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For professional investors only | For promotional purposes

Janus Henderson has managed specialist technology assets since 1983 and is one of the largest technology managers in Europe with €5.7bn* in AUM

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Key messages 3

Powerful secular themes 4

Fund at a glance 5

Investment process 6

Introducing the team 7

Contents

Breadth of expertise

Henderson Global Investors merged with Janus Capital Group in May 2017

*Assets managed by the UK-based Global Technology Team as at 30 June 2018.

Exponential growth = evolution Tech products are: Faster Better Cheaper

This is driving sector growth and shareholder returns

Demographic shifts driving adoption For each generation technology is more embedded in their everyday lives. Levels of adoption vary: Digital refugees Digital immigrants Digital natives

Key messages

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Why Janus Henderson for Global Technology?

Integrated risk management Liquidity, thematic risks

closely monitored Typically the vast majority of

stocks can be liquidated within 5 days

Experience and scale UK-based team with over 60 years’

investment experience One of Europe’s largest franchises

with deep sector knowledge

ESG embedded in investment process Value-added approach

incorporating environmental, social and governance analysis

We navigate the hype cycle Understanding strong barriers

to entry Realistic organic growth assessment

Reshaping the economic model Technology “waves” provide solutions to social needs, leading to Tech reshaping the old economy

Case for the Technology sector: Why technology is taking share of the economy

Valuation discipline Bottom-up approach with in-house

stock rating Focused portfolio of c.50 stocks Identify mispriced long-term growth

Source: Janus Henderson Investors, as at 30 June 2018. This document relates to the UK-based Janus Henderson Global Technology Team.

Powerful secular themes

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Designed to provide investors with exposure to the strong thematic trends driving the technology sector. Bottom-up, index-aware, focused strategy seeking to deliver consistent risk-adjusted returns.

Artificial intelligence (AI) Compute power is now getting cheap and strong enough to make AI a reality. AI will increasingly disrupt many areas of the economy, enabling technology to gain ever greater market share. Theme-related companies: Alphabet (Google), Xilinx.

Payment digitisation This captures the move from cash to debit and credit cards, as well as new payment technologies e.g. Apple Pay, Visa, Mastercard, Alibaba.

Global internet transformation – “winner takes most”The internet has changed the way people work and live. This theme captures the shift from offline to online advertising, entertainment and e-commerce. The strong network effects online create “winner takes most” markets, e.g. Alphabet (Google), Facebook, Priceline.com, Tencent, Alibaba.

Cloud infrastructureCompanies are increasingly managing IT remotely; i.e. buying, computing and storing technology from specialised service providers over the internet, e.g. Amazon (AWS), Microsoft, Broadcom, Alibaba.

We seek compelling investment opportunities with strong growth potential based around long-term trends that are shaping the future of technology

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Source: Morningstar. All data at 30 June 2018 (AuM, fund rating, fund performance). Past performance is not an indicator of future performance. Fund: nav-nav, net income reinvested, A2 USD share class.

*A2 USD share class as at 30 June 2018.

Source: Morningstar, as at 30 June 2018 , rebased to 100 at 30 June 2008. Fund: nav-nav, net income reinvested, A2 USD share class. Past performance is not an indicator of future performance.

Historical performance – As at 30 June 2018

Consistent performance vs peer group

Janus Henderson Horizon Global Technology Fund at a glance

Cumulative performance (% change) 1 year 3 years 5 years 10 years

Janus Henderson Horizon Global Technology Fund 26.4 70.8 127.0 222.9 GIF OS Sector Equity Technology 23.0 52.7 100.8 140.7

Key data*

Launch date 16 October 1996

Benchmark MSCI AC World IT Index

Structure Luxembourg SICAV

Sector GIF OS Sector Equity Technology

Fund managers

Alison Porter > 23 years of exp

Graeme Clark > 24 years of exp

Richard Clode > 15 years of exp

Niall Holleran > 7 years of exp

€2.6bnFund is one of the longest running in the

Morningstar Equity Technology sectorSource: Janus Henderson Investorsas at 30 June 2018

*Morningstar rating refers to A2 USD share class

as at 30 June 2018

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GIF OS Sector Equity Technology

Janus Henderson Horizon Global Technology Fund A2 USD

Jun 18Jun 17Jun 16Jun 15Jun 14Jun 13

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Investment process

We implement a disciplined five-stage process to construct a best ideas portfolio. We believe rigorous analysis and a focus on growth at a reasonable price (GARP) is essential to help navigate the technology “hype cycle”.

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Principally qualitative.

The team members are experts in specific technology sub-sector analysis. This is balanced by a holistic perspective on technology as a whole and factors in Environmental, Social and Governance (ESG) research.

The team applies a stock rating system ranging from 1 (Strong buy) to 5 (Strong sell). This allows for consistent and meaningful comparisons of opportunities.

Themes are drawn from high level analysis and can also originate from bottom-up company analysis. They tend to be long-term in nature with regulatory developments and ESG issues analysed for their potential implications.

Step 1 Bottom-up research

Step 2 Thematic selection

Step 3 Stock rating

*The fund has historically applied these parameters at 30 June 2018. For illustrative purposes only. These ranges may vary over time.

**The team’s specialist approach typically focuses on a portfolio of c.50 stocks but may invest in up to 80 stocks.

The Global Technology Team believes in a thorough understanding of the stocks in which they invest, a deep sensitivity to valuation and the creation of a well-diversified portfolio.

The independent Janus Henderson Investment Risk Team and the Portfolio Risk & Analytics Team monitor the fund and partner with the portfolio managers to help optimise positioning.

Portfolios are built using a ‘benchmark aware’ model, with the MSCI AC World Information Technology Index as the anchor for portfolio construction.

Typical portfolio characteristics:*

Number of stocks 40-80**

Individual stock positions Max 10%

Market cap Typically >$500m

Cash Max 20%

Please see the KIID, prospectus and investment process for the full objective and characteristics

Step 4 Portfolio construction

Step 5 Risk management

*Source: Janus Henderson Investors as at 30 June 2018.

Niall HolleranInvestment Analyst

Joined Henderson in 2012

BSc in economics and finance from Imperial College London and a masters degree in finance, IMC and CFA

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Introducing the team

The UK-based Janus Henderson Global Technology Team has a deep understanding of the sector, comprising of sector specialists with an average of 17 years’ industry experience*. As one of the largest Global Technology franchises in Europe, the team leverages deep investment insight gained from strong company contacts and superior access to senior management.

Alison PorterPortfolio Manager

Joined Henderson in 2014; sub-sector specialist in US internet and hardware

BA (Hons) in economics and industrial relations from University of Strathclyde, master’s in investment analysis from University of Stirling

Graeme ClarkPortfolio Manager

Joined Henderson in 2013; sub-sector specialist in software and IT services

Degree in accountancy and business from University of Edinburgh, CFA UK level 4 certificate in investment management and a member of the institute of Chartered Accountants, Scotland

Richard ClodePortfolio Manager

Joined Henderson in 2014; sub-sector specialist in emerging markets technology and semiconductors

First class honours degree in modern history from Oxford University, CFA

Important InformationThis document is intended solely for the use of professionals and is not for general public distribution. Any investment application will be made solely on the basis of the information contained in the Fund’s prospectus (including all relevant covering documents), which will contain investment restrictions. This document is intended as a summary only and potential investors must read the Fund’s prospectus and key investor information document before investing. A copy of the Fund’s prospectus and key investor information document can be obtained from Henderson Global Investors Limited in its capacity as Investment Manager and Distributor. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes. Past performance is not a guide to future performance. The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially. The securities included in this document are not registered in the Foreign Securities Registry of the Comisión para el Mercado Financiero (CMF) or CMF for public offering and, therefore, the use of this document is only for general information purposes. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. The Fund is a recognised collective investment scheme for the purpose of promotion into the United Kingdom. Potential investors in the United Kingdom are advised that all, or most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available under the United Kingdom Financial Services Compensation Scheme.

The Janus Henderson Horizon Fund (the “Fund”) is a Luxembourg SICAV incorporated on 30 May 1985, managed by Henderson Management S.A. Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which Henderson Global Investors Limited (reg. no. 906355) (incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE and authorised and regulated by the Financial Conduct Authority) provide investment products and services. A copy of the Fund’s prospectus, key investor information document, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the local offices of Janus Henderson Investors: 201 Bishopsgate, London, EC2M 3AE for UK, Swedish and Scandinavian investors; Via Dante 14, 20121 Milan, Italy, for Italian investors and Roemer Visscherstraat 43-45, 1054 EW Amsterdam, the Netherlands. for Dutch investors; and the Fund’s: Austrian Paying Agent Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna; French Paying Agent BNP Paribas Securities Services, 3, rue d’Antin, F-75002 Paris; German Information Agent Marcard, Stein & Co, Ballindamm 36, 20095 Hamburg; Belgian Financial Service Provider CACEIS Belgium S.A., Avenue du Port 86 C b320, B-1000 Brussels; Spanish Representative Allfunds Bank S.A. Estafeta, 6 Complejo Plaza de la Fuente, La Moraleja, Alcobendas 28109 Madrid; Singapore Representative Henderson Global Investors (Singapore) Limited,138 Market Street, #34-03/04 CapitaGreen, Singapore 048946; or Swiss Representative BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich who are also the Swiss Paying Agent. RBC Investor Services Trust Hong Kong Limited, a subsidiary of the joint venture UK holding company RBC Investor Services Limited, 51/F Central Plaza, 18 Harbour Road, Wanchai, Hong Kong, Tel: +852 2978 5656 is the Fund’s Representative in Hong Kong. © 2018, Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC.

H036931/0718 SICAV

Contact usGeneral enquiries: +44 (0)207 818 4411Email: sales.support@janushenderson.comWebsite: janushenderson.com

Source: 1 gkofiannan.com, 2 Sensortower.com, 3 IBM, as at 2015, 4 Internetworldstats, 5 Ericsson mobility report, 6 Bernstein as at 28 Feb 2017, 7 Estimates, Searchengineland.com.

Time it took to reach a market audience of 50 million1

Approximately

DRAM PRICE DEFLATION

At 1974 prices, the Dram(2G) chip in today’s iPhone

would have cost6 63,000Google searches per second

= 5.5bn per day!7

28bnDevices connected to the

internet by 20215

4bn peopleare not online yet4

90%of the world’s data was created

in the past 2 years3

US$162m

19 days Pokémon GO2

2yrs Facebook

13yrs TV

75yrs Phone

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