andrew formica chief executive - snl

0

Andrew FormicaChief Executive

Roger ThompsonChief Financial Officer

Thursday 8 August 2013

1


2

Record underlying PBT

Operating margin increased to 38.8%

Improved 3-year investment performance to 73%2

Positive retail flows of £0.6bn

AUM increased to £67.9bn

Key highlightsFirst half 2013

1H13 1H121 Change

Underlying PBT £101.1m £82.8m +22%

Operating margin 38.8% 36.2% Improved

3-year investment performance2 73% 66% Improved

Positive retail flows £0.6bn £(0.9)bn +£1.5bn

AUM £67.9bn £63.6bn +7%

1 Historical financials have been restated where necessary upon adoption of the amended standard IAS 19 Employee Benefits. 2 Asset weighted, percentage of funds achieving or beating benchmark / percentile ranking over three years.

3

Demerger and divestitures

Captive insurance client 40%1 of AUM

European Equity, UK Fixed Income &

Property

Lower margins and profits

Pre-2008

Acquiring diversification

Realigned business towards

Retail

Expanded absolute return products

Improved margins and profits

2009-2011 2012-present

Streamlining and seeding

Add Global and Multi-Asset

products

Simplify and focus

Strategic partnerships

Maintain cost discipline

Begin delivering organic growth

Now & beyond

Realising growth potential

Build scale globally

New Income and Absolute Return

products

Sustained positive net flows

Deliver value to stakeholders

Establishing a platform for growth

1 As at 31 December 2005.

4

Key outcomesFirst half 2013

Simplified and focused business

Strong investment performance and improving flows

Strong financial performance

Positioned for growth

5

Streamlined business and reduced costs Established global alliance with TIAA-CREF

• TIAA Henderson Global Real Estate JV (40% stake)• Sale of North American real estate business to TIAA-CREF

Focused on core capabilities: Global Equities, European Equities, Absolute Return, Multi-Asset and Global Fixed Income

Simplified & focused business

Strong investment

performance& improving

flows

73% and 81% of Equity and Fixed Income funds, respectively, outperformed over 3 years

Positive net retail flows of £587m in 1H13• Highest achieved since 1H11• UK retail positive flows in 2Q13

Encouraging institutional pipeline

Key outcomes (cont’d)First half 2013

6

Strongfinancial

performance

Positioned for

growth

Record first half underlying PBT at £101.1m (up 22% on 1H121) Improved operating margin to 38.8% Strong net cash position of £16.7m Continued financial discipline

Exploring strategic opportunities beyond real estate with TIAA-CREF Sesame Bankhall and Intrinsic JVs generating solid flows Acquired c.33% of 90 West as part of Australian strategic growth plans Launched funds supporting recent acquisitions, including:

• Henderson High Yield Opportunities Fund• AlphaGen Northern Pines Long / Short Equity Fund

Agreed new terms with Phoenix, building on our strong relationship

1 This has been restated upon adoption of the amended standard IAS 19 Employee Benefits.

Key outcomes (cont’d)First half 2013

7

Investment performanceCornerstone of success

1st quartile/outperform/positive 2nd quartile 3rd quartile 4th quartile/underperform/negative

Core capabilities 1 year2 3 years2 5 years2

Global Equity1

European Equity1

Absolute Return

Multi-Asset1

Global Fixed Income

1 Excludes Segregated Mandates and certain pooled funds (Optimum, Core, Avellemy, Cirilium, UK Equity Tracker and US Growth OEIC).2 Performance is relative to benchmark, percentile ranking or absolute performance where appropriate as at 30 June 2013.

8

Fund Fund range 1 year1 3 years1 5 years1

Global EquityGlobal Equity Income OEIC

Global Focus OEIC

European EquityEuropean Selected Opportunities OEIC 16 22 22

Pan European Equity SICAV 13 9

Absolute ReturnTucana Cayman 20.2% 8.8% 7.9%

Octanis Cayman 18.0% 8.1% 13.3%

Volantis Cayman 22.0% 12.7% 15.7%

Multi-AssetMulti-Manager Distribution OEIC 25 14

Diversified Growth OEIC 4.9% 9.0%

Global Fixed Income

European Corporate Bond SICAV 2

Credit Alpha OEIC 4.7% 7.1%

1 Performance is relative to benchmark, percentile ranking or absolute performance where appropriate as at 30 June 2013.

Selected funds Investment performance

1st quartile/outperform/positive 2nd quartile 3rd quartile 4th quartile/underperform/negative

9

1 UK Retail is a subset of Retail.

Net flow improvement Quarter-on-quarter

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

£m 1

(747)

(110)

(376)(423)

(792)

(367)

(833)

(296)(399)

(708)

(46)(337)

(1,458)

188

(159)

(581)

399

154

(1500)

(1000)

(500)

-

500Institutional Retail UK Retail

0

10

Roger ThompsonChief Financial Officer

11

Underlying profit before tax

82.8101.1

0

20

40

60

80

100

120

140

1H12 Managementfees

Transactionfees

Performancefees

Fixedcompensation

Variablecompensation

Otherexpenses

Net financeexpenses

1H13

(28.0)

7.2

(2.6)

Movement in underlying profit before tax1

£m

7.1

(3.0)

35.3 2.3

1 Historical financials have been restated where necessary upon adoption of the amended standard IAS 19 Employee Benefits.

12

1H13£m

1H121

£m%

change2H121

£mFY121

£m

Management fees (net of commissions) 185.9 178.8 4.0 176.4 355.2

Transaction fees 20.3 23.3 (12.9) 20.4 43.7

Performance fees 57.5 22.2 159.0 11.7 33.9

Total fee income 263.7 224.3 17.6 208.5 432.8

Finance income 4.3 9.8 (56.1) 4.3 14.1

Total income 268.0 234.1 14.5 212.8 446.9

Income drivers


13

1H13£m

1H12£m

2H12£m

Benchmark 1H13No. funds

1H12No. funds

2H12No. funds

SICAVs 17.9 2.1 0.1 Absolute / Relative 12 3 1

Absolute Return Funds 15.5 0.8 3.6 Absolute 18 5 14

Institutional clients 9.0 14.5 1.8 Relative 30 30 4

UK OEICs 8.0 - 0.4 Absolute / Relative 3 - 1

Investment Trusts 3.5 0.1 3.5 Absolute / Relative 4 1 4

Property 3.4 3.1 0.4 Absolute / Relative 9 5 2

Private Equity 0.2 1.6 1.9 Absolute 2 1 1

Total 57.5 22.2 11.7 78 45 27

Performance fees

14

UK Funds28%

SICAVs20%

US Mutuals6%

Investment Trusts

6%

Other1%

Total fees by product1

Institutional39%

Retail61%

Global Equities

31%

European Equities

15%

Absolute Return

5%

Multi-Asset 4%

Global Fixed Income

25%

Property19%

Private Equity 1%

Total AUM by capability

1 Includes management and performance fees only.

Source of 1H13 earnings

15

Fee margins

1 Historical financials have been restated where necessary upon adoption of the amended standard IAS 19 Employee Benefits. 2 Annualised where appropriate and based on average AUM for the period.3 Based on underlying profit before tax.

61.748.2

17.1

70.6

53.3

23.7

66.654.6

23.5

76.6

54.0

29.4

0

10

20

30

40

50

60

70

80

90

Total fee margin Management fee margin Net margin

FY10FY11FY121H13

%

2

1

1

1

3

16

178.6 183.5

254.5

222.3 224.3 208.5

263.7

129.4129.6

165.6145.6 143.0 136.6

161.5

43.1 46.1

49.5

54.6 53.0 51.9

50.739.6 37.8

65.1

38.2 38.1 39.5

66.1

0

50

100

150

200

250

300

1H10 2H10 1H11 2H11 1H12 2H12 1H13

Total fee income Total operating expenses Fixed staff costs Variable staff costs

Flexible cost base1

£m

Total fee income and operating expenses


17

Compensation ratio and operating margin

45.4 45.144.1 40.6

38.9

43.0 43.6

27.5

29.4

34.9

34.536.2

34.5

38.8

25

30

35

40

45

50

1H10 2H10 1H11 2H11 1H12 2H12 1H13

Compensation ratio Operating margin

Improvement in underlying profitability1

%


18

Continued cost discipline

1H13£m

1H12£m

%change

2H12£m

FY12£m

Investment administration 12.7 14.4 (11.8) 11.3 25.7

Information technology 7.7 8.0 (3.8) 6.4 14.4

Office expenses 8.6 9.0 (4.4) 7.8 16.8

Depreciation 1.4 1.4 - 1.5 2.9

Other expenses 14.3 19.1 (25.1) 18.2 37.3

Other operating expenses 44.7 51.9 (13.9) 45.2 97.1

19

17.9 16.7

(79.5)

(20.8)

(136.6)

(28.0)

(62.2)

(140)

(120)

(100)

(80)

(60)

(40)

(20)

-

20

1H10 2H10 1H11 2H11 1H12 2H12 1H13

Net debt

Net cash

£m

Summary: cash position

1 Excludes restricted cash and managers dealing account balances.

FY10-1H13 net debt / cash1

0

20

(62.2)

102.9

(22.8)

17.9

53.9 (55.1)

16.7

(80)

(60)

(40)

(20)

-

20

40

60

80

Jun 12net debt

Operating andother cash flows

Dividends Dec 12net cash

Operating andother cash flows

Dividends Jun 13net cash

1 Excludes restricted cash and managers dealing account balances.

Movement in unrestricted cash over the last year1

0

£m

Summary: cash position

21

30.3 48.2

87.0 82.8 101.149.852.1

73.0 70.2

0

40

80

120

160

FY09 FY10 FY11 FY12 1H13

FY09-1H13 total income1 FY09-1H13 underlying profit before tax1

FY09-1H13 dividend per share1FY09-1H13 diluted EPS1 2

3.1 4.5

7.1 7.0 8.04.7

4.9

5.4 5.3

0

2

4

6

8

10

12

14

FY09 FY10 FY11 FY12 1H13

124.0 182.0

259.8 234.1 268.0

173.4

186.0

228.6212.8

0

100

200

300

400

500

FY09 FY10 FY11 FY12 1H13

£m£m

Pence Pence

Summary: strong financial performance

1 Historical financials have been restated where necessary upon adoption of the amended standard IAS 19 Employee Benefits. 2 Based on underlying profit after tax attributable to equity holders of the parent.

1.85 1.85 1.95 2.10 2.15

4.25 4.65 5.05 5.05

0

2

4

6

8

FY09 FY10 FY11 FY12 1H13

1H 2H 1H 2H

1H 2H1H 2H

22


23

Build on momentum achieved in 1H131.

Complete TIAA Henderson transaction2.

Further supplement investment capabilities3.

Maintain cost discipline4.

Priorities going forward

24

Key points1H13 recap

Simplified and focused business

Strong investment performance and improving flows

Strong financial performance

Positioned for growth

25

Q&A

26

Appendix

27

Profit and loss


1H13£m

1H121

£m%

changeFY121

£m

Management fees (net of commissions) 185.9 178.8 4.0 355.2

Transaction fees 20.3 23.3 (12.9) 43.7

Performance fees 57.5 22.2 159.0 33.9

Total fee income 263.7 224.3 17.6 432.8

Finance income 4.3 9.8 (56.1) 14.1

Total income 268.0 234.1 14.5 446.9

Total operating expenses (161.5) (143.0) 12.9 (279.6)

Finance expenses (5.4) (8.3) (34.9) (14.3)

Total expenses (166.9) (151.3) 10.3 (293.9)

Underlying profit before tax 101.1 82.8 22.1 153.0

Intangible amortisation (26.0) (26.0) - (52.1)

Gartmore related employee share schemes (2.5) (6.8) (63.2) (10.6)

Void property finance charge (0.6) (0.7) (14.3) (1.4)

Recurring profit before tax 72.0 49.3 46.0 88.9

Non-recurring items - - - 13.8

Profit before tax 72.0 49.3 46.0 102.7

Tax on underlying profit (13.1) (8.0) 63.8 (19.5)

Tax on non-operating recurring items 6.9 8.9 (22.5) 18.5

Tax on non-recurring items - - - 4.7

Total tax (6.2) 0.9 (788.9) 3.7

Profit after tax 65.8 50.2 31.1 106.4

28

Summary AUM and fund flows1H13

£m Opening AUM

1 Jan 13

Net flows 1Q13

Market / FX 1Q13

Closing AUM

31 Mar 13

Net flows 2Q13

Market / FX 2Q13

Closing AUM

30 Jun 13

Closing AUM avg net mgmt

fee (bps)

UK OEICs / Unit Trusts / Other 15,814 (159) 1,216 16,871 154 (101) 16,924

SICAVs 7,226 480 866 8,572 (36) (255) 8,281

US Mutuals 3,006 187 290 3,483 97 57 3,637

Investment Trusts 4,220 (320) 467 4,367 184 (43) 4,508

Total Retail 30,266 188 2,839 33,293 399 (342) 33,350 73

UK OEICs / Unit Trusts 7,215 (133) 354 7,436 (306) (121) 7,009

SICAVs 762 1 101 864 515 (19) 1,360

Offshore Absolute Return Funds 2,165 (61) 244 2,348 (85) (45) 2,218

Managed CDOs 740 (60) 26 706 (72) (14) 620

Segregated Mandates 13,833 (896) 553 13,490 (657) (223) 12,610

Property Funds 9,363 (307) 362 9,418 37 28 9,483

Private Equity Funds 903 (17) 11 897 - (30) 867

Other 403 16 6 425 (13) 7 419

Total Institutional 35,384 (1,457) 1,657 35,584 (581) (417) 34,586 35

Total Group 65,650 (1,269) 4,496 68,877 (182) (759) 67,936 54

By channel / product

1 “Other” includes US Mutuals, Investment Trusts and Liquidity Funds.

29

Summary AUM and fund flows (cont’d)1H13

1 Approximately £1.0bn of assets have been reclassified from Equity to Fixed Income as at 1 January 2013 to conform with the Group’s ongoing presentation.2 Of the £12.7bn of Property AUM at 30 June 2013, £1.1bn relates to Henderson UK Property Unit Trust which will remain with the Group following completion of the transactions

with TIAA-CREF announced on 24 June 2013 with the remaining £11.6bn being subject to those transactions.3 Private Equity funds’ AUM is based on 31 March 2013 valuations.

£m Opening AUM

1 Jan 13

Net flows 1Q13

Market / FX 1Q13

Closing AUM

31 Mar 13

Net flows 2Q13

Market / FX 2Q13

Closing AUM

30 Jun 13

Closing AUM avg net mgmt

fee (bps)

Equity¹ 34,381 (1,158) 3,889 37,112 (81) (391) 36,640 69

Fixed Income¹ 17,828 209 158 18,195 (17) (423) 17,755 28

Property2 12,523 (303) 438 12,658 (84) 86 12,660 42

Private Equity3 918 (17) 11 912 - (31) 881 134

Total Group 65,650 (1,269) 4,496 68,877 (182) (759) 67,936 54

By asset class

Absolute return sub-analysis

£m Opening AUM

1 Jan 13

Net flows 1Q13

Market / FX 1Q13

Closing AUM

31 Mar 13

Net flows 2Q13

Market / FX 2Q13

Closing AUM

30 Jun 13

Retail 957 73 42 1,072 141 14 1,227

Institutional 2,418 (37) 245 2,626 (99) (57) 2,470

Total Group 3,375 36 287 3,698 42 (43) 3,697

30

Funds at / above benchmark (%)1 1 year %1H13

3 years %1H13

UK OEICs / Unit Trusts / Other 71 73

SICAVs 77 89

US Mutuals 81 1

Investment Trusts 69 93

Offshore Absolute Return Funds 100 100

Segregated Institutional Mandates 86 91

Total 77 76

1 Asset weighted of funds measured as at 30 June 2013. Retail fund ranges are measured relative to peers.2 Based on IPD performance as at 31 December 2012.3 Excludes liquidity funds and Private Equity.

Investment performanceAsset weighted of funds measured

Asset class 1 year %1H13

3 years %1H13

Equities 81 73

Fixed Income 66 81

Property2 34 61

Total3 70 73

31

Performance fee potentialAUM

30 Jun 2013 31 Dec 2012

No. of funds % AUM with performance

fee potential

No. of funds % AUM with performance

fee potential

Institutional clients 49 33 54 34

Absolute return funds 37 81 36 75

Property 35 71 35 71

SICAVs 21 84 21 78

Investment Trusts 11 61 13 63

Private Equity 6 100 6 100

OEICs 5 4 3 5

Total 164 42 168 42

32

30 Jun 13£m

31 Dec 12£m

2016 notes 148.7 148.5

Gross debt at par 150.0 150.0

Unrestricted cash and cash equivalents¹ 166.7 167.9

Net cash2 16.7 17.9

Total equity 801.4 781.2

Available facilities3 - 75.0

Financial positionDebt, equity and ratios

1 Restricted cash and cash equivalents of £22.3m (31 December 2012: £29.0m) held in the Group’s manager dealing accounts.2 Based on outstanding debt at par.3 Represents a £75.0m revolving credit facility, cancelled in January 2013.4 Historical financials have been restated where necessary upon adoption of the amended standard IAS 19 Employee Benefits.5 1H13 underlying EBITDA annualised.

Gearing ratios and interest cover 30 Jun 13 31 Dec 124

Gross debt / total equity 0.2x 0.2x

Gross debt / EBITDA5 0.7x 1.0x

Interest cover 19.2x 10.9x

33

EPS calculationNumber of shares

Weighted average 1H13Shares (m)

FY13E1

Shares (m)

Issued share capital 1,115.1 1,118.0

Less: own shares held (64.3) (56.1)

Weighted average number of ordinary shares for basic EPS calculation 1,050.8 1,061.9

Add: dilutive impact of share options and awards 52.2 49.1

Weighted average number of ordinary shares for diluted EPS calculation 1,103.0 1,111.0

1 Forecast is based upon vesting conditions as at 30 June 2013.

34

EPS calculation

1H13£m

1H121

£mFY121

£m

Underlying profit before tax 101.1 82.8 153.0

Less: tax on underlying profit (13.1) (8.0) (19.5)

Underlying profit after tax 88.0 74.8 133.5

Less: non-controlling interests after tax - - (0.2)

Underlying profit after tax attributable to equity holders of the parent 88.0 74.8 133.3

Less: Gartmore related employee share awards after tax (1.6) (6.8) (9.4)

Less: intangible amortisation and void property finance charge after tax (20.6) (17.8) (36.2)

Add: non-recurring items after tax - - 18.5

Profit after tax attributable to equity holders of the parent 65.8 50.2 106.2

Weighted average number of ordinary shares for the purpose of basic EPS (m) 1,050.8 1,030.0 1,034.0

Weighted average number of ordinary shares for the purpose of diluted EPS (m) 1,103.0 1,074.7 1,082.0

Basic EPS based on underlying profit after tax 8.4p 7.3p 12.9p

Basic EPS 6.3p 4.9p 10.3p

Diluted EPS based on underlying profit after tax 8.0p 7.0p 12.3p

Diluted EPS 6.0p 4.7p 9.8p


35

Historical classification of AUM1H13

Mar

ket /

FXM

arke

t /FX

01-J

an31

-Mar

30-J

un

Reta

il

UK O

EICs

/Uni

t Tru

sts

14,9

86(1

87)

1,20

716

,006

(3)

(139

)15

,864

SIC

AV

s7,

226

480

866

8,57

2(3

6)(2

55)

8,28

1

US M

utua

ls3,

006

187

290

3,48

397

573,

637

Inve

stm

ent T

rust

s4,

205

(320

)46

74,

352

184

(42)

4,49

4

Tota

l Ret

ail

29,4

2316

02,

830

32,4

1324

2(3

79)

32,2

76

Inst

itutio

nal

UK O

EICs

/Uni

t Tru

sts

4,30

5(7

5)59

4,28

9(2

01)

(108

)3,

980

SIC

AV

s76

21

101

864

516

(20)

1,36

0

US M

utua

ls16

01

1711

028

Off

shor

e A

bs R

etur

n Fu

nds

2,16

5(6

1)24

42,

348

(85)

(45)

2,21

8

Inve

stm

ent T

rust

s26

04

300

030

Man

aged

CDO

s74

0(6

0)26

706

(72)

(14)

620

Segr

egat

ed M

anda

tes

7,73

1(7

34)

505

7,50

2(3

79)

(114

)7,

009

Liqu

idity

Fun

ds36

116

137

8(2

4)7

361

Tota

l Ins

titut

iona

l16

,106

(913

)94

116

,134

(234

)(2

94)

15,6

06

45,5

29(7

53)

3,77

148

,547

8(6

73)

47,8

82

Cons

istin

g of

:

Ab

s R

etur

n R

etai

l95

773

421,

072

141

141,

227

Ab

s R

etur

n In

stitu

tiona

l2,

418

(37)

245

2,62

6(9

9)(5

7)2,

470

3,37

536

287

3,69

842

(43)

3,69

7

Reta

il

UK O

EICs

/Uni

t Tru

sts

828

289

865

157

381,

060

Tota

l Ret

ail

828

289

865

157

381,

060

Inst

itutio

nal

Prop

erty

Fun

ds9,

363

(307

)36

59,

421

3729

9,48

7

Segr

egat

ed m

anda

tes

2,33

2(2

4)64

2,37

2(2

78)

192,

113

Tota

l Ins

titut

iona

l11

,695

(331

)42

911

,793

(241

)48

11,6

00

12,5

23(3

03)

438

12,6

58(8

4)86

12,6

60

Reta

il

Inve

stm

ent T

rust

s15

00

150

(1)

14

Tota

l Ret

ail

150

015

0(1

)14

Inst

itutio

nal

Priv

ate

Equi

ty F

unds

837

(4)

784

00

(32)

808

Tota

l Ins

titut

iona

l83

7(4

)7

840

0(3

2)80

8

852

(4)

785

50

(33)

822

Inst

itutio

nal

UK O

EICs

/Uni

t Tru

sts

2,91

0(5

9)29

33,

144

(104

)(1

5)3,

025

Segr

egat

ed M

anda

tes

3,77

0(1

37)

(17)

3,61

6(2

)(1

26)

3,48

8

Priv

ate

Equi

ty F

unds

66(1

3)4

570

259

6,74

6(2

09)

280

6,81

7(1

06)

(139

)6,

572

65,6

50(1

,269

)4,

496

68,8

77(1

82)

(759

)67

,936

Reta

il30

,266

188

2,83

933

,293

399

(342

)33

,350

Inst

l ex

Phoe

nix

28,6

38(1

,248

)1,

377

28,7

67(4

75)

(278

)28

,014

Tota

l Gro

up e

x Ph

oeni

x58

,904

(1,0

60)

4,21

662

,060

(76)

(620

)61

,364

Phoe

nix

6,74

6(2

09)

280

6,81

7(1

06)

(139

)6,

572

TOTA

L G

ROUP

65,6

50(1

,269

)4,

496

68,8

77(1

82)

(759

)67

,936

Equi

ty34

,381

(1,1

58)

3,88

937

,112

(81)

(391

)36

,640

Fixe

d In

com

e17

,828

209

158

18,1

95(1

7)(4

23)

17,7

55

Prop

erty

12,5

23(3

03)

438

12,6

58(8

4)86

12,6

60

Priv

ate

Equi

ty91

8(1

7)11

912

0(3

1)88

1

TOTA

L G

ROUP

65,6

50(1

,269

)4,

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36

Investor enquiries Tony Hockey Head of Strategy & Investor Relations

+44 (0) 20 7818 3832 [email protected] or

Andrea Chen Deputy Head of Investor Relations

+44 (0) 20 7818 5927 [email protected]

Investor Relations +44 (0) 20 7818 5310 [email protected] Media enquiries Richard Acworth Head of Corporate Communications

+44 (0) 20 7818 3010 [email protected]

United Kingdom: Maitland Australia: Cannings Peter Ogden / George Trefgarne Luis Garcia +44 (0) 20 7379 5151 +61 (0)2 8284 9911

Contacts

37

Henderson Group plc201 Bishopsgate, London EC2M 3AE

Important informationThis presentation issued by Henderson Group plc is a summary of certain information contained in the stock exchange announcements dated 8August 2013 (relating to the half year results of Henderson Group to 30 June 2013) and should be read in conjunction with, and subject to, thefull text of those announcements.

This presentation contains forward-looking statements with respect to the financial condition, results and business of Henderson Group. By theirnature, forward-looking statements involve risk and uncertainty because they relate to events, and depend on circumstances, that may or maynot occur in the future. There are a number of factors that could cause Henderson Group’s actual future performance and results to differmaterially from the results expressed or implied in these forward-looking statements. The forward-looking statements are based on the Directors’current view and information available to them at the date of this presentation. Henderson Group makes no undertaking to update or revise anyforward-looking statements whether as a result of new information, future events or otherwise. Nothing in this presentation should be construedas a profit forecast.

Please note that all figures in the presentation are in £ and are as at 30 June 2013 unless otherwise stated.

andrew formica chief executive - snl

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