Henderson Multi-Manager Going for growth

1. Henderson Multi-Manager Going for growth Bill McQuaker September 2007

2. Multi-manager survey 2007 IFA Selection Criteria for Multi-manager Products (1: Most Important, 5: Least Important) IFA Selection Criteria for Multi-manager Products (Weighted Score) Source: Henderson Global Investors

3. The team • Portfolios co-managed by Bill McQuaker & Katy Gladstone • Overall shape of the portfolio determined by Bill • Fund selection headed by Katy • Both functions characterised by rigorous analysis and peer group review Bill McQuaker Co-Head of Multi-Manager Investments Katy Gladstone Co-Head of Multi-Manager Investments Genevieve Stevens Trainee Helen Dunnett Fund Analyst Chris Forgan Fund Analyst

4. Investment philosophy • Can exploit a broad range of investment opportunities • Utilise full range of skills in the team • Create robust, diversified portfolios • Top down and bottom up: aim to perform in all weathers • Decisions based on robust analytical procedures • Risk and benchmark aware • Seek to control costs • Believe in developing excellent relationships with excellent managers

5. Asset allocation • View asset allocation in the broadest terms – it is the process by which we set the overall shape of the portfolio • Asset allocation should add robustness and return • Blend & trend lies at the heart of what we do

6. Manager selection • Some have it – and some don’t! • We aim to create portfolios that get us excited! • Separating the wheat from the chaff is both science and art • We aim to know everything there is to know about a manager and the funds they run

7. The Independent Portfolios Source: Henderson Global Investors as at 31 May 2007

8. Independent Portfolio performance Since change of manager: 1 July 2005 – 31 July 2007 Source: Morningstar

9. Global Total Cash Yield and 12 Month Forward Equity Market Returns 1985 – 2007 % Total Yield % 12 Month Forward Equity Return Total Cash Yield 12 Month Forward Returns (LHS)

10. Policy usually works Source: UBS

11. Insiders are bullish Source: Vickers, Morgan Stanley Research Source: Muzea Insider Consulting Services, LLC

12. Global markets - a time for growth • Global equities remain reasonably valued • It’s a paradox - slower growth environment favours growth companies • Growth style has been out of favour for a long time • Holdings in technology and environmental markets are potentially well placed to exploit this theme Source: Datastream, MSCI AC World value and growth indices relative to overall index performance for 10 years to 31.05.07

13. Large cap may also shine • Large cap companies are cheap • Relative growth rates may improve as pace of economic expansion slows a bit • Higher volatility favours large cap stocks • Managers re-risked in low vol 2004 - 2008 may see managers de-risk. Source: Datastream, MSCI AC World value and growth indices relative to overall index performance for 10 years to 31.05.07

14. Long equity/short bonds/long cash Prefer strategic bond funds over sovereign bond funds Long Europe Long Japan Short UK Short sterling Long financials Long technology Long ‘green investments’ Long growth Long large cap Long yen/long dollar JP Morgan Emerging Markets Alpha Artemis Strategic Bond/Henderson Strategic Bond Invesco Leveraged High Yield Impax Environmental Markets/Jupiter Green Henderson Asian Dividend Income Resolution Cartesian UK Opportunities Invesco Perpetual UK Aggressive Schroder Income Maximiser Mackintosh High Income Henderson Secured Loans/M&G European Loans Morant Wright Japan Portfolio positioning Asset allocation positions Interesting funds

15. Henderson Multi-Manager Going for growth Bill McQuaker September 2007

16. Henderson Global Investors 4 Broadgate London EC2M 2DA Tel: 020 7818 1818 Fax: 020 7818 1819 Important information This document is issued by Henderson Global Investors Limited and is solely for the use of professional intermediaries, defined as Market Counterparties or Intermediate Customers in the Glossary of the Financial Services Authority’s Handbook of Rules and Guidance for Authorised Firms made under the Financial Services and Markets Act 2000, and is not for general public distribution. Any other persons who receive this document should not rely on or act upon its contents. This document may not be reproduced in any form without the express permission of Henderson Global Investors and to the extent that it is passed on care must be taken to ensure that this reproduction is in a form which accurately reflects the information presented here. No responsibility or liability is accepted by Henderson Global Investors or by any of its directors for any action taken on the basis of the content of this document. This document has been produced based on Henderson Global Investors' research and analysis and represents our house view. The information is made available to clients only incidentally. Unless otherwise indicated, the source for all data is Henderson Global Investors. Any reference to individual companies is purely for the purpose of illustration and should not be construed as a recommendation to buy or sell or advice in relation to investment, legal or tax matters. This document does not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase any investment, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract for the same. Please remember that past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Tax assumptions may change if the law changes and the value of tax relief will depend upon individual circumstances. Henderson Global Investors is the name under which Henderson Global Investors Limited, Henderson Fund Management plc, Henderson Administration Limited, Henderson Investment Funds Limited, Henderson Investment Management Limited and Henderson Alternative Investment Advisor Limited (each authorised and regulated by the Financial Services Authority and of 4 Broadgate, London EC2M 2DA) provide investment products and services. We may record telephone calls for our mutual protection and to improve customer service.