<div id="readability-page-1"><div>RNS Number : 1758N Janus Henderson Fund Mgmnt UK Ltd. 30 December 2025 JANUS HENDERSON FUND MANAGEMENT UK LIMITED30 December 2025<div><table><tbody><tr><td>Trust Name</td><td>LOWLAND INVESTMENT COMPANY PLC</td></tr><tr><td>Legal Entity Identifier</td><td>2138008RHG5363FEHV19</td></tr><tr><td>NAV Details</td><td>As at close of business on 29 December 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 172.1p and the net asset value per share with debt marked at fair value was 174.6p. 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 29 December 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 171.1p and the net asset value per share with debt marked at fair value was 173.6p.Debt marked at fair value is the Company's estimate of the &#34;fair value&#34; 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.</td></tr><tr><td>For further information, please call:</td><td>Janus Henderson Secretarial Services UK LimitedCorporate SecretaryTelephone: 020 7818 1818</td></tr></tbody></table></div><div><table><tbody><tr><td>Trust Name</td><td>THE NORTH AMERICAN INCOME TRUST PLC</td></tr><tr><td>Legal Entity Identifier</td><td>5493007GCUW7G2BKY360</td></tr><tr><td>NAV Details</td><td>As at close of business on 29 December 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 390.3p and the net asset value per share with debt marked at fair value was 391.8p. 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 29 December 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 387.8p and the net asset value per share with debt marked at fair value was 389.3p.Debt marked at fair value is the Company's estimate of the &#34;fair value&#34; 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.</td></tr><tr><td>For further information,please call</td><td>Janus Henderson Secretarial Services UK LimitedCorporate SecretaryTelephone: 020 7818 1818</td></tr></tbody></table></div><div><table><tbody><tr><td>Trust Name</td><td>THE BANKERS INVESTMENT TRUST PLC</td></tr><tr><td>Legal Entity Identifier</td><td>213800B9YWXL3X1VMZ69</td></tr><tr><td>NAV Details</td><td>As at close of business on 29 December 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 141.4p and the net asset value per share with debt marked at fair value was 144.8p.As at close of business on 29 December 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 140.9p and the net asset value per share with debt marked at fair value was 144.3p.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.</td></tr><tr><td>For further information, please call:</td><td>Janus Henderson Secretarial Services UK LimitedCorporate SecretaryTelephone: 020 7818 1818</td></tr></tbody></table></div><div><table><tbody><tr><td>Trust Name</td><td>HENDERSON HIGH INCOME TRUST PLC</td></tr><tr><td>Legal Entity Identifier</td><td>213800OEXAGFSF7Y6G11</td></tr><tr><td>NAV Details</td><td>As at close of business on 29 December 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 196.8p and the net asset value per share with debt marked at fair value was 197.7p. 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 29 December 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 196.4p and the net asset value per share with debt marked at fair value was 197.3p.Debt marked at fair value is the Company's estimate of the &#34;fair value&#34; 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.</td></tr><tr><td>For further information, please call:</td><td>Janus Henderson Secretarial Services UK LimitedCorporate SecretaryTelephone: 020 7818 1818</td></tr></tbody></table></div><div><table><tbody><tr><td>Trust Name</td><td>THE CITY OF LONDON INVESTMENT TRUST PLC</td></tr><tr><td>Legal Entity Identifier</td><td>213800F3NOTF47H6AO55</td></tr><tr><td>NAV Details</td><td>As at close of business on 29 December 2025, the unaudited net asset value per share calculated in accordance with the AIC formula (including current financial year revenue items) was 515.4p and the net asset value per share with debt marked at fair value was 520.8p.As at close of business on 29 December 2025, the unaudited net asset value per share (excluding current financial year revenue items) was 512.0p and the net asset value per share with debt marked at fair value was 517.4p.Debt marked at fair value is the Company's estimate of the &#34;fair value&#34; 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.</td></tr><tr><td>For further information, please call:</td><td>Janus Henderson Secretarial Services UK LimitedCorporate SecretaryTelephone: 020 7818 1818</td></tr></tbody></table></div><div><table><tbody><tr><td>Trust Name</td><td>THE EUROPEAN SMALLER COMPANIES TRUST PLC</td></tr><tr><td>Legal Entity Identifier</td><td>213800N1B1HCQG2W4V90</td></tr><tr><td>NAV Details</td><td>As at close of business on 29 December 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 236.4p.As at close of business on 29 December 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 235.8p.</td></tr><tr><td>For further information, please call:</td><td>Janus Henderson Secretarial Services UK LimitedCorporate SecretaryTelephone: 020 7818 1818</td></tr></tbody></table></div><div><table><tbody><tr><td>Trust Name</td><td>THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC</td></tr><tr><td>Legal Entity Identifier</td><td>213800NE2NCQ67M2M998</td></tr><tr><td>NAV Details</td><td>As at close of business on 29 December 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 954.6p.As at close of business on 29 December 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 939.8p.</td></tr><tr><td>For further information,please call:</td><td>Janus Henderson Secretarial Services UK LimitedCorporate SecretaryTelephone: 020 7818 1818</td></tr></tbody></table></div>This information is provided by RNS, the news service of the London Stock Exchange. 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Janus Henderson Fund Management UK Limited reported the unaudited net asset values (NAV) for several trusts as of December 29, 2025. The Lowland Investment Company PLC has an NAV per share of 172.1p (including revenue) and 171.1p (excluding revenue). The North American Income Trust PLC reported an NAV of 390.3p (including revenue) and 387.8p (excluding revenue). The Bankers Investment Trust PLC's NAV is 141.4p (including revenue) and 140.9p (excluding revenue). The Henderson High Income Trust PLC has an NAV of 196.8p (including revenue) and 196.4p (excluding revenue). All values are adjusted for dividends and reflect fair value assessments of debt.

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