Company Announcements

Witan Investment Trust plc

25 July 2019

Fixed Rate Note Borrowing

Witan Investment Trust plc ("the Company") has today agreed to issue a £50m fixed rate 32 year secured private placement note at a coupon of 2.39% (the "Note"). The purpose of this transaction is to obtain fixed rate long dated Sterling denominated financing at a pricing level that the Company considers attractive, which is expected to enhance long-term investment performance. There has been no change in the Company's policy on gearing, as set out on pages 11 and 17 of the 2018 Annual Report.

The funding date is expected to be 1 October 2019 with interest payable semi-annually.   The principal repayment date will be 1 October 2051. Total structural borrowings including the Note will increase from £172m to £222m following completion of this transaction (10.9% of net assets).  In the near-term, it is expected that the proceeds will be mainly used to repay short-term borrowings (currently £81m).

The weighted average interest payable on the Company's structural borrowings will decrease from 4.3% to 3.8% as at the date of funding.

J.P. Morgan Cazenove acted as sole placement agent.

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For further information please contact:

Andrew Bell

Chief Executive

Witan Investment Trust plc

Telephone:  020 7227 9770