Page 1 of 4

WITAN INVESTMENT TRUST

MONTHLY FACTSHEET AUGUST 2018

Trust statistics

Gross assets

£2.2bnShare price

1122.00p

NAV per ordinary Share†

1135.15p

Premium (Discount)

(1.2%)Yield

1.87%

Source: BNP Paribas as at 31.08.18. † 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 23 August 2018

AGM April

Shares in Issue (excluding treasury) 178,229,368

Gearing 10%

Ongoing Charges‡

Excluding performance fee 0.76% Including performance fee 0.78%

Source: BNP Paribas as at 31.08.18. ‡Ongoing charges as disclosed in the Annual Report for the year ended 31.12.17.

Dividend history (pence per share)

2002 2004 2006 2008 2010 2012 2014 2016 20180

4

8

12

16

20

^Changed to quarterly dividend payments in 2013.

Dividend schedule#

Ex-div date Pay date Type Amount per share

01.03.2018 29.03.2018 4th Interim 2017 6.75p

17.05.2018 18.06.2018 1st Interim 2018 5.25p

23.08.2018 18.09.2018 2nd Interim 2018 5.25p

22.11.2018 18.12.2018 3rd Interim 2018 5.25p

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

43 years of consecutive dividend growth

n 4th Interim n 3rd Interim n 2nd Interim n 1st Interim

Witan’s NAV total return was 0.5% and the share price total return was 0.8% with both outperforming the -0.2% achieved by the benchmark. Over the first eight months of the year, the NAV total return was 5.2% and the share price total return was 5.7%. The benchmark delivered a total return of 3.9% over the same period.

© 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.

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

Monthly commentaryEquity markets, as measured by Witan’s global equity benchmark, declined by 0.2% over the month of August. Within this, there were quite disparate returns, with the US the sole significant gainer (+4.6%) and the UK declining by 2.8%. The UK market was the worst performing major market in the first Quarter of 2018, the best performer in the second Quarter and is currently the worst performer in Q3. It appears to be marching to the beat of its own (Brexit) drum. Other regional indices were also in negative territory with Europe falling by 1.5% and Emerging Markets enduring ongoing weakness with a decline of 2.5%. Emerging economies are suffering from a toxic cocktail of US Dollar strength, potential trade tariffs and financial instability. In some cases, including Turkey and Russia, this instability is being exacerbated by US foreign policy decisions

in 2018. Witan currently has little or no exposure to these, or other markets in the eye of the storm, which include Argentina and South Africa.Witan’s NAV total return was 0.5% and the share price total return was 0.8% with both outperforming the -0.2% achieved by the benchmark. Over the first eight months of the year, the NAV total return was 5.2% and the share price total return was 5.7%. The benchmark delivered a total return of 3.9% over the same period. Over the past twelve months, the NAV total return of 9.2% and the share price total return of 9.8% both outperformed the benchmark total return of 7.0%.The wide disparity between market returns in 2018 is partly a reflection of US leadership in terms of

economic growth, corporate earnings growth (aided by tax cuts) and the market’s advantageous sector mix. Other markets (especially emerging markets) have lagged because growth (both economic and corporate) is more vulnerable to external factors and because President Trump has taken advantage of America’s relative strength to employ exceptionally boorish trade tactics which have spooked investors in target economies. Despite this, recent events suggest that Trump’s trade rhetoric may be used largely as a negotiating tactic, with an eye on the mid-term US elections in November. Europe and emerging markets have also suffered from a rise in political uncertainty. Such disparities rarely endure and any resolution to political issues in Europe, reduction in trade rhetoric or a softening of the strong US dollar could lead to a reversal in relative fortunes for the world’s major regions.Witan’s second interim dividend of 5.25p, which was announced as part of the interim results on 14 August, will be paid on 18 September 2018.

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

31 August 2018

*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.

Page 2 of 4

Top 20 holdings (%)

Syncona 2.1

Vonovia 1.8

Apax Global Alpha 1.8

Unilever 1.5

Taiwan Semiconductor 1.5

Alphabet 1.3

Delta Air Lines 1.3

Electra Private Equity 1.3

BlackRock World Mining Trust 1.3

JP Morgan 1.1

Lloyds Banking 1.1

London Stock Exchange 1.1

Diageo 1.0

Bank of America 1.0

International Consolidated Airlines 1.0

Charter Communications 0.9

Princess Private Equity 0.9

Samsung 0.9

RELX 0.9

Schroders 0.9

Top 10 Holdings 15.0

Top 20 Holdings 24.7

On a combined basis across managers.

Source: BNP Paribas as at 31.08.18.

PORTFOLIO OVERVIEW

Regional breakdown (%)

UK* 34

North America 25

Europe 20

Far East 14

Japan 5

Other 2

*Includes funds listed in the UK but invested internationally.

Regional breakdown excluding cash, rebased to 100.

Source: BNP Paribas as at 31.08.18.

Sector breakdown (%)

Financials 26.5

Consumer Services 16.4

Industrials 14.3

Technology 12.3

Consumer Goods 12.2

Health Care 6.7

Other 8.5

Open Ended Funds 0.6

Equity Index Futures 0.8

Cash / Bonds 1.7

Financials includes Investment Companies.

Source: BNP Paribas as at 31.08.18.

MONTHLY FACTSHEET AUGUST 2018

|34%UK

|20%Europe

|14%Far East

|5%

Japan

|2%

Other

|25%North America

Multi-Manager Structure (%)

Lansdowne Partners (Global) 15

Pzena (Global) 14

Veritas (Global) 14

Artemis (UK) 8

Heronbridge (UK) 6

Lindsell Train (UK) 8

Crux (Europe ex-UK) 5

SW Mitchell (Europe ex-UK) 5

Matthews (Asia Pacific) 11

GQG (Emerging) 4

Direct holdings 10

Total may not sum to 100% due to rounding.

Source: Witan, data as at 31.08.18.

Page 3 of 4

investment services

INVESTMENT PERFORMANCE *

MONTHLY FACTSHEET AUGUST 2018

Relative numbers may not add up due to rounding † Source: Morningstar / Witan, total return includes the notional reinvestment of dividends. Annualised figures updated each calendar quarter. ‡ The Net Asset Value figures value debt at fair value and include the notional reinvestment of dividends. # Witan’s benchmark is a composite of 30% FTSE All-Share, 25% FTSE All-World North America, 20% FTSE All-World Asia Pacific, 20% FTSE All-World Europe (ex UK), 5% FTSE All-World Emerging Markets. From 01.10.2007 to 31.12.2016 the benchmark was 40% FTSE All-Share, 20% FTSE All-World North America, 20% FTSE All-World Europe (ex UK) and 20% FTSE All-World Asia Pacific. 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 canrise and fall, so investors may not get back the amount originally invested.

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

Aug2014

Aug2015

Aug2016

Aug2017

Aug2018

80

100

120

140

160

180

200

220

Perc

ent

ag

e G

row

th (

%)

Aug2014

Aug2015

Aug2016

Aug2017

Aug2018

-2

0

2

4

6

8

10

12

Perc

ent

ag

e G

row

th (

%)

nnnnnnnnnn NAV / Benchmark Relative

Total performance (% growth to 31.08.2018) over †

3 m 6 m 1 yr 3 yrs 5 yrs 10 yrs

Share Price (Total Return) 4.0 7.5 9.8 57.7 105.1 229.9

Net Asset Value‡ (Total Return) 4.0 6.7 9.2 60.6 87.7 191.4

Benchmark# (Total Return) 2.5 5.7 7.0 52.7 70.4 145.2

Relative NAV Performance 1.5 0.9 2.2 7.8 17.3 46.2

Discrete performance (%) †

Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018

Share Price (Total Return) 22.6 13.9 -2.5 36.2 10.9

Net Asset Value‡ (Total Return) 12.1 11.2 7.3 28.0 8.7

Benchmark# (Total Return) 10.9 6.8 7.6 22.7 8.3

Relative NAV Performance 1.2 4.4 -0.3 5.3 0.4

nnnnnnnnnn NAV nnnnnnnnnn Share Price nnnnnnnnnn Benchmark

INVESTMENT MANAGERS

Source: Witan, data as at 31.08.2018.

UK

UK

UK

Dire

ct

Ho

ldin

gs

Pan

-Eu

rop

ea

n

Glo

ba

lG

lob

al

Pan

-Eu

rop

ea

n

Glo

ba

l

Eme

rgin

gA

sia

Page 4 of 4

HOW TO INVESTNaturally, 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 schemesWitan 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.

AdvisersAdvisers 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 platformsA 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.

MONTHLY FACTSHEET AUGUST 2018

To request information and application forms for Witan Wisdom and Jump savings schemes, you may call 0800 082 8180 (Wisdom) and 0800 011 2015 (Jump) or online via www.witan.com. Please read the Important Information and Terms & Conditions documents or speak to an adviser before making a decision to invest. You must also read the most recent Witan Key Information Document (KID) and the relevant pre-sale (ex-ante) cost disclosure before placing an investment in Witan Investment Trust, which is available on the website www.witan.com.

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

Witan Wisdom Share PlanThe Witan Wisdom Share Plan is our standard, low-cost savings scheme.*

Witan Wisdom ISAThe 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.

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

Jump Savings PlanThe 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 ISAThe 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.

IMPORTANT INFORMATIONPlease 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.

BOARD OF DIRECTORS

HARRY HENDERSONChairman

ANDREW BELLCEO

SUZY NEUBERT

RICHARD OLDFIELDChairman of the Remuneration and Nomination Committee

JACK PERRYChairman of the Audit Committee

BEN ROGOFF

TONY WATSONSenior Independent Director

PAUL YATES