87IP WITAN INVESTMENT TRUST PLC 3.4% CUM PRF #1

WITAN INV.3.4% Currency GBX Standard Shares

Income Statement (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
Revenue	n/a	n/a	n/a	n/a	n/a
Operating Profit/(Loss)	n/a	n/a	n/a	n/a	n/a
Net Interest	n/a	n/a	n/a	n/a	n/a
Profit Before Tax	n/a	n/a	n/a	n/a	n/a
Profit After Tax	27.72	25.68	18.73	22.52	25.26
Discontinued Operations
Profit After Tax	n/a	n/a	n/a	n/a	n/a
PROFIT FOR THE PERIOD	27.72	25.68	18.73	22.52	25.26
Attributable to:
Minority Interests	n/a	n/a	n/a	n/a	n/a
Equity Holders of Parent Company	27.72	25.68	18.73	22.52	25.26

Continuing EPS
Earnings per Share - Basic	14.50p	13.27p	9.45p	10.63p	11.60p
Earnings per Share - Diluted	14.50p	13.27p	9.45p	10.63p	11.60p
Earnings per Share - Adjusted	14.50p	13.27p	9.45p	10.63p	11.60p
Continuing and Discontinued EPS
Earnings per Share - Basic	n/a	n/a	n/a	n/a	n/a
Earnings per Share - Diluted	n/a	n/a	n/a	n/a	n/a
Earnings per Share - Adjusted	n/a	n/a	n/a	n/a	n/a

Dividend per Share	12.55p	11.95p	10.60p	10.20p	10.10p

Balance Sheet (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Assets
Non-Current Assets
Property, Plant & Equipment	n/a	n/a	n/a	n/a	n/a
Intangible Assets	n/a	n/a	n/a	n/a	n/a
Investment Properties	n/a	n/a	n/a	n/a	n/a
Investments	1202.08	1083.39	1203.68	1074.19	880.01
Other Financial Assets	n/a	n/a	n/a	n/a	n/a
Other Non-Current Assets	0.00	0.00	0.00	0.00	0.00
	1202.08	1083.39	1203.68	1074.19	880.01
Current Assets
Inventories	n/a	n/a	n/a	n/a	n/a
Trade & Other Receivables	4.55	4.35	4.99	5.98	19.83
Cash at Bank & in Hand	36.42	37.15	52.51	58.64	124.38
Current Asset Investments	0.00	0.00	0.00	0.00	0.00
Other Current Assets	n/a	n/a	n/a	n/a	n/a
	40.97	41.50	57.50	64.62	144.21

Total Assets	1243.05	1124.89	1261.17	1138.81	1024.23

Liabilities
Current Liabilities
Borrowings	n/a	n/a	n/a	n/a	n/a
Other Current Liabilities	n/a	n/a	n/a	n/a	n/a
	26.882	20.277	9.160	5.820	4.892

Net Current Assets	14.09	21.22	48.34	58.80	139.32

Non-Current Liabilities
Borrowings	n/a	n/a	n/a	n/a	n/a
Provisions	n/a	n/a	n/a	n/a	n/a
Other Non-Current Liabilities	n/a	n/a	n/a	n/a	n/a
	110.32	110.26	107.69	107.61	137.53

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	137.20	130.54	116.85	113.43	142.42

Net Assets	1105.85	994.35	1144.32	1025.37	881.80

Capital & Reserves
Share Capital	1105.85	994.35	1144.32	1025.37	881.80
Share Premium Account	n/a	n/a	n/a	n/a	n/a
Other Reserves	n/a	n/a	n/a	n/a	n/a
Retained Earnings	n/a	n/a	n/a	n/a	n/a
Shareholders Funds	1105.85	994.35	1144.32	1025.37	881.80

Minority Interests/Other Equity	n/a	n/a	n/a	n/a	n/a
Total Equity	1105.85	994.35	1144.32	1025.37	881.80

Ratios - based on IFRS	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
PE Ratio - Adjusted	3.62	3.96	5.56	4.94	4.53
PEG - Adjusted	0.39	0.10	-0.50	-0.59	0.97
Earnings per Share Growth - Adjusted	9.27%	40.42%	-11.10%	-8.36%	4.69%
Dividend Cover	1.16	1.11	0.89	1.04	1.15
Revenue Per Share	n/a	n/a	n/a	n/a	n/a
Pre-Tax Profit per Share	n/a	n/a	n/a	n/a	n/a
Operating Margin	n/a	n/a	n/a	n/a	n/a
Return on Capital Employed	n/a	n/a	n/a	n/a	n/a

Continuing & Discontinued Operations
Dividend Yield	23.90%	22.76%	20.19%	19.43%	19.24%
Dividend per Share Growth	5.02%	12.74%	3.92%	0.99%	7.45%
Net Asset Value per Share (exc. Intangibles)	581.78p	516.90p	585.70p	503.96p	411.29p
Net Gearing	n/a	n/a	n/a	n/a	n/a

Data is provided by Morningstar

WITAN INV.3.4% - Fundamentals