1. Witan Investment Trust plc December 2010 Andrew Bell Chief Executive Officer

2. 2 Witan’s objectives Diversified exposure to global growth using a selection of high quality equity managers To make money for shareholders and beat the peer group and relevant equity index comparators Real dividend growth Active management of risk to take advantage of positive markets and mitigate the effects of negative ones

3. 3 Source: Datastream Improved performance since 2008 (no-one noticed)

4. 4 Source: Datastream : Figures based on NAV Return Peer group Witan, F&C, Scottish, Sc Mortgage, Monks, Bankers, Brunner, Alliance, Sc American, Elec & Gen, British Asset, MC Portfolio, RIT Cap, Law Deb Improved ranking within peer group

5. 5 Dividend growth - ahead of inflation 2009 the 35 th successive year of increase; 2010 interim since raised Source: Witan to 31.12.2009. CPI rebased to 7.6p (Witan’s dividend in 1999)

6. 6 Discount and Buybacks Buybacks help NAV growth for continuing shareholders and address one cause of discount volatility Average discount during 2009: 11.0%. 2010 avge11.1%; aim for 10% sustainable discount trend Active buyback policy continues, over 3 ½ % repurchased in 2010

7. 7 Drivers of performance 2004-8 Portfolio neutral/-, buybacks positive 2009 Tailwind from gearing, buybacks 2010Portfolio outperforming, buybacks, gearing Historic headwinds: Proportion in index-anchored portfolios; Low weighting in emerging/fast growth economies; Relatively inactive geographical allocation; Relatively inactive use of gearing; Lack of tactical responsiveness; Structure of gearing.

8. 8 Addressing headwinds during 2010 “Proportion in index-anchored portfolios” – 20.6% end 2009, 19.4% June 2010, 3% Sept 2010. Now nil, replaced by conviction active managers “Low weighting in emerging/fast growth economies” – under review, 11.3% end 2009, 17% end November, EM manager appointed December 2010 “Relatively inactive geographical allocation” – used differential cash raising (Japan, US) and futures to raise UK weight and add to Europe in Q2 “Relatively inactive use of gearing” – raised from 6% in May to 10-11% Jul-Nov “Lack of tactical responsiveness” – activated use of Futures; centrally managed Growth Opportunities Portfolio (e.g. private equity trusts) “Structure of gearing” – looking at multi currency facility to offset £ gearing interaction with overseas-dominated portfolio

9. 9 Expense efficiency a priority 2010H120092008 TER0.51% (0.64%) 0.98%0.71% Performance Fees0.1% (0.25%) £2.6m£1.4m Other Costs£3.0m (£2.7m) £6.6m£6.0m Av. Shareholders’ Funds £1.01bn £950m £1.05bn More active managers and better performance will tend to raise the TER; a higher asset base and reviewing fees and costs will move it the other way Higher costs from outperformance preferred to underperformance with lower costs No plc-level fees, corporate overheads carefully managed

10. 10 Multi Manager Structure Set up in 2004 Initially 8 mandates, rose to 13 as passive % reduced As at end 2009: 3 Global unconstrained stock pickers (now 4) 4 UK (1 “passive”, 1 smaller company) (All 4 active) 2 European (still 2, one changed) 1 each US, Japan, Asia, Australia (US, Japan, Australia closed, EM added) Benchmark 40% FTSE All Share, 20% each North America, Asia, Europe ex-UK

11. 11 Managers in 2009-10 2009 a year of consolidation – one change (Pimco in and out). Gearing allocated to active UK managers 2010 changes (to date) : –Wellington (Europe ex-UK) replaced by Marathon (pan- European) –Henderson UK Enhanced Index closed, replaced by Lindsell Train and NewSmith (both Active) –Brandes Japanese and Henderson US Enhanced Index closed –Veritas appointed with a global mandate –c.5% allocated to directly-held growth opportunities (e.g. private equity trusts) –£50m emerging markets mandate December 2010

12. 12 Witan Manager Structure ManagerMandateDec-09Jun-10Sep-10Dec-10 HendersonUK15.515.6-- ArtemisUK8.07.88.07.6 Lindsell TrainUK--9.09.1 MarathonUK (till June)7.37.210.510.6 NewSmithUK--9.09.1 HendersonUK Smaller Cos3.12.52.22.1 HendersonUS5.13.43.0- WellingtonEurope ex UK8.66.9-- VarenneEurope2.52.72.82.7 BrandesJapan5.75.64.5- ComgestPacific ex Jap6.06.4 OrbisAustralia1.71.6 - TrilogyEmerging Markets---4.4 SoutheasternGlobal15.013.912.912.7 MFSGlobal12.011.310.79.3 Thomas WhiteGlobal9.59.89.49.7 VeritasGlobal---6.8 Global Opportunities PortfolioSpecialist-3.45.4 FuturesAA/gearing-2.04.51.4

13. 13 Witan Geographical Exposure Region Dec 2009 Nov 2010 UK34.239+4.8 North America23.120 -3.1 Europe21.920 -1.9 Japan 9.5 4 -5.5 Asia/Emerging11.317+5.7 Growth Opps -[*5.4] [+5.4] *Incl within UK %

14. 14 Summary: existing performance levers Asset allocation – reduced Japan very substantially, closed US index portfolio, added to UK/Europe mid year Manager selection – changed European, UK, global and emerging market mandates Gearing – more actively managed since Q2 Share buybacks – 3.7% repurchased ytd

15. 15 Summary: new performance levers Stock picking vs. beta plays More active UK managers replaced Enhanced Index mandate; Veritas replaced US index and Japan mandates Exposure to structural shifts in the global economy Raised emerging/faster growth economy exposure and appointed specialist manager Flexibility in borrowing facilities WIP Ability to adjust exposure tactically watchful use of index futures to raise gearing via favoured markets Special situations and new asset categories Growth Opportunities portfolio

16. 16 Witan in future Diversified exposure to high quality global equities Ambitious to add value and grow investors’ wealth and income Active management of risk appetite (both ways) through active managers and gearing Eyes on long term returns, finger on the short-term pulse

17. 17 Witan Investment Services 201 Bishopsgate London EC2M 3AE Tel: 020 7227 9770 Fax: 020 7227 9771 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.