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Witan Investment Trust plc

Witan Investment Trust plc Review of performance measurement benchmark

Witan Investment Trust plc (LON: WTAN) has reviewed its performance benchmark and announced today that the following benchmark will take effect from January 2020:

UK (FTSE All Share Index) 15% (previously 30%)

Global (FTSE All World Index) 85% (previously 70% in fixed percentages of four international indices)

The Company’s benchmark, which is used as a reference point for comparing performance, has evolved over time to reflect changes in the investment universe from which most of the portfolio holdings are chosen.

The separate UK benchmark component, which has reduced in three stages from 60% in 2004 to the current level of 30%, will be 15% from 2020. The effective UK benchmark content will be c 19% since, in addition to the specified 15% in the UK, the global index has a 5% weighting in the UK.

The second change taking effect from 2020 is a simplification of the overseas element of the benchmark to a single index (the FTSE All World Index) from the previous composite benchmark. This is intended to make it easier for investors to monitor.

The Company’s portfolio is not designed to track any index or combination of market indices. It is actively managed, with decisions on investment being distinct from the benchmark used for performance comparison. The Company’s managers invest in companies on the basis of their shares’ potential to deliver above-average returns and to outperform market indices. The Company’s portfolio will continue to differ materially, at the stock, sector and geographical level from the composition of the benchmark.

Witan Investment Trust plc believes that the new benchmark is more reflective of the range of opportunities in the global economy and that shareholders will benefit in the long-term from exposure to a more international investment universe. The Company’s investment objective of delivering long-term growth in income and capital remains unchanged.