Witan Investment Trust PLC — Fund Information / Factsheet 2014

May 15, 2014

Factsheet

Investment Objective

Long-term growth in income and capital through active investment in global equities, using a multi-manager approach.

Trust Information

Epic Code	WTAN
Sector	Global Growth
Trust Type	Conventional
Launch Date	1909
Financial Year End	31 December
Dividend Payment Dates	Mar, Jun, Sep, Dec
Last Ex Div Date	26 February 2014
AGM	May
Shares in Issue	189,311,000

Geographic Breakdown (%)†

UK	42.6
North America	21.9
Europe	15.6
Far East	10.0
Japan	7.1
Other	2.5
Cash	0.2
† Source: BNP Paribas as at 30.04.14.

Sector Allocation (%)†

Financials	20.0
Consumer services	15.8
Industrials	13.0
Consumer Goods	12.5
Health Care	7.5
Other	20.9
Open Ended Funds	7.4
Equity Index Futures	2.7
Cash / Bonds	0.2

† Source: BNP Paribas as at 30.04.14.

Dividend Schedule

Ex-Dividend Date	Pay Date	Dividend Type	Amount Dividend payable per share
26/02/2014	28/03/2014	Fourth Interim	4.5p
21/05/2014	18/06/2014	First Interim	3.6p
20/08/2014	18/09/2014	Second Interim	3.6p
20/11/2014	18/12/2014	Third Interim	3.6p

Please note that the dates and amounts for the first, second and third interim dividends could be subject to change.

Trust Statistics†

Gross Assets	£1,480m
NAV per ordinary share	701.50p
Share price	693.75p
Premium/(Discount)	(1.1%)
Gearing	9%
Yield	2.08%
Ongoing Charges* inc. Performance Fee	1.12%
Ongoing Charges* ex. Performance Fee	0.69%
† Source: BNP Paribas as at 30.04.14. *Ongoing charges as at 31.12.13.

Monthly Commentary

benchmark's total return of 7%.

Witan's benchmark rose 0.5% in sterling terms during April. The Company's NAV total return underperformed, falling 1.3% during the month, as investors favoured stocks that had lagged over the past year, while rotating out of stocks held by our managers that had done well. Over the past twelve months, the share price total return has been 19% and the NAV total return 11%, outperforming the

The benchmark is at the same level as six months ago, with stronger performance from Europe and the US offset by weaker returns from Asia, Japan and Emerging Markets. Under the apparently calm surface of markets, there has been substantial individual stock rotation with high flying technology stocks falling and profit taking in other sectors, while cyclical or value stocks have selectively performed better.

An unusually harsh winter in the US led to weak activity which clouded the underlying course of the economy. Recent data has suggested that the economy is rebounding from the cold weather effects. Growth in the UK and Europe has also been improving and there has been an improvement in the trend in corporate profits reports, helping to build support for markets that had risen strongly in 2013, ahead of better earnings news. Inflationary pressures remain subdued which is positive as it suggests that authorities can maintain very low interest rates and bond yields for some time which should enable economic recovery to strengthen steadily.

A video about the Trust by the Witan Investment Trust CEO, Andrew Bell, is available on our website, www.witan.co.uk .

Ten Largest Holdings† **

Reed Elsevier	1.8%
BP	1.6%
Diageo	1.6%
Unilever	1.4%
London Stock Exchange	1.3%
Daily Mail & General	1.2%
Sage	1.2%
Princess Private Equity	1.2%
Pearson	1.1%
Schroders	1.0%

† Source: BNP Paribas as at 30.04.14. Based on net assets. **On a look through basis across managers, excluding open-ended 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 Conduct 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)	6.3%	7.7%	19.0%	42.5%	119.5%	192.1%
Net Asset Value** (Total Return)	2.3%	1.0%	10.6%	28.2%	98.6%	141.1%
Benchmark* (Total Return)	3.8%	0.7%	7.2%	23.3%	86.4%	123.2%
Relative NAV Performance	-1.5%	0.3%	3.4%	4.9%	12.2%	17.9%

† Source: Datastream & FE Analytics, percentage growth to 30.04.14. Total return includes the notional investment of dividends.

Discrete performance††	Q1 2009 Q1 2010	Q1 2010 Q1 2011	Q1 2011 Q1 2012	Q1 2012 Q1 2013	Q1 2013 Q1 2014
Share Price (Total Return)	52.7%	10.1%	-1.3%	23.3%	18.7%
Net Asset Value** (Total Return)	55.2%	9.6%	-2.2%	20.9%	11.3%
Benchmark* (Total Return)	50.0%	8.5%	-1.2%	17.2%	7.7%
Relative NAV Performance	5.2%	1.1%	-1.0%	3.7%	3.6%

††Source: Datastream & FE Analytics, percentage growth to 31.03.14. 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 market 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.

Witan Investment Trust plc ["Witan" or "the Company"] conducts its affairs so that its shares can be recommended by independent financial advisers ["IFAs"] to retail private investors. The shares are excluded from the Financial Conduct Authority's ["FCA's"] restrictions which apply to non-mainstream investment products because they are shares in a UK-listed investment trust. Further details of the Company's investment objectives and policy are set out in the Company's Annual Report, copies of which are available for request or may be viewed on the Company's website.

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 Conduct Authority. Calls may be recorded for our mutual protection and to improve customer service.

Important Information

©Morningstar. All rights reserved. Morningstar is not responsible for any trading decisions, damages or other losses related to the information or its use. For more information go to www.witan.com/legal-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