Witan Investment Trust PLC — Fund Information / Factsheet 2015

Oct 31, 2015

WITAN INVESTMENT TRUST PLC

Monthly factsheet | October 2015

Investment objective

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

Monthly commentary

There was a marked improvement in equity market performance in October, as all major indices delivered positive returns. Asian and European markets were both beneficiaries as investor concerns over the emerging markets (and China in particular) abated.

Sterling strengthened against the US Dollar (and the Euro) even though minutes of last month's Federal Reserve meeting suggest that a rate rise will soon be on the agenda. In Sterling terms, Asian markets rose by 6.6% on average, while Eurozone markets gained 6.4% and the

Over the past 12 months the Company's NAV total return was +7.0%, compared with +4.0% for the benchmark.*

US rose 6.2%. The UK lagged behind other markets but the FTSE All-Share still produced a return of 4.7%.

The Company performed in line with its benchmark over the month with an NAV (and Share Price) total return of 5.4%. Over the past 12 months the Company has outperformed its benchmark with an NAV total return of 7.0% against a total return of 4.0%

for the benchmark. The share price total return over the same period was 8.2%. Gearing was reduced marginally during the month and now stands at 11%.

As we enter the final weeks of the year, investors appear to be pondering the same uncertainties as at the end of 2014; what effect the depressed oil price will have on the world economy, how various central banks will behave and whether equities still represent an attractive opportunity relative to other asset classes. On balance, the likelihood is that equities will remain in favour, particularly if economic growth continues to improve. One caveat is that equity valuations are, in certain circumstances, at fairly elevated levels so having managers who favour active stock selection should be beneficial.

Further information about the Company, is available on Witan's web site, www.witan.com.

11 November 2015

*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. Net Asset Value ("NAV") performance is not the same as share price performance and investors may not realise returns the same as NAV performance.

Trust statistics

Gross assets	Share price	ordinary Share†	Premium (Discount)	Yield
£1.7bn	775.00p	775.76p	(0.1%)	1.99%

Source: BNP Paribas as at 31.10.15.

† NAV is cum income with debt at fair value.

Trust information

Epic Code	WTAN
Sector	Global Growth
Trust Type	Conventional
Launch Date	1909
Financial Year End	31 December
Dividend Frequency	Quarterly
Last Ex Dividend Date	20 August 2015
AGM	April
Shares in Issue	198,186,000
Gearing	11%
Ongoing Charges‡
Including performance fee	0.96%
Excluding performance fee	0.74%

Source: BNP Paribas as at 31.10.2015 ‡ Ongoing charges as at 31.12.14.

40 years of consecutive dividend growth

Dividend history (pence per share)

Dividend schedule

Ex-div date	Pay date	Type	Amount per share
05.03.2015	02.04.2015	4th Interim	4.60p
21.05.2015	18.06.2015	1st Interim	3.85p
20.08.2015	18.09.2015	2nd Interim	3.85p
19.11.2015	18.12.2015	3rd Interim	3.85p#

Please note that the dates and amounts for dividends not yet paid could be subject to change.

© 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.

Portfolio overview

Country breakdown excluding cash, rebased to 100. Source: BNP Paribas as at 31.10.15.

Top 10 holdings (%)

Diageo	1.5
London Stock Exchange	1.4
Princess Private Equity	1.4
Unilever	1.3
Apax Global	1.2
Relx	1.2
BlackRock World Mining Trust	1.2
BT	1.1
SVG	1.1
Sage	1.1

On a look through basis across managers, excluding open-ended funds. Source: BNP Paribas as at 31.10.15.

Sector breakdown (%)

Financials	25.4
Consumer Services	16.2
Industrials	13.8
Consumer Goods	12.4
Technology	8.2
Health Care	7.7
Other	9.5
Open Ended Funds	4.1
Equity Index Futures	2.4
Cash / Bonds	0.3

Source: BNP Paribas as at 31.10.15.

Investment performance*

Absolute performance (total return)† Relative performance (total return)†

Total performance (% growth to 31.10.2015) over†

	3 m	6 m	1 yr	3 yrs	5 yrs	10 yrs
Share Price (Total Return)	-3.0	-4.2	8.2	69.0	81.3	157.5
Net Asset Value‡ (Total Return)	-3.0	-4.3	7.0	48.9	58.2	125.7
Benchmark# (Total Return)	-3.0	-6.0	4.0	34.9	45.2	95.3
Relative NAV Performance	0.0	1.7	3.0	14.0	13.0	30.4

Discrete 12 month performance (%) to†

	30.09.2011	30.09.2012	30.09.2013	30.09.2014	30.09.2015
Share Price (Total Return)	-7.1	18.6	30.4	16.0	5.9
Net Asset Value‡ (Total Return)	-8.4	18.1	27.1	8.8	2.9
Benchmark# (Total Return)	-5.6	15.9	19.8	8.1	-0.7
Relative NAV Performance	-2.8	2.2	7.3	0.7	3.6

† Source: Datastream & FE Analytics, total return includes the notional investment of dividends.

‡ The Net Asset Value figures value debt at market value and include the the notional investment of dividends.

The benchmark is a composite of 40% FTSE All-Share, 20% FTSE All-World, 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).

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 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.

Investment Managers

How to invest

Naturally, Witan's shares can be traded through any UK stockbroker but there is a variety of other ways to invest in Witan Investment Trust plc.

Savings schemes

Witan is also available for investment through two savings schemes managed by Witan Investment Services Limited. See below for a summary of each of the savings schemes.

Witan Wisdom provides two different options to enable investors to access Witan shares.

Witan Wisdom Share Plan

The Witan Wisdom Share Plan is a straightforward, low-cost savings scheme.*

Witan Wisdom ISA

The Witan Wisdom ISA is a stocks and shares ISA that enables investors to buy Witan shares within a tax efficient wrapper.* Savers can also transfer existing ISA's to Witan Wisdom via the Witan Wisdom Transfer ISA.*

*Terms and conditions apply.

Advisers

Advisers who wish to purchase Witan shares for their clients can do so via a stockbroker, Witan Savings Schemes or via a growing number of dedicated platforms. These include Ascentric, Nucleus, Seven Investment Management and Transact.

Online platforms

A growing number of platforms offer investment trusts directly to investors including Alliance Trust Savings, Hargreaves Lansdown, Barclays Stockbrokers, Halifax Share Dealing Limited, Interactive Investors and AJ Bell.

Jump offers savings schemes specifically designed for adults to save on behalf of a child, which invests into Witan Investment Trust.

Jump Savings Plan

The Jump Savings Plan is a flexible savings scheme allowing you to invest as much as you wish and can be accessed at any time.*

Jump Junior ISA

The Jump Junior ISA enables adults to invest in Witan shares on behalf of a child within a tax efficient wrapper.*

Savers with an existing Child Trust Fund can transfer to Jump, including directly into a Jump Junior ISA.* *Terms and conditions apply.

To request brochures and applications for Witan Wisdom and Jump savings schemes, you may call 0800 082 8180 (Wisdom) and 0800 011 2015 (Jump) or online via www.witanwisdom.com and www.jumpsavings.com. Please read the full Key Features and Terms & Conditions documents or speak to an adviser before making a decision to invest

Board of Directors

Harry M Henderson Chairman

Andrew L C Bell CEO

James E B Bevan Robert W Boyle

Chairman of the Audit Committee

Senior Independent

Catherine M Claydon Chairman of the Remuneration and Nomination Committee

Suzy E G A Neubert Richard J Oldfield Tony A Watson

Director

Important 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 provided for informational purposes only and should not be construed as constituting an offer or a solicitation to buy or sell interests or investments in Witan Investment Trust PLC. 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 that equal 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

This marketing communication is issued and approved by Witan Investment Services Limited. 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.