Witan Investment Trust PLC — Audit Report / Information 2016

Aug 31, 2016

WITAN INVESTMENT TRUST PLC

14 Queen Anne's Gate London SW1H 9AA Telephone 020 7227 9770 Fax 020 7227 9771

August 2016

Dear Shareholder

Change of Auditor

The Company announced on 31 May 2016 that it had completed a selection process for the appointment of external auditors as a result of which it intended to appoint Grant Thornton UK LLP as its new external auditor for the year ending 31 December 2016. This appointment followed a competitive tender process, as announced in the Company's 2015 Annual Report and Accounts dated 8 March 2016. Shareholder approval to confirm the appointment of Grant Thornton UK LLP will be sought at the 2017 Annual General Meeting.

In accordance with the Companies Act 2006, the Company is required to inform all shareholders of this change and also to provide a 'Statement of Circumstances' from the current auditor, Deloitte LLP. A copy of the 'Statement of Circumstances' is attached to this letter. It is available on the Company's website (www.witan.com).

Yours faithfully

Frostrow Capital LLP Company Secretary

Directors: H M Henderson Chairman • A L C Bell Chief Executive Officer R W Boyle . M C Claydon . S E G A Neubert . R J Oldfield . A Watson CBE

Deloitte.

Deloitte LLP Hill House 1 Little New Street London EC4A 3TR

The Directors Witan Investment Trust plc - registration number 00101625

14 Queen Anne's Gate London SW1H 9AA

18 August 2016

Dear Sirs

This letter is formal notice of our resignation as auditors of the above company with effect from the date of receipt of this letter at its registered office.

Yours faithfully

eloitte $\omega$

Deloitte LLP

Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC303675 and its registered office at 2 New Street Square,
London EC4A 3BZ, United Kingdom.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited ("DTTL"), a UK private company limited by guarantee, whose member firms are
legally separate and independent entities. Please see www.deloi

Deloitte.

Statement of reasons relating to the resignation of Deloitte LLP as auditors to Witan Investment Trust plc

The directors have decided to appoint another firm as auditors. $\bullet$

Unless the company applies to the court, this statement of reasons is required to be brought to the attention of members or creditors of the company, must be sent by the company within 14 days to every person entitled under Section 423 of the Companies Act 2006 to be sent copies of the company's accounts. This is a requirement of Section 520(2) of that Act.

delvith und

Deloitte LLP - Audit registration C009201919

18 August 2016