REG - Janus Henderson NAV - Net Asset Value(s)

Janus Henderson Fund Management UK Limited announced the unaudited net asset values (NAV) for several trusts as of 21 August 2025. The NAV per ordinary share for Henderson European Trust was 216.2p (including revenue) and 212.7p (excluding revenue). Lowland Investment Company reported 161.9p (including revenue) and 158.8p (excluding revenue). The North American Income Trust's NAV was 371.6p (including revenue) and 367.8p (excluding revenue). The Bankers Investment Trust showed 133.0p (including revenue) and 132.3p (excluding revenue). Henderson High Income Trust's NAV was 199.2p (including revenue) and 196.3p (excluding revenue).

RNS Number : 4839W Janus Henderson Fund Mgmnt UK Ltd. 22 August 2025

JANUS HENDERSON FUND MANAGEMENT UK LIMITED

22 August 2025

Trust Name	HENDERSON EUROPEAN TRUST PLC
Legal Entity Identifier	213800GS89AL1DK3IN50
NAV Details	As at close of business on 21 August 2025, the unaudited net asset value per ordinary share calculated in accordance with the AIC formula (including current financial year revenue items and excluding shares held in treasury) was 216.2p. As at close of business on 21 August 2025, the unaudited net asset value per ordinary share (excluding current financial year revenue items and shares held in treasury) was 212.7p. The Company's loan notes are valued at par.
For further information, please call:	Janus Henderson Secretarial Services UK Limited Corporate Secretary Telephone: 020 7818 1818
Trust Name	LOWLAND INVESTMENT COMPANY PLC
Legal Entity Identifier	2138008RHG5363FEHV19
NAV Details	As at close of business on 21 August 2025, 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 161.9p and the net asset value per share with debt marked at fair value was 164.8p. As at close of business on 21 August 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 158.8p and the net asset value per share with debt marked at fair value was 161.7p. 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 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 21 August 2025, 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 371.6p and the net asset value per share with debt marked at fair value was 374.2p. As at close of business on 21 August 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 367.8p and the net asset value per share with debt marked at fair value was 370.4p. 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. 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 21 August 2025, 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 133.0p and the net asset value per share with debt marked at fair value was 136.3p. 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 21 August 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 132.3p and the net asset value per share with debt marked at fair value was 135.6p. 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 21 August 2025, 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 199.2p and the net asset value per share with debt marked at fair value was 200.5p. As at close of business on 21 August 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 196.3p and the net asset value per share with debt marked at fair value was 197.6p. 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 21 August 2025, 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 493.0p and the net asset value per share with debt marked at fair value was 498.9p. 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 21 August 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 489.5p and the net asset value per share with debt marked at fair value was 495.4p. 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 21 August 2025, 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 232.8p. As at close of business on 21 August 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 227.9p.
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 21 August 2025, 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 956.6p. As at close of business on 21 August 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 929.9p.
For further information, please call:	Janus Henderson Secretarial Services UK Limited Corporate Secretary Telephone: 020 7818 1818

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