Witan Investment Trust plc

2010 Annual General Meeting

27 April 2010

Witan Investment Trust plc

Harry HendersonChairman

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

100th Anniversary marked by global financial sector rescue and recovery

Reorientation of executive resources towards investment

Fifth anniversary of move to multi-manager

35th 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 31.12.2009. Figures shown are Total Return in local currency

31/12/2007 31/12/2008 31/12/2009

40

50

60

70

80

90

100

110

120

UK

Europe

North America

Asia

6Source: Datastream to 31.03.10. Figures shown are Total Return

Witan adding value in a market recovery

31/03/2009 30/06/2009 30/09/2009 31/12/2009 31/03/2010

100

110

120

130

140

150

160

170

Benchmark

Witan NAV

7Source: Datastream to 31.03.10. Figures shown are Total Return

80

90

100

110

120

130

140

150

160

170

180

Benchmark

NAV

Share Price

5 ½ years of Multi-Manager

2004 2005 2006 2007 2008 2009 2010

8

2009 fits the pattern (steep falls preceding strong recoveries)

Chart of : FT Allshare TR from 1999 to 2009

2009 Fits the pattern (steep falls preceding strong recoveries)

FTSE All Share over 10 years

1999 20032001 20072005 2009

Source: Datastream to 31.12.2009. Index returns are Total Return

9

-3

-2

-1

0

1

2

3

Global Emerging

GlobalGrowth

UK Growth

North America

Europe ex UK

UK Growth & Income

Far East ex Japan

Japan

2.9

2.4

1.61.3 1.2

0.5

-0.9 -2.7

Investment Trusts Vs OEICs/Unit Trusts

Source: Morningstar. Compound out/underperformance (%) 10 years to 31st December 2009

Right to choose Investment Trusts

10

0

20

40

60

80

100

120

140

160

180

200

AIC Global Growth Sector

50% FTSE All Share/50%FTSE World ex UK

Source: Analytics and Datastream to 31.03.2010. Figures shown are Total Return

2000 2002 2004 2006 2008 2010

Right to choose Global Growth

11

1m 3m 6m 1y 3y 5y

2 1 1 2 2 3

Source: JP Morgan Cazenove to 20.04.2010

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 BellChief 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 www.witan.com

16

Performance to 31 March 2010

12 months since 30.09.04 % %

NAV Total Return 55.62 69.90

Benchmark 50.08 61.80

FTSE All Share 52.30 55.31

Source: Datastream to 31.3.2010. Figures shown are on a Total Return Basis. Net Asset Value values Debt at Fair Value

17

Dividend growth - ahead of inflation

35th successive year of increase

Source: Witan to 31.12.2009. 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

2009 2008

TER 0.98% 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 Manager 2009 Since Inception

Thomas White 4 1

MFS 3 2

Southeastern 1 4

Artemis 2 1

Marathon 3 1

Henderson UK Enhanced 2 2

Henderson Small Cap 2 2

Wellington Management 1 4

Varenne 3 2

Henderson North America 3 2

Brandes 4 1

Comgest 4 3

Orbis 1 3

Source: WM Company and Analytics as at 31.12.09

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Progress in Q1 2010

8 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

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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.