Witan Investment Trust plc 2009 Annual General Meeting 28 April 2009

1. Witan Investment Trust plc2009 Annual General Meeting28 April 2009

2. Witan Investment Trust plcHarry HendersonChairman

3. 2008: An Eventful Year for Witan 100th Anniversary global financial crisis new management team fourth anniversary of move to multi-manager

4. 2008: The Worst Year for Equities? Source: Datastream to 31.12.2008. Figures shown are Total Return in local currency

5. Witan’s Performance History Source: Credit Suisse Sourcebook 2009, Elroy Dimson, Paul Marsh & Mike Staunton. Figures shown Share Price Total Return.

6. Witan since start of Multi-Manager Source: Datastream to 31.12.08. Figures shown Share Price Total Return

7. The Great Bear Markets - 20th Century Wall St Crash World War 2 1987 Black Thursday The Oil Crisis Source: Source: Credit Suisse Sourcebook 2009

8. £1 Invested in 1924 Source: Credit Suisse Sourcebook 2009

9. Reasons for (some) optimism banking system saved world working together global stimulus yet to be felt easier to deflate than inflate

10. Witan Investment Trust plcRobert ClarkeChief Executive Officer

11. 2009 AGM • First Impressions • Financials • Performance • Dividend • Discount • Debt Repurchase • Total Expense Ratio • Business Development • Witan Investment Services • New Business Development

12. First Impressions • innovation: 1st multi-manager investment trust • strong brands: • opportunity: portfolio & business development

13. 2009 AGM • First Impressions • Financials • Performance • Dividend • Discount • Debt Repurchase • Total Expense Ratio • Business Development • Witan Investment Services • New Business Development

14. Performance to 31.3.09 12 months since 30.09.04 % % Total Shareholder Return -24.18 +15.10 Benchmark -24.53 +8.84 FTSE All Share -29.33 +1.98 Source: Lipper to 31.3.2009. Figures shown are Share Price Total Return

15. Dividend • revenue reserves of £52.3m • 2.4x covered • 34th successive year of increase Source: Witan to 31.12.2008. Rebased to 7.4p (Witan’s dividend in 1998)

16. Discount to Net Assets • volatile markets • continuing to add value through share buy backs • 9m shares (4%): NAV +0.5% • average discount during 2008: 10.1% (2007: 10.5%)

17. Debt Repurchase • repurchased £30m of debt at a cost / premium to par: £2.0m • attractive price level • Impact on NAV: -0.29% • current annual net interest saving of ~ £1.8m (6.2% - 0.2%)

18. Total Expense Ratio 2008 2007 TER 0.71% 0.53% Performance Fees £1.4m £0.5m Other Costs £6.0m £6.3m Av. Shareholders’ Funds £1.05bn £1.28bn

19. 2009 AGM • First Impressions • Financials • Business Development • Witan Investment Services • New Business Development

20. Witan Investment Services 100% owned subsidiary; FSA regulated savings plan administration marketing services Executive Manager for Witan Pacific £200K profit Jump Child Trust Fund launched

21. Business Development: Why? • to generate additional value: • income stream • capital value • discount • to enhance core business resources • to increase demand for shares

22. Business Development: How? • capitalise on key skills and abilities: 1. manager selection & multi-manager portfolio construction 2. investment trust administration • new executive management mandates • seek relevant investment opportunities

23. 2009 AGM • First Impressions • Financials • Business Development

24. Witan Investment Trust plcMark LynamChief Investment Officer

25. Investment Managers Multi-manager process Manager changes in 2008 Update on 2009

26. Witan Manager Selection Process Witan database Qualitative Questionnaire Appointment Ongoing Monitoring Extensive universe of managers Face to face interviews Basis to enable comparisons Agree mandate and negotiate fees Written reports, performance analysis

27. Manager Changes – Why? Investment driven increase / decrease a new region diversification Manager driven poor performance style drift corporate / manager change

28. Managers in 2008 currency fund redeemed three new managers: - Artemis - Marathon - Varenne UK Enhanced Index reduced to 16% from 32% 9 out of 13 managers outperformed their benchmarks in 2008

29. Manager Quartile Rankings 2008 Source: Witan / Lipper as at 31.12.08

30. 32 30 Booker 28 26 24 22 20 18 16 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 – overvaluation comes to an end BOK BOO\KER ORD GBX Source: Fidessa, 1 year to 16th April 2009. • recovery situation • new management • potential market share gain

31. dynamic management • double number of new products • consistently outperformed Reckitt Benckiser Share price relative to MSCI Europe

32. . Fielmann • glasses, sunglasses & contact lenses • competitive advantage • considerable opportunities to expand

33. Progress in Q1 2009 8 out of 13 managers outperformed their benchmarks prudent use of gearing added to Artemis and Marathon tactical investment in corporate bonds PIMCO

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