October 2013

Léopold ArminjonFund Manager

John BennettFund Manager

This document is solely for the use of professional s and is not for general public distribution. Please see the complete disclosures of risks and ot her important information at the end of the documen t.

1

Equity long short: An alternative for low volatility returns

2

Where can you get absolute returns from?

Source: Henderson Global Investors, DataStream, as at 30 August 2013Henderson strategy returns based on the Tucana hedge fund, gross of fees, in Euros

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MSCI EuropeGerman 10 year Bond index50% Equity/50% BondHenderson Long short equity strategy (gross of fees)

Cumulative return Annualised return Volatility

50% Equity/ 50% Bond 18.0 5.8 9.6

Henderson strategy (Net of fees) 27.9 10.6 5.5

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Bond yields to trend up rather than down?

1.00

1.50

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3.50

Dec

-12

Jan-

13

Feb

-13

Mar

-13

Apr

-13

May

-13

May

-13

Jun-

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Jul-1

3

Aug

-13

Sep

-13

Initial tapering

comments

Bernanke confirms tapering

plans

Bernanke tapers-

tapering

Bernanke continues

QE

Source: Henderson Global Investors, Bloomberg, as at 16 September 2013

0

2

4

6

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18

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-80

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-82

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-84

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-86

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-88

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-98

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US 10 year treasury bond yield

German 10 year government bond yield

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Horizon Pan European Alpha Fund

5

The Fund Managers

� Léopold Arminjon joined Henderson from Gartmore in 2011

� Worked on European long/short portfolios since 2007

� Previously worked on the sell-side for 8 years

� Strategy assets of over €295m

� Works with a wider European equity team managing over €10bn

Léopold ArminjonFund Manager

John BennettFund Manager

Source: Henderson Global Investors, as at 31 August 2013

6

Overview

Objective

� Steady capital appreciation with minimal volatility

Strategy

� Stock picking: Highest conviction best ideas, both long-term and opportunistic

� Focus on liquid large and mid cap companies in European markets

� Risk management – Active beta management

Structure

� Available in onshore and offshore vehicle

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Risk/Return is our focus

Source: Henderson Global Investors, as at 31 August 2013Data for the AlphaGen Tucana FundPerformance: Net of fees, in Euros, COB Sharpe ratio: 30 Sept 2010 to 31 July 2013, net of fees using monthly data

Cumulative performance

YTD 1 year 2 year Since FM change (30 Sept ‘10)

AlphaGen Tucana 10.4 15.6 23.1 27.9

MSCI Europe TR 8.9 14.7 32.9 24.8

Risk – volatility (daily basis)

YTD 1 year 2 year Since FM change(30 Sept ‘10)

AlphaGen Tucana 6.3 5.8 5.0 5.5

MSCI Europe TR 13.1 12.6 17.6 17.3

Sharpe ratio = 1.9x

8

Investment approach

Seeking longs and shortsStructural change

CyclicalityOpportunistic

Idea sourcesSell side brokers

Company meetingsHenderson Equity Teams

Sizing ConvictionLiquidity

Upside to targetDownside risk

Portfolio constructionDoes the portfolio fit my view of the world?

Gross exposureNet exposure

Balance of the books

9

Total portfolio� 40 – 70 stocks

� Typically 2-5% position size

� Every line is a profit centre

� Net exposure managed with Index futures

Portfolio construction – 3 books

Cyclicals book

� Long and short stocks

� Driven by emerging marketgrowth

Defensives book

� Long and short stocks

� Driven by bond yields

Financials book

� Long and short stocks

� Driven by central banks

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Source: Bloomberg, Henderson Global Investors, as at 6 June 2013Data for the AlphaGen Tucana Fund

Example positioning – 6 June 2013

Number of positions Exposure (%) Gross exposure (%) N et exposure (%)

Long defensives 15 37.055.2 +18.8

Short defensives 9 -18.2

Long cyclicals 17 29.938.4 +21.4

Short cyclicals 5 -8.5

Long financials 10 19.423.4 +15.4

Short financials 2 -4.0

Short index futures 5 25.1 -25.1

Total portfolio 63 142.1 +30.5

11

Why is Europe good for long short funds?

A structured portfolio

Source: Henderson Global Investors, Bloomberg, as at 18 September 201330 day moving average

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Feb

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Mar

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Apr

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May

-12

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Jul-1

2

Aug

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Sep

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Feb

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Mar

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Net

mar

ket e

xpos

ure

%

DefensivesCyclicalsFinancialsFutures

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Risk management

� Rolling Stop loss of 20%

� Permanent Control of market exposure, and nature of exposure (defensive, cyclical, financial)

� Liquidity – Portfolio can be liquidated quickly

� Risk oversight� Independent risk team and CRO

* When calculating total gross exposure, the Fund’s option exposure will be calculated by multiplying the notional amount of its options by the delta (in percentage terms)for such options.

Typical exposures

Gross exposure* 50% to 150%

Net exposure -5 to +50%

Position size 2% to 5%

Number of positions 40 to 70

Rigid limits

Maximum gross exposure* 200%

Net exposure -75% to +75%

Position size 10%

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Our aim is to avoid deep drawdowns

Source: Henderson Global Investors, as at 31 August 2013Each time the Fund makes new highs it is capped at 100

Largest drawdown – MSCI Europe

Starting point Draw down Recovery period

March ‘11 -19.1% 21 months

Largest drawdown – AlphaGen Tucana Fund

Starting point Draw down Recovery period

May ‘11 -3.4% 8 months

Underwater chart

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110

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Feb

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Tucana (net of fees)

MSCI Europe

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Smoothing market volatility

Source: Henderson Global Investors, as at 31 August 2013Basis: Benchmark is the MSCI Europe Total Return IndexRebased to 100 at 30 September 2012Data for the AlphaGen Tucana Fund

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Cumulative fund return (gross)MSCI Europe

%

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Active management of gross and net exposure

Source: Henderson Global Investors, as at 30 August 2013Basis: Data for the AlphaGen Tucana Fund, 5 day moving average

Gross and net exposure

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0%

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140%

160%

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100%

120%

140%

160%

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Gross Exposure Net Exposure

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Source: Henderson Global Investors, as at 27 September 2013

Top 10 long positions

Name Portfolio weight

Total 4.1

Novartis 4.0

Vodafone Group 3.1

Cap Gemini 3.1

EADS 3.0

Royal Dutch Shell 3.0

Philips Electronics 2.5

Ryanair 2.2

BT Group 2.1

Veolia 2.1

Current positioning

17

Appendices

18

Performance - SICAV

Source: Henderson Global Investors, as at 30 August 2013Basis: Index is the MSCI Europe Total Return Index.

Net fund returns in Euros, I share class, mid-mid. Henderson Horizon Pan European Alpha Fund

Performance since fund manager change

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100

102

104

106

108

110

112

114

31 D

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14 J

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28 J

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11 F

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25 M

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08 A

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22 A

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06 M

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03 J

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01 J

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29 J

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12 A

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Horizon Pan European Alpha FundMSCI Europe +11.7%

+8.9%

%

19

Sector attribution

Source: Henderson Global Investors, as at 30 June 2013Basis: Desk estimates

-600

-400

-200

0

200

400

600

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Jul-1

1

Aug

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Sep

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Feb

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Jul-1

2

Aug

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Sep

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Oct

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Utilities

Telecoms

Materials

IT

Industrials

Index

Health Care

Financials

Energy

Consumer Stap.

Consumer Disc.

Tucana sector contribution bps

20

Risk parameters

Rigid limits Typical exposures

StructureNet

exposureGross

exposureVaR Net Gross VaR

Hedge-75% to

+75%200% N/A

-5% to +50% 50% to 150% c. 2% to 4%

SICAV N/A 200% <20%

Source: Henderson Global Investors as at 31 August 2013Basis: VaR calculation - one-tailed 99% confidence interval

21

Risk management – example liquidity

Market Cap Gross exposure (%)

>€20bn 42.5

€5bn to €20bn 40.7

€1bn to €5bn 30.5

<€1bn 4.1

Source: Factset, Henderson Global Investors, as at 30 August 2013Data for the AlphaGen Tucana Fund

22

Long and short alpha

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Dec

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Cumulative long alphaCumulative short alpha

Alpha

CalculationLong alpha = Monthly long book contribution - [average long exposure * market return]Short alpha = Monthly short book contribution - [average short exposure * market return]

+14.7%

+10.6%

Source: Henderson Global Investors, as at 31 August 2013Data for the AlphaGen Tucana Fund based on desk estimates.Gross of fees

%

23

Top contributors & detractors in 2013 YTD

Top winning longs (bps) Top winning shorts (bps)

EADS 164 Sandvik AB 36

Roche 99 RWE AG 35

Smurfit Kappa 99 OML 34

Ryanair 79 LIF FTSE 100 INDEX 32

Ziggo 78 MFM IBEX 35 INDEX 29

Top losing longs (bps) Top losing shorts (bps)

Saipem -65 CME S&P 500 -70

Vivendi -30 CME NASDAQ 100 -55

Electrolux -21 EOP CAC40 -40

FLSmidth -17 EUX EURO STOXX 50 INDEX -29

Tele2 -14 Vallourec -20

Source: Henderson Global Investors, as at 31 August 2013

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Top contributors & detractors in 2012

Top winning longs (bps) Top winning shorts (bps)

Pandora +91 Tenaris +44

EADS +88 Telefonica +40

Ziggo +81 Mediaset +37

Grifols +81 IBEX +34

Edenred +70 ACS +25

Top losing longs (bps) Top losing shorts (bps)

Societe Generale -48 BASF -38

Mobistar -47 Midcap Index -32

Tullow -37 DSM -31

Shell -29 CAC -31

GDF -29 OMX -30

Source: Henderson Global Investors, as at 31 December 2012

25

AlphaGen Tucana performance statistics

Since inception

Source: Henderson Global Investors, as at 30 August 2013Inception date: 18 January 2005Basis: Net of performance & management fees, COB, Share Class ‘B’ EuroNote: * Spanish tax liability of 60 bps included

Léopold Arminjon took control of the Fund on 30 September 2010For illustrative purposes only - no representation is being made that the Fund is likely to achieve returnsin the future similar to those shown.

Net monthly returns – Euro class ‘B’

2005 % 2006 % 2007 % 2008 % 2009 % 2010 % 2011 % 2012% 2013

January 1.9 4.4 4.4 -7.8 2.4 -1.0 1.5 1.7 3.2

February 1.0 2.0 -0.4 1.4 1.3 -2.3 1.9 1.0 1.6

March 0.6 2.5 5.2 -1.1 4.6 3.7 -1.3 1.2 2.3

April -0.3 1.8 2.8 2.0 2.0 0.7 1.0 -0.4 -0.2

May 3.3 -2.6 1.9 0.9 7.5 -4.1 -0.5 -0.9 2.2

June 4.0 1.6 -0.8 -2.9 0.2 -2.6 -1.1 0.8 -0.4

July 2.6 0.2 -1.1 -4.0 8.3 2.3 -0.8 0.4 1.2

August 1.3 2.2 -1.3 -0.3 7.2 -2.2 -1.1 0.3 0.1

September 4.4 0.9 1.5 -9.9 3.4 3.2 1.1 0.3

October -4.4 3.8 3.1 -6.3 -2.4 2.7 1.2 2.0

November 1.8 0.8 -3.3 0.0 -0.9 -0.5 -0.1 1.8

December 3.7 3.8 -0.5 -0.8 2.8 2.2 0.0 0.5

YTD +21.5 +23.4 +11.5 -26.0 +42.0 +2.2* +1.7 +9.1 +10.4

26

Léopold Arminjon – Investment Manager

Léopold joined Henderson from Gartmore (Feb. 2007 to May 2001) in May 2011 as a PortfolioManager for European Large Caps, managing long/short equity products.

Previously he was at Cheuvreux (Jan. 2005 – Feb. 2007), Kepler Equities (Jan. 2001 to Jan. 2005)and Bryan Garnier (Nov. 1997 to Jan. 2001) in various TMT analyst roles.

Léopold graduated from HEC (ecole des Hautes Etudes Commerciales) in 1997.

Biographies

John Bennett – Director of European Equities

John joined Henderson in 2011 as Director of European Equities. Prior to that, John was a Senior Investment Manager in the European Equity team at Gartmore.

John has a 25 year track record of managing Continental and Pan European Equities and joined Gartmore in 2010 from GAM where he spent 17 years. At GAM John managed the GAM Star Continental European Equity Fund and the GAM Star European Equity Fund. Both funds were awarded a AAA rating by S&P and together received a total of 27 performance awards at the Lipper Fund Awards 2009.

John qualified in 1986 as a Member of the Chartered Institute of Bankers in Scotland.

27

Asim RahmanBill Casey

Europe – All cap long only

Tim StevensonNick Sheridan

UK – Long short

Ben WallaceLuke Newman

Henderson European Equity long short team

Léopold ArminjonFund manager

John Bennett Fund manager

European long short equity

Source: Henderson Global Investors, as at 31 May 2013

Europe – Mid cap long only

Ollie Beckett

Client communication and investment support

Eleanor Cameron Richard Brown

Henderson Equity

50+ Fund managers

28

Henderson Global Investors201 Bishopsgate, London EC2M 3AETel: 020 7818 1818 Fax: 020 7818 1819

\\hds.int\data\Dist\Glob\BS\Pres\Equi\Europe\Rich Brown\Leo Citywire.pptx

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The information specified in this document reflects the most current data at the time of printing. All data in this material is provided as of 1 July 2012 and its source is Henderson Global Investors Limited unless stated otherwise.Although third party data has been obtained from and is based on sources reasonably believed to be reliable, Henderson Global Investors Limited does not guarantee the accuracy of the information, which may be incomplete orcondensed. Additional information may be available upon request. Opinions expressed are the Investment Manager’s present opinions only, reflecting prevailing market conditions and certain assumptions (which may not prove to bevalid), and are subject to change. The information and opinions contained in this document are for background purposes only, and do not purport to be full or complete. No reliance may be placed for any purpose on the information oropinions contained in this document. None of Henderson Global Investors Limited, the Investment Manager, the Broker-Dealer, any of their affiliates or the Funds give any representation, warranty or undertaking as to, or accepts anyliability for, the accuracy or completeness of the information or opinions contained in this document.

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