HENDERSON FLEDGLING TRUST plc

Portfolio Update

In accordance with Listing Rule 15.6.8 the Company discloses that as at 31 July 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                               1,561

Invesco UK Property Income Trust              12

Real Estate Opportunities IT                           2

% of gross assets - 2.3%

Henderson Secretarial Services Limited

Secretary

3 August 2012