2013 full year results

Transcription

1 203 full year results Wednesday 26 February 204 Andrew Formica Chief Executive Roger Thompson Chief Financial Officer

2 203 full year results Highlights Andrew Formica Chief Executive

3 Key highlights over the year Record profits Improved operating margin Continued strong investment performance Positive retail flows of 4.4bn FY3 FY2¹ Change Total underlying profit 90.m 53.0m 24.2% Operating margin² 35.7% 34.% 4.7% Total diluted EPS on underlying profit 4.9p 2.3p 2.% AUM increased by c. 0bn 3 year investment performance³ 82% 74% Improved Dividend up 2% at 8.0p per share Net flows 2.5bn ( 3.9bn) 6.4bn Total AUM 75.2bn 65.6bn 4.6% Historical financials have been restated, where necessary, upon adoption of the amended standard IAS 9 Employee Benefits. 2 Based on continuing operations and excludes income from associates and JVs. 3 Percentage of funds, assets-weighted, that are outperforming based on the relevant metric: peer quartile ranking for Retail, positive for absolute return, positive versus benchmark for institutional. FY3 excludes Property AUM, subject to the TIAA-CREF transactions but FY3 does include Henderson UK Property Unit Trust performance. FY2 has been restated to exclude Property AUM subject to TIAA-CREF transactions. 2

4 Consistently strong investment performance 78% and 82% of our funds outperforming over one and three years, respectively Core capabilities AUM year 2 3 years 2 European Equities 3.3bn 74% 69% Global Equities 9.8bn 76% 85% Global Fixed Income 7.3bn 78% 89% Multi-Asset 6.4bn 94% 7% Alternatives³ 6.9bn 7% 00% Total 63.7bn 78% 82% st quartile/outperform/positive 2 nd quartile 3 rd quartile 4 th quartile/underperform/negative Excludes.5bn of Property AUM which is subject to the TIAA-CREF transactions. 2 Percentage of funds, assets-weighted, that are outperforming based on the relevant metric: peer quartile ranking for Retail, positive for absolute return, positive versus benchmark for institutional. 3 Includes Henderson UK Property Unit Trust and other Henderson funds investing in Property AUM, in total.5bn, and Private Equity AUM of 0.9bn. 3

5 Selected funds performance Diversity and strength in performance Fund Fund range year 3 years 5 years European Equities European Selected Opportunities Pan European Equity OEIC / UT SICAV Global Equities Global Equity Income OEIC / UT World Select² OEIC / UT 3 9 Global Fixed European Corporate Bond SICAV 20.2% 8.8% 7.9% Income Multi-Asset Credit OEIC / UT Multi-Asset Multi-Manager Distribution OEIC / UT 25 4 Diversified Growth OEIC / UT Credit Alpha OEIC / UT 2 Alternatives Octanis Tucana Volantis Cayman Cayman Cayman st quartile/outperform/positive 2 nd quartile 3 rd quartile 4 th quartile/underperform/negative Performance is based on peer quartile ranking for Retail funds and positive for absolute return funds, as at 3 Dec In Nov 203, Global Focus fund merged with World Select. 4

6 Global Institutional net flows Flows beginning to stabilise 97 (07) (423) (747) (833) (708) (58) (,457) Q2 2Q2 3Q2 4Q2 Q3 2Q3 3Q3 4Q3 5

7 Global Retail net flows whilst turn around in Retail is evident 5% Net new money¹ 2,504,348 (0) (296) (46) (792) Q2 2Q2 3Q2 4Q2 Q3 2Q3 3Q3 4Q3 Net new money represents the net flows for FY3 as a percentage of the FY3 opening AUM. 6

8 Onshore OEIC / Unit Trust Retail net flows Re-establishing our market position 7% Net new money¹ (59) (376) (367) (399) (337) Q2 2Q2 3Q2 4Q2 Q3 2Q3 3Q3 4Q3 Net new money represents the net flows for FY3 as a percentage of the FY3 opening AUM. 7

9 Offshore SICAV Retail net flows Record year built off strong performance 28% Net new money¹, (36) (252) Q2 2Q2 3Q2 4Q2 Q3 2Q3 3Q3 4Q3 Net new money represents the net flows for FY3 as a percentage of the FY3 opening AUM. 8

10 US Mutuals Retail net flows Three funds above bn in AUM ¹ 43% Net new money² (25) (6) (64) Q2 2Q2 3Q2 4Q2 Q3 2Q3 3Q3 4Q3 As at 3 Jan Net new money represents the net flows for FY3 as a percentage of the FY3 opening AUM. 9

11 Global Retail net flows A strengthened and diversified retail business 5% Net new money¹ 2,504,348 (0) (296) (46) (792) Q2 2Q2 3Q2 4Q2 Q3 2Q3 3Q3 4Q3 Net new money represents the net flows for 203 as a percentage of the 203 opening AUM. 0

12 Diversity of flows by fund, strategy and geography 20 Retail funds in FY3 with net flows of 00m+ 2,394m 97m 857m ,49m ,064 Q3 2Q3 3Q3 4Q3 European Equities Global Equities Global Fixed Income Multi-Asset Alternatives

13 Performance driving our fund flow success Top Retail fund flows by capability Fund Fund range year 3 years FY3 net flows European Equities Pan European Equity European Focus SICAV US Mutuals 442m 50m Global Equities Global Equity Income Global Technology US Mutuals SICAV 27m 63m Global Fixed Income European Corporate Bond SICAV 394m Multi-Asset Value Trust² Investment Trust n/a n/a 4m Alternatives UK Property Credit Alpha OEIC / UT OEIC / UT 366m 569m st quartile/outperform/positive 2 nd quartile 3 rd quartile 4 th quartile/underperform/negative Performance is based on peer quartile ranking for Retail funds and positive for absolute return funds, as at 3 Dec Value Trust appointed Henderson as manager in 2Q3; hence, one and three year performance are not relevant. 2

14 203 full year results Financial results Roger Thompson Chief Financial Officer

15 Underlying profit before tax FY3 FY2 Change % Continuing Property discontinued (7) Total Historical financials have been restated, where necessary, upon adoption of the amended standard IAS 9 Employee Benefits. 4

16 TIAA Henderson Real Estate ¹ Transactions Henderson Property (c. 3.0bn AUM)² North America Property (c..5bn AUM) 4.2m cash TIAA-CREF Property (c. 29.7bn AUM) Transfers Transfers Europe/Asia Property (c. 0.0bn AUM) TIAA Henderson Global Real Estate (c. 2.bn AUM)³ Europe/Asia Property (c. 2.bn AUM) 40% owned by Henderson 60% owned by TIAA-CREF All AUM figures as at 3 Dec AUM remaining at Henderson represents the Henderson UK Property Unit Trust AUM. 3 Excludes Henderson UK Property Unit Trust AUM and other Henderson funds investing in to Property funds, in total.5bn. 5

17 Henderson Property FY3¹ FY2¹ ² Management fees Transaction fees and other income Performance fees Total fee income Staff costs Other costs Total costs³ JV income⁴.6.7 Property: underlying profit Tax (2.9) (4.2) Property: underlying profit after tax Henderson 40% share of underlying profit after tax Estimated diluted EPS impact (p) (.) (.2) Estimated diluted EPS impact (%) (7.4) (9.8) Includes Henderson s total Property business. 2 Includes 2.3m of net income which was non-recurring in nature. 3 Represents income from other JVs in which Henderson Property participates. 4 Excludes 2.6m of costs previously allocated to Henderson Property which will not be eliminated by the continuing Henderson business post the TIAA-CREF transactions. 6

18 Underlying profit before tax FY3 FY2 Change % Continuing Property discontinued (7) Total Historical financials have been restated, where necessary, upon adoption of the amended standard IAS 9 Employee Benefits. 7

19 Continuing underlying profit before tax 3% growth in underlying profit (4.3) (24.2) 3.9 (0.7) FY2¹ Management fees Transaction fees Net performance fees² JV income Fixed Variable compensation compensation³ Other expenses Net finance expenses FY3 Historical financials have been restated, where necessary, upon adoption of the amended standard IAS 9 Employee Benefits. 2 Performance fees are net of performance fee bonuses. 3 Excludes performance fee bonuses. 8

20 Income drivers Management and performance fees saw strong growth FY3 FY2 Change % Management fees (net of commissions) Transaction fees () Performance fees Net continuing fee income Income from associates and joint ventures Finance income (28) Total continuing income Historical financials have been restated, where necessary, upon adoption of the amended standard IAS 9 Employee Benefits. 9

21 Performance fees Diversity of fees by strategy and product FY3 FY2 FY Benchmark FY3 No. funds FY2 No. funds FY No. funds SICAVs Absolute / Relative Offshore Absolute Return Funds Absolute Institutional Clients Relative UK OEICs Absolute / Relative 3 2 Investment Trusts Absolute / Relative Private Equity (0.) Absolute 2 Performance fees from continuing operations

22 Fee margins % FY0 FY FY2 FY Total fee margin Management fee margin Net margin 2 Note: All amounts adjusted to reflect continuing operations. Historical financials have been restated, where necessary, upon adoption of the amended standard IAS 9 Employee Benefits. 2 Based on continuing underlying profit before tax. 2

23 Total fee income and operating expenses Variable compensation in line with revenue growth Total net fee income¹ Total operating expenses¹ Fixed staff costs¹ Variable staff costs FY0 FY FY2 FY3 Note: All amounts adjusted to reflect continuing operations. Historical financials have been restated, where necessary, upon adoption of the amended standard IAS 9 Employee Benefits. 22

24 Operating margin and compensation ratio Improvement in operating margin, whilst compensation ratio reflects strength in business performance % Compensation ratio Operating margin FY0 FY FY2 FY3 Note: All amounts adjusted to reflect continuing operations. 23

25 Continued cost discipline Cost control maintained FY3 FY2 Change % Investment administration Information and communications (9) Office expenses (3) Depreciation and software amortisation (4) Other expenses Other operating expenses Note: All amounts adjusted to reflect continuing operations. 24

26 ETR and EPS Improved return to shareholders FY3 FY2¹ Change % Underlying profit before tax 65.5m 26.6m 3 Taxation 7.9m 5.3m 7 Underlying profit after tax 47.6m.3m 33 Underlying ETR 0.8% 2.% () Weighted average number of shares,37.0, Underlying continuing diluted EPS 3.0p 0.3p 26 Total underlying diluted EPS² 4.9p 2.3p 2 Total dividend per share 8.00p 7.5p 2 Historical financials have been restated, where necessary, upon adoption of the amended standard IAS 9 Employee Benefits. 2 Includes discontinued (i.e. Property) operations. 25

27 Net cash generation Strong free cash flow (78.6) (28.0) (23.5) (30.4) Dec 2¹ Operating and other cash flows 6.7 Dividends paid Net seed capital investments 56.3 Dec 3¹ Net cash amounts as at 3 Dec exclude cash held in manager dealing accounts, but includes cash held for sale. 26

28 Improving capital position Well on track to operate without a waiver Consolidation waiver in place until 3 April 206 Good progress made since Gartmore acquisition to reduce deficit without waiver Deficit c. 00m at 3 December 203 under new CRD IV rules implemented in 204 TIAA-CREF transactions expected to increase capital by c. 75m in 204 Expect to meet capital requirements without waiver by end of 204 ¹ Expect to meet capital requirements with a level of prudence by 205 ¹ Assuming no M&A activities and normal trading and market conditions. 27

29 Strong financial performance Total income Total underlying profit before tax FY09 FY0 FY FY2 FY3 FY09 FY0 FY FY2 FY3 Diluted EPS 2 Pence 20 5 Dividend per share Pence FY09 FY0 FY FY2 FY3 0 FY09 FY0 FY FY2 FY3 Historical financials have been restated, where necessary, upon adoption of the amended standard IAS 9 Employee Benefits. 2 Based on total underlying profit after tax attributable to equity holders of the parent. 28

30 203 full year results Strategy and outlook Andrew Formica Chief Executive

31 204 Year to date Retail flows so far in Q4 consistent with 4Q3 Equity and Property flows continue to dominate Rebalance back towards Europe continues Institutional business is stable Performance remains strong Investment in growth continues 30

32 Our strategy: Growth and globalisation Our mission A trusted global asset manager focused on delivering excellent performance and service to our clients Our philosophy Active fund management with our clients needs at the heart of everything we do Our five year plan Growth and Globalisation By 208 We will have created a truly global footprint, infrastructure and mind-set We will have achieved in excess of 5% growth per annum in net new money over five years Coupled with normal market conditions, we will have doubled AUM Our guiding principles Collaboration We believe in working together and sharing knowledge so our clients benefit from the combined force of the whole company. Conviction We demand passion, belief and energy from all our people. And we have no house style to constrain the expertise of our investment professionals. Responsibility We know that performance, service and trust all flow from taking personal and collective responsibility always in the service of our clients needs. 3

33 203: Delivering on our strategy North America UK / Europe Asia Pacific Acquired a 50% stake in Northern Pines Capital (US long/short equity) Lifted out a US High Yield team, producing top decile performance Launched US Long/Short Equity, US High Yield Opportunities and Unconstrained Bond funds 63m in net flows into Global Equity Income Met challenges of RDR TH Real Estate, potential to create the world s 4 th largest real estate investment manager Investing in talent and strengthening senior leadership to position the business for the next five years Established our Australian business and launched the Henderson Global Equity fund. Aiming to launch the Henderson Global Fixed Income by end of Q4 Acquired H3 Global Advisors and a stake in 90 West Secured China QFII licence and allocated quota Transitioning our Asian Equities team from London to Singapore 32

34 204 and beyond: Growth and globalisation Developing our global business 2 Shaping our product offering to meet the future needs of our clients 3 Continuing to deliver a first-class client service 4 Continuing to operate efficiently Broaden our global distribution reach i. US institutional ii. iii. iv. Europe retail Asia strategic partnerships Australia Consider bolt-on acquisitions e.g. US equities Continue to invest in our core product capabilities i. Launches: Global Long/Short, Global Natural Resources, Global Commodities ii. Teams: Expand US credit for Global Credit and strengthen Global Emerging Markets Equities and Credit Continue to invest in our client service capabilities Develop greater customer engagement with our customer interest program Continue to embed a Treating Customers Fairly culture across our business, actively seeking client views Maintain cost discipline Continue to strengthen our balance sheet Invest in our infrastructure platform to provide greater global scale Continue to deliver strong returns to our shareholders Enhance and launch new products in response to clients income and return objectives (target risk, decumulation) Rebrand to better reflect the power of sharing knowledge and putting the clients interests at the heart of everything we do 33

35 Summary Strong FY3 results Consistently strong investment performance Momentum in our Retail business across geographies Stabilising Institutional flows Strengthened cash and financial position Growth and globalisation 34

36 Q&A 35

37 Appendix

38 Henderson AUM post TH Real Estate 3 Dec 203 bn Total Henderson AUM 75.2 North America Property business sold to TIAA-CREF (.5) Europe and Asia Property business transferred to JV¹ (0.0) Henderson continuing AUM 63.7 Henderson share of JV AUM (40%) 4.8 Henderson total proforma AUM 68.5 Excluding Henderson UK Property Unit Trust AUM and other Henderson funds investing into Property funds, totalling.5bn. 37

39 Profit and loss Management fees (net of commissions) Transaction fees () Performance fees Net fee income Income from associates and JVs.8 - n/a Finance income (28) Total income Staff expenses (22.2) (56.3) (36) Non-staff operating expenses (84.5) (88.4) 4 Total operating expenses (296.7) (244.7) (2) Finance expenses (.) (4.3) 22 Total expenses (307.8) (259.0) (9) Continuing underlying profit before tax Discontinued underlying profit before tax (7) Total underlying profit before tax Tax on underlying profit from continuing operations (7.9) (5.3) (7) Tax on underlying profit from discontinued operations (2.9) (4.2) 3 Total underlying profit after tax Acquisition related and non-recurring items Acquisition related items (58.4) (64.) 9 Non-recurring items (4.3) 3.8 n/a Tax on non-operating recurring items (3) Tax on non-recurring items (87) Total profit after tax FY3 FY2 Change % Historical financials have been restated where necessary upon adoption of the amended standard IAS 9 Employee Benefits. 38

40 Summary AUM and fund flows Q3 2Q3 3Q3 4Q3 Opening AUM Jan 3 Net flows Mkt / FX Closing AUM 3 Mar 3 Net flows Mkt / FX Closing AUM 30 Jun 3 Net flows Mkt / FX Closing AUM 30 Sep 3 Net flows Mkt / FX Adjs 4 Closing AUM 3 Dec 3 Closing AUM avg net mgmt fee (bps) UK OEICs / Unit Trusts / Other 5,84 (59),26 6,87 54 (0) 6, , (609) 8,706 SICAVs 7, ,572 (36) (255) 8, ,045, ,607 US Mutuals 3, , , , ,009 Investment Trusts 4,220 (320) 467 4, (43) 4, , (24) 4,93 Total Retail 30, ,839 33, (342) 33,350,348,46 35,844 2,504,54 (609) 39, UK OEICs / Unit Trusts 7,25 (33) 354 7,436 (306) (2) 7,009 (69) 74 7,4 (2) ,736 SICAVs (9),360 6 (30),446 (5) 42 (42),34 Offshore Absolute Return Funds 2,65 (6) 244 2,348 (85) (45) 2,28 (77) 49 2,090 (24) (30) 430 2,466 Managed CDOs 740 (60) (72) (4) 620 (25) (0) 485 (95) (4) 387 Segregated Mandates,50 (872) 489,8 (379) (242) 0, , (28),470 Private Equity Funds 903 (7) (30) 867 (0) (38) (7) (6) 869 Other (3) () 427 (74) Total Institutional 23,689 (,26),23 23,794 (340) (464) 22, ,580 (70) , Total Continuing 53,955 (938) 4,070 57, (806) 56,340,385,699 59,424 2,434,862 () 63,79 58 Property 3,695 (33) 426,790 (24) 47,596 (44) (52), (38) (2),57 n/a Group Total 65,650 (,269) 4,496 68,877 (82) (759) 67,936,24,647 70,824 2,70,824 (3) 75,236 n/a Private Equity Funds AUM is based on 30 Sep 203 valuations. 2 Other includes US Mutuals, Investment Trusts, Liquidity funds and Property allocations. 3 Excludes.5bn of Henderson UK Property Unit Trust which is included in Retail UK OEICs and other Henderson funds investing in Property, and remains with the Group following the TIAA-CREF transactions. 4 Adjustment to reflect implementation of new AUM and flow systems. Includes 99m of acquired AUM as a result of the Group s acquisition of H3 Global Advisors and the Group s share of 90 West AUM. 39

41 Summary AUM and fund flows By asset class Q3 2Q3 3Q3 4Q3 Opening AUM Jan 3 Net flows Mkt / FX Closing AUM 3 Mar 3 Net flows Mkt / FX Closing AUM 30 Jun 3 Net flows Mkt / FX Closing AUM 30 Sep 3 Net flows Mkt / FX Adjs 4 Closing AUM 3 Dec 3 Closing AUM avg net mgmt fee (bps) Equity 34,38 (,58) 3,889 37,2 (8) (39) 36, ,376 38,905 2,003,779 (483) 42, Fixed Income 7, ,95 (7) (423) 7, , , Property , , ,538 n/a Private Equity 3 98 (7) 92 - (3) 88 (25) (37) (8) Total Continuing 53,955 (938) 4,070 57, (806) 56,340,385,699 59,424 2,434,862 () 63,79 58 Property,695 (33) 426,790 (24) 47,596 (44) (52), (38) (2),57 n/a Group Total 65,650 (,269) 4,496 68,877 (82) (759) 67,936,24,647 70,824 2,70,824 (3) 75,236 n/a Absolute return sub-analysis Q3 2Q3 3Q3 4Q3 Opening AUM Jan 3 Net flows Mkt / FX Closing AUM 3 Mar 3 Net flows Mkt / FX Closing AUM 30 Jun 3 Net flows Mkt / FX Closing AUM 30 Sep 3 Net flows Mkt / FX Adjs 4 Closing AUM 3 Dec 3 Retail , , (4), (7),924 Institutional 2,48 (37) 245 2,626 (99) (57) 2,470 (55) 7 2, (6) 675 3,084 Total Group 3, , (43) 3, , ,008 Approximately.0bn of assets was reclassified from Equity to Fixed Income as at Jan 203 to conform with the Group s ongoing presentation. Equity includes Multi-Asset funds. 2 Represents AUM of Henderson UK Property Unit Trust and other Henderson funds invested into Property which will remain with the Group following the TIAA-CREF transactions. 3 Private Equity AUM based on 30 Sep 203 valuations. 4 Adjustment to reflect implementation of new AUM and flow systems. Includes 99m of acquired AUM as a result of the Group s acquisition of H3 Global Advisors and the Group s share of 90 West AUM. 40

42 Investment performance Asset-weighted of funds measured Funds at / above benchmark (%)¹ year FY3 3 years FY3 UK OEICs / Unit Trusts / Other SICAVs US Mutuals Investment Trusts 7 94 Offshore Absolute Return Funds Segregated Institutional Mandates Total Asset class (%) year FY3 3 years FY3 Equities Fixed Income Property Total Asset-weighted, percentage of funds achieving or beating benchmark/percentile ranking over 3 years. FY3 excludes Property AUM of.5bn, subject to the TIAA-CREF transactions. 2 Excludes liquidity funds and Private Equity. Total performance based upon asset capability. 3 Includes only Henderson UK Property Unit Trust AUM. 4

43 Performance fee potential Based on continuing AUM, 34% has a performance fee potential 3 Dec Dec 202 No. of funds % AUM with performance fee potential No. of funds % AUM with performance fee potential Institutional Clients Absolute Return Funds SICAVs Investment Trusts Private Equity OEICs Total

44 Financial position Debt, equity and ratios 3 Dec Dec notes Gross debt at par Unrestricted cash and cash equivalents Net cash Total equity Available facilities Gearing ratios and interest cover 3 Dec Dec 202 Gross debt / total equity 0.2x 0.2x Gross debt / EBITDA 5 0.9x.2x Interest cover 5 5.4x 9.x Historical financials have been restated, where necessary, upon adoption of the amended standard IAS 9 Employee Benefits. 2 Excludes restricted cash and cash equivalents of 25.4m (3 Dec 202: 29.0m) held in the Group s manager dealing accounts and includes cash designated as held for sale of 5.3m (3 Dec 202: nil). 3 Based on outstanding debt at par. 4 Represents a 75.0m revolving credit facility, cancelled in Jan Based on results from continuing operations. 43

45 EPS calculation FY3 FY2 Continuing underlying profit before tax Discontinued operations underlying profit before tax Less tax on continuing underlying profit (7.9) (5.3) Less tax on discontinued underlying profit (2.9) (4.2) Underlying profit after tax Less non-controlling interests after tax - (0.2) Total underlying profit after tax attributable to equity holders of the parent Acquisition related items post tax (40.5) (45.6) Non-recurring items post tax (3.7) 8.5 Profit after tax attributable to equity holders of the parent Weighted average number of ordinary shares for the purpose of basic EPS (m),058.8,034.0 Weighted average number of ordinary shares for the purpose of diluted EPS (m),37.0,082.0 Basic EPS based on total underlying profit after tax 6.0p 2.9p Basic EPS based on continuing underlying profit after tax 3.9p 0.8p Basic EPS.8p 0.3p Diluted EPS based on total underlying profit after tax 4.9p 2.3p Diluted EPS based on continuing underlying profit after tax 3.0p 0.3p Diluted EPS.0p 9.8p Historical financials have been restated, where necessary, upon adoption of the amended standard IAS 9 Employee Benefits. 44

46 EPS calculation Number of shares Weighted average FY3 Shares (m) FY2 Shares (m) Issued share capital,7.7,08.3 Less: own shares held (58.9) (74.3) Weighted average number of ordinary shares for basic EPS calculation,058.8,034.0 Add: dilutive impact of share options and awards¹ Weighted average number of ordinary shares for diluted EPS calculation,37.0,082.0 Based upon vesting conditions as at 3 Dec. 45

47 Strong financial performance Total income Underlying profit before tax 600 Continuing 203 Property Continuing 203 Property Continuing Property Continuing Property FY09 FY0 FY FY2 FY3 FY09 FY0 FY FY2 FY3 Diluted EPS 2 Pence 20 Continuing 203 Property 203 Continuing Property FY09 FY0 FY FY2 FY3 Dividend per share Pence FY09 FY0 FY FY2 FY3 Historical financials have been restated, where necessary, upon adoption of the amended standard IAS 9 Employee Benefits. 2 Based on underlying profit after tax attributable to equity holders of the parent. 46

48 Contacts Investor enquiries Miriam McKay +44 (0) Head of Investor Relations Andrea Chen +44 (0) Deputy Head of Investor Relations Investor Relations +44 (0) Media enquires Richard Acworth +44 (0) Head of Corporate Communications United Kingdom: Maitland Peter Ogden / George Trefgarne +44 (0) Australia: Cannings Luis Garcia +6 (0)

49 Important information Henderson Group plc 20 Bishopsgate, London EC2M 3AE This presentation issued by Henderson Group plc (or the Group ) is a summary of certain information contained in the stock exchange announcements dated 26 February 204 (relating to the Group s full year results to 3 December 203) and should be read in conjunction with, and subject to, the full text of those announcements. This presentation contains forward-looking statements with respect to the financial condition, results and business of the Group. By their nature, forward-looking statements involve risk and uncertainty because they relate to events, and depend on circumstances, that may or may not occur in the future. There are a number of factors that could cause the Group s actual future performance and results to differ materially 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. The Group makes no undertaking to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Nothing in this presentation should be construed as a profit forecast. 48