Announcement of FAV

Henderson Eurotrust PLC
2 July 2002

                                 RNS ANNOUNCEMENT

HENDERSON EUROTRUST PLC

ANNOUNCEMENT OF FORMULA ASSET VALUE PRICING AND BASIS OF ALLOCATION


In accordance with the circular incorporating a prospectus issued by Henderson
EuroTrust plc on 31 May 2002 and based on the Company's net asset value of
275.25p as at 28 June 2002, the Formula Asset Value ('FAV') per ordinary share
is 269.18p.  The Exit Price for shareholders who have validly tendered their
ordinary shares under the Buy Out Facility is 266.42p per share, the Entry Price
for applications under the placing is 270.47p per share and the Issue Price for
applications under the placing and offer for subscription is 273.21p per share.



All valid applications received under the placing and offer will be met in full.



It is expected that admission to the Official List and commencement of dealings
in the new ordinary shares will take place on 9 July 2002.



ENQUIRIES:


Stephen Westwood                               Henderson Global Investors         020 7818 4100

Robin Archibald / John O'Malley                Intelli Corporate Finance          020 7653 6300



John Szymanowski / Phil Higgs / Will Rogers    UBS Warburg Ltd.                   020 7567 8000





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