HENDERSON FLEDGLING TRUST plc

Portfolio Update

In accordance with Listing Rule 15.6.8 the Company discloses that as at 30 June 2012 it held the following investments in other listed closed-ended investment funds which do not have a stated investment policy to invest no more than 15% of their total assets in other listed closed-ended investment funds:

Holding                                                Market value £'000

Local Shopping REIT                               1,541

AXA Property Trust                                 1,439

Tamar European Industrial Fund Ltd        971

Real Estate Credit Investment PCC Ltd    574

Alpha UK Multi Property Trust                  93

Invesco UK Property Income Trust                 9

Real Estate Opportunities IT                            2

% of gross assets - 6.7%

Henderson Secretarial Services Limited

Secretary

4 July 2012