determine the Company's published fair value NAVs.
For further information, please call:	Janus Henderson Secretarial Services UK Limited Corporate Secretary Telephone: 020 7818 1818

Trust Name	THE CITY OF LONDON INVESTMENT TRUST PLC
Legal Entity Identifier	213800F3NOTF47H6AO55
NAV Details	As at close of business on 12 May 2026, the unaudited net asset value per share calculated in accordance with the AIC formula (including current financial year revenue items) was 531.9p and the net asset value per share with debt marked at fair value was 538.0p. As the Company's shares are now ex-dividend, the dividend has been deducted from the net asset value. As at close of business on 12 May 2026, the unaudited net asset value per share (excluding current financial year revenue items) was 529.5p and the net asset value per share with debt marked at fair value was 535.6p. Debt marked at fair value is the Company's estimate of the "fair value" of its senior secured notes. The current estimated fair value of the Company's senior secured notes is based on a discount rate calculated using the redemption yield of the relevant existing UK Gilt plus a credit spread determined by the month-end difference in redemption yields between the  ICE BofAML 5-10 Year A Sterling Non-Gilt Index and the ICE BofAML 5-10 Year UK Gilt Index for the 4.53% senior secured 2029 notes, and the spread between the redemption yield of the ICE BofAML 15+ Year A Sterling Non-Gilt Index and the ICE BofAML 15+ Year UK Gilt Index for the 2.67% senior secured 2046 notes and the 2.94% senior secured 2049 notes. The discount rate is calculated and updated monthly and applied daily to determine the Company's published fair value NAVs. In addition, evidence of issues in the private placement market may be taken into consideration where spreads significantly diverge from those in the public market.
For further information, please call:	Janus Henderson Secretarial Services UK Limited Corporate Secretary Telephone: 020 7818 1818

Trust Name	THE EUROPEAN SMALLER COMPANIES TRUST PLC
Legal Entity Identifier	213800N1B1HCQG2W4V90
NAV Details	As at close of business on 12 May 2026, the unaudited net asset value per share calculated in accordance with the AIC formula (including current financial year revenue items and excluding shares held in treasury) was 249.8p. As the Company's shares are now ex-dividend, the dividend has been deducted from the net asset value. As at close of business on 12 May 2026, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 249.8p.
For further information, please call:	Janus Henderson Secretarial Services UK Limited Corporate Secretary Telephone: 020 7818 1818

Trust Name	THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
Legal Entity Identifier	213800NE2NCQ67M2M998
NAV Details	As at close of business on 12 May 2026, the unaudited net asset value per share calculated in accordance with the AIC formula (including current financial year revenue items and excluding shares held in treasury) was 944.8p. As at close of business on 12 May 2026, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 927.8p.
For further information, please call:	Janus Henderson Secretarial Services UK Limited Corporate Secretary Telephone: 020 7818 1818

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NAVZZGMKMFGGVZM