Henderson European Focus Trust plc has agreed to issue €35m fixed-rate privately placed notes, which are divided into two tranches as follows: · €25m maturing on 31 January 2047 with a fixed coupon of 1.53%; and · €10m maturing on 31 January 2052 with a fixed coupon of 1.66%. The funding date is expected to be 31 January 2022, subject to customary closing conditions, with interest payable semi-annually. The Notes will be unsecured and will provide fixed-rate, long-dated Euro-denominated financing at pricing that the Company considers attractive and should enhance long-term investment performance.

The proceeds of the Notes will be invested as and when attractive opportunities arise in accordance with the Company's investment policy. The Company will also continue to have an overdraft facility. It will be reduced to the lesser of £30m and 10% of net assets and will provide gearing flexibility alongside the Notes.

There has been no change in the company's policy on gearing.