Witan Investment Trust PLC — Fund Information / Factsheet 2012

Sep 17, 2012

Factsheet

Investment Objective

Witan's objective is to create wealth for its investors through stockmarket investment and to grow the dividend in real terms, ahead of inflation.

Witan's portfolio is managed with a multi-manager structure. The latest manager allocations as at 30.06.2012 can be found on our website at www.witan.com/portfolio-and-performance

Trust Information

Epic Code	WTAN
Sector	Global Growth
Trust Type	Conventional
Launch Date	1909
Financial Year End	31 December
Dividend Payment Dates	April, September
Last Ex Div Date	29 February 2012
AGM	May
Shares in Issue	190,471,500

Geographic Breakdown (%)†

Sector Allocation (%)†

Financials	22.6
Consumer services	13.9
Industrials	13.0
Consumer goods	11.5
Technology	8.1
Oil & Gas	8.1
Health Care	7.4
Telecommunications	4.2
Other	5.0
Open Ended Funds	4.9
Equity Index Futures	-1.2
Cash / Bonds	2.5
Source: BNP Paribas as at 31.08.12. †

Trust Statistics†

Gross Assets	£1,155m
NAV per ordinary share	531.13p
Share price	474.50p
Premium/(Discount)	(10.7%)
Gearing	8%
Yield	2.64%
TER* inc. Performance Fee	0.87%
TER* ex. Performance Fee	0.71%

Source: BNP Paribas as at 31.08.12. *Total Expense Ratio as at 31.12.11.

Monthly Commentary

†

Over the month of August, the Witan Investment Trust NAV rose 2.6%, ahead of the benchmark which rose 1.4%. The Witan share price total return was 2.5% over the month, in line with the NAV as the discount remained stable.

August saw a continued recovery in global equities, giving a 9% recovery from the recent lows in late May. The market recovery has been fairly consistent across regions and sectors, though Europe has performed better after earlier significant underperformance.

The market has been balancing concerns over weaker growth in China, the European crisis and of the impact of prospective US tax rises with the expectation of increased actions by Central banks to ease or solve the crisis. Positive comment from the ECB has reduced the risk of some of the worst outcomes in Europe and set the stage for a continuation of the market recovery. They will have to turn words into action later in the year.

On the 14th August the Board of Witan Investment Trust plc announced the unaudited Half Year results for the six months ended 30 June 2012. Over the period the Trust generated a Net Asset Value total return of 5.1% compared with a benchmark return of 4% - a relative outperformance of 1.1%. The Trust also announced an interim dividend of 6p per ordinary share (2011: 5.45p) to be paid on 14 September 2012.

You can watch video and read regular comment on investment issues from our CEO, Andrew Bell on our website www.witan.co.uk

Ten Largest Holdings† **

3i	2.9%
Electra Private Equity	2.7%
Diageo	2.0%
BP	1.8%
Vodafone	1.7%
Pearson	1.7%
Unilever	1.7%
Princess Private Equity	1.3%
GlaxoSmithKline	1.3%
Reed Elsevier	1.2%

† Source: BNP Paribas as at 31.08.12.

**On a look through basis across managers, excluding collective funds.

Please remember, past performance is not a guide to future performance, and the value of shares and the income from them can rise and fall, so investors may not get back the amount originally invested. This marketing communication is issued and approved by Witan Investment Services. Witan Investment Services Limited is registered in England no. 5272533 of 14 Queen Anne's Gate, London, SW1H 9AA. Witan Investment Services Limited provides investment products and services and is authorised and regulated by the Financial Services Authority. Calls may be recorded for our mutual protection and to improve customer service.

Investment Performance

Share Price (Total Return) Vs Benchmark (Total Return)*

Total performance over	3 m	6 m	1 yr	3 yrs	5 yrs	10 yrs
Share Price (Total Return)	11.4%	-1.1%	6.1%	29.9%	15.8%	102.4%
Net Asset Value** (Total Return)	8.5%	-2.4%	6.9%	27.5%	15.1%	100.8%
Benchmark* (Total Return)	7.1%	-1.3%	7.9%	26.1%	12.7%	99.9%
Relative NAV Performance	1.4%	-1.1%	-1.0%	1.4%	2.4%	0.9%

Discrete performance	Q2 2007 Q2 2008	Q2 2008 Q2 2009	Q2 2009 Q2 2010	Q2 2010 Q2 2011	Q2 2011 Q2 2012
Share Price (Total Return)	-13.0%	-15.1%	24.8%	27.3%	-10.6%
Net Asset Value** (Total Return)	-11.6%	-15.1%	25.1%	26.0%	-9.8%
Benchmark* (Total Return)	-11.0%	-15.7%	22.1%	23.5%	-6.1%
Relative NAV Performance	-0.6%	0.6%	3.0%	2.5%	-3.7%

Source: Datastream & FE Analytics, percentage growth to 31.08.12. Total return includes the notional investment of dividends.

*Since 01.10.2007 the benchmark has been a composite of 40% FTSE All-Share/20% FTSE All-World North America/20% FTSE All-World Europe (ex UK) /20% FTSE All-World Asia Pacific. From 01.09.2004 to 30.09.2007 the benchmark comprised of 50% FTSE All-Share/50% FTSE World (ex UK) and prior to this 60% FTSE All-Share/40% FTSE World (ex UK).

**The Net Asset Value figures value debt at fair value except for 10 year figure where debt is valued at par value.

Please remember, past performance is not a guide to future performance, and the value of shares and the income from them can rise and fall, so investors may not get back the amount originally invested. This marketing communication is issued and approved by Witan Investment Services. Witan Investment Services Limited is registered in England no. 5272533 of 14 Queen Anne's Gate, London, SW1H 9AA. Witan Investment Services Limited provides investment products and services and is authorised and regulated by the Financial Services Authority. Calls may be recorded for our mutual protection and to improve customer service.

Important Information

The value of investments and the income from them may go down as well as up and you may not get back your original investment. Investment trusts can borrow money to make additional investments on top of shareholders' funds (gearing). If the value of these investments falls, gearing will magnify the negative impact on performance. If an investment trust incorporates a large amount of gearing the value of its shares may be subject to sudden and large falls in value and you could get back nothing at all. Emerging markets tend to be more volatile than more established stock markets and therefore your money is at greater risk. Other risk factors such as political and economic conditions should also be considered. Funds which specialise in investing in a particular region or market sector are more risky than those which hold a very broad spread of investments. Funds investing in overseas securities are exposed to and can hold currencies other than Sterling. As a result, exchange rate movements may cause the value of investments to decrease or increase. Some, or all, of the annual management fee may be charged to the capital of the Fund. Whilst this increases the yield, it will restrict the potential for capital growth. Net Asset Value ("NAV") performance is not the same as share price performance and investors may not realise returns the same as NAV performance. Where a fund holds a limited number of investments and one or more of those investments declines or is otherwise adversely affected, it may have a more pronounced effect on the Fund's value than if a larger number of investments were held.

Contact Details

0800 082 81 80 www.witan.com