The Scottish Investment Trust PLC. Annual General Meeting 29 January 2016

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1 Annual General Meeting 29 January 2016

2 SIT Share Price 12 Months to 31 October Oct Jan Apr Jul Oct 15 Source: Thomson Reuters Datastream 2

560 540 540 31 Oct 14 31 Jan 15 30 Apr 15 31 Jul

3 SIT Share Price 31 October 2014 to 22 January Oct Jan Apr Jul Oct Source: Thomson Reuters Datastream 3

560 560 540 31 Oct 14 31 Jan 15 30 Apr 15 31 Jul

4 4

5 Results for the Year Ended 31 October 2015 o NAV total return 4.0% o Share price total return 3.7% o Regular annual dividend increase of 4.2% o Special dividend of 3.5p o Total dividend increase of 33.3% 5

6 Annual Regular Dividend v UK Inflation p SIT Regular Dividend SIT Proposed Final Dividend Cumulative UK Retail Prices Index 6

7 Total Dividend v UK Inflation p SIT Regular Dividend SIT Proposed Special Dividend SIT Proposed Final Dividend Cumulative UK Retail Prices Index 7

8 United Utilities Share Price Total Return Oct 10 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 8

9 Performance 12 Months to 31 October 2015 Total return Equity portfolio + 5.1% NAV (with borrowings at market value) + 4.0% Share price + 3.7% FTSE All World Index + 4.2% UK FTSE All Share Index + 3.0% 9

10 Ongoing Charges Ratio Association of Investment Companies Global Sector SIT % Ongoing charges ratio is recurring expenses (excluding dealing costs) as a percentage of average shareholders' funds Source: Numis January 2016 and SIT 10

0 % Ongoing charges ratio is recurring expenses (excluding

11 Reduction in Borrowings % Oct 15 4 Dec 15 (Post Debt Repurchase) Gross gearing with borrowings at par 11

12 Distribution of Equity Portfolio by Region 31 October % %

13 Distribution of Equity Portfolio by Industry 31 October % %

14 Microsoft Share Price Total Return Oct 10 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 14

15 Treasury Wine Estates Share Price Total Return May 11 May 12 May 13 May 14 May

16 Pandora Share Price Total Return Oct 10 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 16

17 Rentokil Initial Share Price Total Return Oct 10 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 17

19 Risk Statement o o o o o o Past performance may not be repeated and is not a guide to future performance. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations and you may not get back the amount you invest. Investments in overseas markets might be affected by variations in exchange rates, dealing impediments, settlement difficulties and varying custody practices in those markets. SIT has a long term policy of borrowing money to invest in equities in the expectation that this will improve returns. However, should stockmarkets fall, such borrowings would magnify any losses. SIT can buy back and cancel its own shares. All other things being equal, this would have the effect of increasing gearing. SIT Savings Ltd, the plan manager for The SIT ISA, STOCKPLAN and STOCKPLAN: A Flying Start, is a whollyowned subsidiary of and is authorised and regulated by the Financial Conduct Authority. To ensure compliance with the Alternative Investment Fund Managers Directive (AIFMD), the board of The Scottish Investment Trust PLC (the Company) has approved the appointment of SIT Savings Ltd as the Company's alternative investment fund manager (AIFM) under the terms of, and subject to the conditions of, an agreement between the Company and SIT Savings Ltd. This presentation has been prepared by, is for information only and does not constitute investment advice. This information should not be considered an offer or solicitation to deal in investments. All sources SIT unless otherwise stated. Sector distributions are based on Industry Classification Benchmark (ICB). ICB is a product of FTSE International Limited ( FTSE ) and all intellectual property rights in and to ICB vest in FTSE. SIT has been licensed by FTSE to use ICB. FTSE is a trade mark of London Stock Exchange and the Financial Times Limited and is used under licence. FTSE and its licensors do not accept any liability to any person for any loss or damage arising out of any error or omission in ICB. 19

Investments in overseas markets might be affected by variations in exchange rates, dealing impediments, settlement difficulties and varying custody practices in those markets.

The Scottish Investment Trust PLC. Annual General Meeting 30 January 2015

The Scottish Investment Trust PLC. Annual General Meeting 30 January 2015 Annual General Meeting 3 January 215 Investment Team Alasdair McKinnn with SIT since: 23 Martin Rbertsn Assistant Manager with SIT since: 24 Hugh Duff Assistant Manager with SIT since: 24 Hward Kippax