Witan (Ordinary Share) WTAN

Objective:

Management Contract & Fees:

The Fund has different Investment managers for eight different investment mandates. Each of the investment managers is entitled to a base management fee, calculated according the value of the assets under management, and a performance fee, calculated according to investment performance, over a rolling three year period. The Trust will continue to use the services of Henderson Global Investors to manage its core UK and US portfolios together with the UK smaller companies mandate. The balance of the Trusts assets will be managed by a group of stock picking specialists. Mandate Manager % of assets Global Thomas White 10 Global MFS (USA) 10 Global Southeastern(USA) 14 UK Artemis Investment 7 UK Mainstream Henderson (UK) 16 UK Smaller Henderson (UK) 5 Europe (ex UK) Wellington Mgmt 8 North America Henderson(UK) 6 Japan Brandes(USA) 6 UK Marathon Asset Management 7 Comgest Pacific (ex Japan) 6 Orbis (Australia) 2 European Varenne Capital Partners 3 Each of the performance fees is subject to a cap and each management agreement can be terminated on one months notice. The base management fee rates range from nil to 0.86 per cent per annum and the performance fees range from nil to 30% p.a. of the relevant out performance. All the fees are payable quarterly in arrears. The performance fees are payable on a pro rata basis, after a minimum initial period of one year, and after three years are calculated on a rolling three year basis. Fees are subject to VAT as applicable. The average aggregate base management fee, calculated on a size-weighted basis according to the value of the funds under management. On 29-Apr-08, the Board has awarded GBP 75m to both Artemis Investment Management Ltd and Marathon Asset Management LLP to run active UK equity mandates on its behalf. In addition, Paris-based Varenne Capital Managers will run a new GBP 30m European mandate to complement the incumbent European manager.