Witan Investment Trust PLC — Fund Information / Factsheet 2012

Dec 18, 2012

Factsheet

Investment Objective

The objective of Witan Investment Trust plc is to be the preferred choice for wealth creation, delivering long-term capital growth and a growing real income to shareholders through investment in global equity markets.

Witan's portfolio is managed with a multi-manager structure. The latest manager allocations as at 30.09.2012 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	22 August 2012
AGM	May
Shares in Issue	190,304,500

Geographic Breakdown (%)†

Sector Allocation (%)†

Financials	23.2
Consumer services	14.4
Industrials	13.2
Consumer goods	11.3
Technology	7.8
Oil & Gas	7.6
Health Care	6.9
Basic Materials	4.3
Other	5.0
Open Ended Funds	4.9
Equity Index Futures	-1.2
Cash / Bonds	2.6
† Source: BNP Paribas as at 30.11.12.

Trust Statistics†

Gross Assets	£1,199m
NAV per ordinary share	551.95p
Share price	493.40p
Premium/(Discount)	(10.6%)
Gearing	7%
Yield	2.43%
TER* inc. Performance Fee	0.87%
TER* ex. Performance Fee	0.71%

201²

Source: BNP Paribas as at 30.11.12. *Total Expense Ratio as at 31.12.11.

Monthly Commentary

†

November proved to be a mixed month for global stock markets, with weakness around the US election followed by a recovery from mid November. The Witan benchmark ended the month up 2.2% in sterling terms

The US has recently underperformed after a long period of outperformance, while Continental European markets have been strong and there has been a recent rebound in Japan on hopes of more stimulative economic policies after the mid-December election. Economic news flow has tended to show a more positive trend, which has helped investor sentiment. Following the US election, there have been signs of discussion of a political compromise on the so called "fiscal cliff" although there remains a risk that market nerves will be strained by political brinkmanship in Washington.

Witan's NAV underperformed the benchmark with an increase of 1.3% during November with the share price up by the same percentage, however over 12 months the Trust has outperformed the benchmark both in NAV and share price terms.

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%
Unilever	1.6%
BP	1.6%
Pearson	1.5%
Vodafone	1.4%
Reed Elsevier	1.4%
Princess Private Equity	1.3%
London Stock Exchange	1.3%

† Source: BNP Paribas as at 30.11.12.

**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

Relative Performance (Total Return)*

Total performance over†	3 m	6 m	1 yr	3 yrs	5 yrs	10 yrs
Share Price (Total Return)	4.0%	15.8%	14.4%	29.1%	19.0%	125.9%
Net Asset Value** (Total Return)	3.9%	12.7%	13.8%	26.2%	18.6%	114.5%
Benchmark* (Total Return)	4.4%	11.8%	12.4%	24.5%	15.0%	110.6%
Relative NAV Performance	-0.5%	0.9%	1.4%	1.7%	3.6%	3.9%

† Source: Datastream & FE Analytics, percentage growth to 30.11.12. Total return includes the notional investment of dividends.

Discrete performance††	Q3 2007 Q3 2008	Q3 2008 Q3 2009	Q3 2009 Q3 2010	Q3 2010 Q3 2011	Q3 2011 Q3 2012
Share Price (Total Return)	-19.9%	14.3%	13.9%	-7.1%	18.6%
Net Asset Value** (Total Return)	-18.6%	15.6%	12.8%	-8.4%	18.1%
Benchmark* (Total Return)	-19.3%	13.9%	10.4%	-5.6%	15.9%
Relative NAV Performance	0.7%	1.7%	2.4%	-2.8%	2.2%

††Source: Datastream & FE Analytics, percentage growth to 30.09.12. 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.

Source: FTSE International Limited ("FTSE"). FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE under license. For more information go to http://www.witan.com/legal-information.

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