Witan Investment Trust PLC — Fund Information / Factsheet 2015

Apr 30, 2015

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	05 March 2015
AGM	30 April
Shares in Issue	192,011,000

Geographic Breakdown (%)†

UK	42.6
North America	22.5
Europe	15.7
Far East	10.1
Japan	4.3
Other	1.9
Cash	2.9
†

Source: BNP Paribas as at 30.04.15.

Sector Allocation (%)†

Financials	24.4
Consumer Services	15.9
Industrials	14.2
Consumer Goods	12.2
Health Care	7.2
Technology	7.1
Other	10.8
Open Ended Funds	5.3
Equity Index Futures	0.0
Cash / Bonds	2.9
† Source: BNP Paribas as at 30.04.15.

Dividend Schedule

Ex-Dividend Date	Pay Date	Dividend Type	Amount Dividend payable per share
21/05/2015	18/06/2015	First Interim	3.85p
20/08/2015	18/09/2015	Second Interim	3.85p
19/11/2015	18/12/2015	Third Interim	3.85p

Please note that the dates and amounts for the dividends could be subject to change.

Trust Statistics†

Gross Assets	£1,730m
NAV per ordinary share	804.89p
Share price	812.50p
Premium/(Discount)	0.9%
Gearing	6%
Yield	1.93%
Ongoing Charges* inc. Performance Fee	0.96%
Ongoing Charges* ex. Performance Fee	0.74%

† Source: BNP Paribas as at 30.04.15. *Ongoing charges as at 31.12.14.

Monthly Commentary

Global equities rose by c.1% in April in local currency terms but the total return in sterling terms was negative owing to a recovery in sterling from earlier weakness. The UK market recovered some relative ground, despite an election campaign that was confidently predicted to produce an unpredictable outcome. In the event, UK markets responded favourably to the surprise result of the election win by the Conservatives, although for such an internationallyexposed equity market global influences are usually more important.

Witan's NAV total return in April was 0.5% and the share price total return was 0.3%, lagging the global equity benchmark's return of 1.1%. Over the past year, the benchmark return was 14.3%, while the Company's NAV total return outperformed at 17.1%. The share price total return was 19.6%, as the shares moved from a 1.1% discount to a premium of 0.9% over the year. The Company issued new shares at a premium to NAV on several occasions during the month, to meet demand in the market. This is accretive to the NAV per share, contributes to dealing liquidity in the Company's shares and helps to spread the Company's costs over a wider base.

The extraordinary rally in government bonds reversed some of its gains during the second half of April. Earlier in the month, the Company took advantage of the opportunity to lock in low long-term borrowing rates, announcing on 10th April that it had agreed to issue £75m of debt with an average maturity of 27 years at an average yield of 3.4%. In the short-term, the proceeds will principally be used to repay short-term borrowings, as well as providing for the scheduled repayment of the Company's 8.5% Debenture in October 2016. The Company announced a first interim dividend of 3.85p (2014: 3.6p) on 1st May. This will be paid on 18th June to shareholders on the register as at 22nd May 2015.

Further information about the Company, including the full 2014 Annual Report, is available on Witan's web site, www.witan.co.uk.

Ten Largest Holdings† **

London Stock Exchange	1.5
Reed Elsevier	1.5
Diageo	1.3
Princess Private Equity	1.3
Unilever	1.3
BT	1.2
Schroders	1.2
Comcast	1.2
Daily Mail & General	1.1
NB Distressed Debt	1.1

† Source: BNP Paribas as at 30.04.15. 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

Total performance over†	3 m	6 m	1 yr	3 yrs	5 yrs	10 yrs
Share Price (Total Return)	5.7%	12.9%	19.6%	82.9%	92.4%	212.1%
Net Asset Value** (Total Return)	6.1%	11.9%	17.1%	60.7%	67.2%	170.6%
Benchmark* (Total Return)	5.5%	10.5%	14.3%	48.2%	57.2%	138.7%
Relative NAV Performance	0.6%	1.4%	2.8%	12.5%	10.0%	31.9%

† Source: Datastream & FE Analytics, percentage growth to 30.04.15. Total return includes the notional investment of dividends.

Discrete performance††	Q1 2010 Q1 2011	Q1 2011 Q1 2012	Q1 2012 Q1 2013	Q1 2013 Q1 2014	Q1 2014 Q1 2015
Share Price (Total Return)	10.1%	-1.3%	23.3%	18.7%	20.8%
Net Asset Value** (Total Return)	9.6%	-2.2%	20.9%	11.3%	14.9%
Benchmark* (Total Return)	8.5%	-1.2%	17.2%	7.7%	13.6%
Relative NAV Performance	1.1%	-1.0%	3.7%	3.6%	1.3%

††Source: Datastream & FE Analytics, percentage growth to 31.03.15. 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).

**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

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.

Note 1: ©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.

Contact Details

0800 082 81 80 www.witan.com