<div id="readability-page-1"><div>RNS Number : 1396M Janus Henderson Fund Mgmnt UK Ltd. 18 December 2025 JANUS HENDERSON FUND MANAGEMENT UK LIMITED18 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 17 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 171.4p and the net asset value per share with debt marked at fair value was 174.0p.As at close of business on 17 December 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 168.7p and the net asset value per share with debt marked at fair value was 171.3p.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. 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 17 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 390.2p and the net asset value per share with debt marked at fair value was 391.7p.As at close of business on 17 December 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 385.4p and the net asset value per share with debt marked at fair value was 386.9p.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 17 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 138.2p and the net asset value per share with debt marked at fair value was 141.6p.As at close of business on 17 December 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 137.7p and the net asset value per share with debt marked at fair value was 141.1p.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 17 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 195.5p and the net asset value per share with debt marked at fair value was 196.4p. 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 17 December 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 195.3p and the net asset value per share with debt marked at fair value was 196.3p.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 17 December 2025, the unaudited net asset value per share calculated in accordance with the AIC formula (including current financial year revenue items) was 510.2p and the net asset value per share with debt marked at fair value was 515.6p.As at close of business on 17 December 2025, the unaudited net asset value per share (excluding current financial year revenue items) was 507.2p and the net asset value per share with debt marked at fair value was 512.6p.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 17 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 230.7p.As at close of business on 17 December 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 230.1p.</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 17 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 945.1p.As at close of business on 17 December 2025, the unaudited net asset value per share (excluding current financial year revenue items and shares held in treasury) was 930.2p.</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. 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 rns@lseg.com 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 NAVMZMMZMRDGKZM</div></div>

Janus Henderson Fund Management UK Ltd. announced the unaudited net asset values (NAV) per share for several trusts as of December 17, 2025. The NAVs, calculated with and without current financial year revenue items and debt marked at fair value, were provided for Lowland Investment Company PLC, The North American Income Trust PLC, The Bankers Investment Trust PLC, and Henderson High Income Trust PLC. The fair value of debt is estimated using discount rates based on relevant government securities and credit spreads.

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