Amendments to Fee Arrangements

HENDERSON INVESTMENT FUNDS LIMITED

HENDERSON HIGH INCOME TRUST PLC

LEGAL ENTITY IDENTIFIER 213800OEXAGFSF7Y6G11

17 January 2018

HENDERSON HIGH INCOME TRUST PLC

Amendments to Fee Arrangements

The Board of Henderson High Income Trust plc (the "Company") is pleased to announce the following amendments to the fee arrangements with the Company's Alternative Investment Fund Manager, Henderson Investment Funds Limited ("Janus Henderson").

The current agreement, whereby the management fee is charged at 0.50% of adjusted average gross assets (average being the average of the Gross Assets as shown in the audited accounts of the Company on the two financial year-ends immediately preceding the financial year for which the Base Fee is payable), will continue to apply to the first £250m of adjusted gross assets. With effect from 1 January 2018, a reduced management fee of 0.45% on adjusted average gross assets above £250m will apply.

The cap on total fees (being base management fee plus performance fee) of 1.00% of average gross assets (average being the average of the Gross Assets over the four quarter ends in the relevant financial year) will be replaced by a cap on the performance fee (the calculation of which remains unchanged) of 0.40% of average gross assets in any one year (average being the average of the Gross Assets over the four quarter ends in the relevant financial year).

For reference, the Company defines gross assets as total assets less current liabilities, but excluding any debt used for investment purposes recorded within current liabilities and excluding any Janus Henderson managed fund or Janus Henderson Group plc shares within the portfolio. The Company's gross assets as at 31 December 2017 were £310m. 

For further information please contact:

James de Sausmarez

Director and Head of Investment Trusts

Janus Henderson Investors

Tel: 020 7818 3349