Witan Investment Trust plc 2010 Annual General Meeting 27 April 2010

Witan Investment Trust plc Harry Henderson Chairman

3 2009: A positive year for Witan The Chairman, Harry Henderson The CEO, Andrew Bell Question & Answer session Formal business: the 12 resolutions Afternoon tea Annual General Meeting: Agenda

4 2009: A positive year for Witan 100 th Anniversary marked by global financial sector rescue and recovery Reorientation of executive resources towards investment Fifth anniversary of move to multi-manager 35 th annual increase in the dividend Strong performance relative to peer group 2009: A positive year for Witan

5 2009: A strong bounce in oversold markets Source: Datastream to Figures shown are Total Return in local currency 31/12/ /12/ /12/2009

6 Source: Datastream to Figures shown are Total Return Witan adding value in a market recovery 31/03/ /06/ /09/ /12/ /03/2010

7 Source: Datastream to Figures shown are Total Return 5 ½ years of Multi-Manager

fits the pattern (steep falls preceding strong recoveries) Chart of : FT Allshare TR from 1999 to Fits the pattern (steep falls preceding strong recoveries) FTSE All Share over 10 years Source: Datastream to Index returns are Total Return

Global Emerging Global Growth UK Growth North America Europe ex UK UK Growth & Income Far East ex Japan Japan Investment Trusts Vs OEICs/Unit Trusts Source: Morningstar. Compound out/underperformance (%) 10 years to 31st December 2009 Right to choose Investment Trusts

10 Source: Analytics and Datastream to Figures shown are Total Return Right to choose Global Growth

11 1m3m6m1y3y5y Source: JP Morgan Cazenove to Witan’s Quartile ranking in the AIC Global Growth sector. Ranking based on NAV total return Right to choose Witan

12 Reasons for realistic optimism World economy growing again Resilience and recovery in profits and dividends Continued low interest rate regime Some evidence of tackling global imbalances Risks centred on ballooning public debt, Election, AIFM

Witan Investment Trust plc Andrew Bell Chief Executive Officer

14 Overview Financials –Performance –Dividend –Discount –Total Expense Ratio Manager selection and performance Business Development Outlook Topics to cover

15 Overview Performance moving further ahead of benchmark Balance of managers fitting together well A good story in need of a sharper message Scope to take more advantage of investment opportunities Develop further as first multi-manager IT Introduced Witan blog on investment issues on

16 Performance to 31 March months since % % NAV Total Return Benchmark FTSE All Share Source: Datastream to Figures shown are on a Total Return Basis. Net Asset Value values Debt at Fair Value

17 Dividend growth - ahead of inflation 35 th successive year of increase Source: Witan to CPI rebased to 7.6p (Witan’s dividend in 1999)

18 Discount and Buybacks Volatile markets, though more sector selling in H2 despite the recovery Continuing to add value through share buy backs –10.9m shares (5.1%): NAV +0.8% Average discount during 2009: 11.2% (2008: 10.1%), 31 December 10.5%

19 Share repurchases since end 2008

20 Total Expense Ratio TER0.98%0.71% Performance Fees£2.6m£1.4m Other Costs£6.6m£6.0m Av. Shareholders’ Funds £950m £1.05bn

21 Multi-manager process in place since 2004 –Long-term approach but with active monitoring for style, performance or corporate issues Manager changes in 2009 –Gearing allocated to existing UK mandates –Q1 investment in PIMCO bond fund –19% gain taken in December Update on 2010 –Now more dependent on value added than market moves –Continual quest for best of breed managers that fit together well Investment Managers

22 What triggers Manager changes? Investment driven Increase / decrease a region Changing opportunities Diversification Manager driven Poor performance Style drift Corporate / manager change

23 Managers in 2009 A year of consolidation – one change (Pimco in and out) following 2008’s addition 6 out of 13 managers outperformed their benchmarks in 2009, in a year when ¾ of active managers underperformed 8 out of 13 managers have outperformed their benchmarks since appointment

24 Manager Quartile Rankings 2009 Manager2009Since Inception Thomas White 41 MFS 32 Southeastern 14 Artemis 21 Marathon 31 Henderson UK Enhanced 22 Henderson Small Cap 22 Wellington Management 14 Varenne 32 Henderson North America 32 Brandes 41 Comgest 43 Orbis 13 Source: WM Company and Analytics as at

25 Progress in Q out of 13 managers outperformed their benchmarks Further 4m shares repurchased (2%) Maintained gearing ●Underweight sterling assets ●Total return of +9.5% (Witan benchmark 8.2%)

26 Business Development Witan Investment Services (100% owned subsidiary; FSA regulated) i.Savings plan administration (upgrades planned for 2010) ii.Marketing services iii.Executive Manager for Witan Pacific Develop an income stream for Witan that can be ascribed a capital value to help address the discount To enhance core business resources and spread overheads To increase demand for our shares and those of our clients

27 The outlook An exciting time for investment –Changing pattern of global growth –Debt management – orderly or chaotic? –Periodic outbreaks of market restiveness – both a caution and an opportunity –Changing long-term prospects for equities vs. bonds Witan –High quality, value adding, diversified exposure to global equities –Looking to take full advantage of these themes –With appropriate attention to risk management –Building on the 35 year dividend growth record

28 Witan Investment Services 201 Bishopsgate London EC2M 3AE Tel: Fax: This document may not be reproduced in any form without the express permission of Witan Investment Services Limited and to the extent that it is passed on care must be taken to ensure that this reproduction is in a form which accurately reflects the information presented here. Whilst Witan Investment Services Limited believe that the information is correct at the date of production, no representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions in this document by any of Witan Investment Services Limited or their respective directors and no responsibility or liability is accepted by such persons for the accuracy or completeness of any such information or opinions or for any action taken on the basis of the contents of this document. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. This document has been produced based on Witan Investment Services’ research and analysis and represents our house view. The information is made available to clients only incidentally. Unless otherwise indicated, the source for all data is Witan Investment Services. Any reference to individual companies is purely for the purpose of illustration and should not be construed as a recommendation to buy or sell or advice in relation to investment, legal or tax matters. Witan Investment Services (201 Bishopsgate, London EC2M 3AE) is authorised and regulated by the Financial Services Authority to provide investment products and services. We may record telephone calls for our mutual protection and to improve customer service. This document does not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase any investment, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract for the same. Please remember that past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Tax assumptions may change if the law changes and the value of tax relief will depend on individual circumstances.