Witan Investment Trust PLC — Fund Information / Factsheet 2016

Sep 30, 2016

MONTHLY FACTSHEET SEPTEMBER 2016

Investment objective

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

Monthly commentary

September saw investors re-focus on central bank activity as the ripples caused by the UK referendum attenuated. The Bank of Japan caused most headlines (not all complimentary) with the extension of its "Quantitative and Qualitative Easing" programme in a further attempt to stimulate the economy and stoke inflation towards the 2% target rate.

Both the ECB and the Federal Reserve kept policy on hold, with the former trimming growth forecasts and the latter hinting at a possible rate rise before the end of the year. Notwithstanding these developments, it is clear that nearly eight years since the introduction of Quantitative Easing as an emergency measure, the financial community is beginning to question whether its effects are entirely positive. Indeed, some are suggesting that negative interest rates are

Over the past 12 months, the Company's NAV total return was +25.0%, slightly ahead of the benchmark total return of 24.8%.*

accentuating the economic malaise by depressing bank profitability and that fiscal stimulus should be considered. It is interesting to note that both US Presidential candidates back a move in this direction, given the run-down state of US infrastructure. Canada and Japan have already embarked on such policies and other countries, including the UK, are believed to be considering such action. This is a potentially significant development

in the economic policy debate, as there are hopes that fiscal policy (for example tax cuts or spending on infrastructure) may have scope to boost economies at a time when monetary policy may have run out of traction, given that interest rates are already so low.

With monetary policy potentially approaching a turning point and with ultra-low interest rates around the world, bond markets may not provide the sort of income or capital protection that investors have been used to in the past. Meanwhile equities, which are less highly rated (though above their long-term average valuations), have continued to push higher, hoping for an improvement in economic growth and corporate earnings, following the slowdown in 2015 and early 2016.

Witan's NAV total return in September was 1.6%, marginally behind the benchmark total return of 1.7%. The share price total return was 1.8%. Over the longer-term period of 12 months, the NAV total return of 25.0% is just slightly ahead of the benchmark total return of 24.8%. The share price total return over 12 months was 16.5%, owing to the shares moving to a discount during the first half of this year.

The US Presidential election is a significant focus at present, given the two main candidates' unusually varied attributes and qualifications for the Presidency. There are more policy uncertainties than usual linked to the result, although in reality the checks and balances of the US political system tend to limit the scope for executive actions that do not command a wider consensus. However, long-term investment returns tend to be driven by corporate fundamentals and our managers are chosen for their approach to selecting companies for the long-term, even when short-term events present distractions.

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

30 September 2016

*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	NAV per ordinary Share†	Premium (Discount)	Yield
£1.8bn	836.50p	898.14p	(6.9%)	2.03%

Source: BNP Paribas as at 30.09.16.

† 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	25 August 2016
AGM	April
Shares in Issue (excluding treasury)	183,408,140
Gearing	8%
Ongoing Charges‡ Including performance fee Excluding performance fee	0.99% 0.72%

Source: BNP Paribas as at 30.09.16. ‡Ongoing charges as at 31.12.15.

41 years of consecutive dividend growth

Dividend history (pence per share)

^Changed to quarterly dividend payments in 2013.

Dividend schedule#

Ex-div date	Pay date	Type	Amount per share
03.03.2016	01.04.2016	4th Interim	5.45p
19.05.2016	17.06.2016	1st Interim	4.25p
25.08.2016	16.09.2016	2nd Interim	4.25p
17.11.2016	16.12.2016	3rd Interim	4.25p

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

Top 20 holdings (%)

Comcast	1.9
Princess Private Equity	1.6
London Stock Exchange	1.6
Diageo	1.5
BlackRock World Mining Trust	1.5
Apax Global	1.4
Unilever	1.3
Vonovia	1.3
BT	1.2
Relx	1.2
Alphabet	1.2
JP Morgan	1.1
Amazon	1.1
Sage	1.1
Schroders	1.0
Daily Mail & General	0.9
Taiwan Semiconductor	0.8
Pearson	0.8
Oracle	0.8
Walt Disney	0.8

On a look through basis across managers, excluding open-ended funds.

Source: BNP Paribas as at 30.09.16.

UK	40
North America	25
Europe	15
Far East	12
Japan	6
Other	2

Regional breakdown excluding cash, rebased to 100.

Source: BNP Paribas as at 30.09.16.

Sector breakdown (%)

Financials	25.2
Consumer Services	17.4
Consumer Goods	13.6
Industrials	13.0
Technology	9.7
Health Care	7.7
Other	10.2
Open Ended Funds	0.8
Equity Index Futures	1.8
Cash / Bonds	0.6
Source: BNP Paribas as at 30.09.16.

INVESTMENT PERFORMANCE *

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

Total performance (% growth to 30.09.2016) over †

	3 m	6 m	1 yr	3 yrs	5 yrs	10 yrs
Share Price (Total Return)	12.0	14.4	16.5	43.9	122.4	146.7
Net Asset Value‡ (Total Return)	10.0	14.8	25.0	40.7	110.6	130.5
Benchmark# (Total Return)	8.8	15.9	24.8	34.1	86.2	103.7
Relative NAV Performance	1.2	-1.1	0.2	6.7	24.4	26.8

Discrete 12 month performance (%) to †

	30.09.2012	30.09.2013	30.09.2014	30.09.2015	30.09.2016
Share Price (Total Return)	18.6	30.4	16.0	6.4	16.5
Net Asset Value‡ (Total Return)	17.9	26.9	8.6	3.7	25.0
Benchmark# (Total Return)	15.9	19.8	8.1	-0.7	24.8
Relative NAV Performance	2.0	7.1	0.5	4.4	0.2

Relative numbers may not add up due to rounding

† Source: Morningstar / Witan, total return includes the notional investment of dividends.

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

The benchmark is 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). 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 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 our standard, 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 invest 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 HENDERSON

Chairman

CATHERINE CLAYDON Chairman of the Remuneration and Nomination Committee

ANDREW BELL

SUZY NEUBERT ROBERT BOYLE Chairman of the Audit Committee

RICHARD OLDFIELD TONY WATSON Senior Independent Director

BEN ROGOFF

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.