HANSA TRUST PLCAGM

July 2018

HANSA TRUSTNAV and Share Price Performance as at 25 July 2018

2

25 July 2018 25 July 2017

NAV (£) 351,019,356 320,527,025

NAV per share (p) 1,462.6 1,335.5

Ordinary Share Price (p) 1,095.0 944.3

‘A’ Ordinary Share Price (p) 1,015.0 910.0

Ordinary Share Price Discount (25.1%) (29.3%)

‘A’ Ordinary Share Price Discount (30.6%) (31.9%)

Performance (%) Financial YTD 1 Year 3 Years 5 Years

NAV 8.7 9.5 24.9 40.5

NAV Total Return 9.3 10.8 29.8 50.0

Ordinary Share Price 10.3 16.0 25.0 41.8

Total Return on Ordinary Shares 11.2 17.8 32.2 55.3

‘A’ Ordinary Share Price 3.8 11.5 20.8 33.8

Total Return on ‘A’ Ordinary Shares 4.7 13.3 27.8 46.7

HANSA TRUSTDirectors’ Holdings and Applied Discount as at 25 July 2018

3

Director Ordinary Shares ‘A’ Ordinary Shares

Value of holding at share price

Value of holding at NAV

Discount

William Salomon 2,115,869 98,700 £24,170,571 £32,389,858 £8,219,287

Jonathan Davie 4,000 26,000 £307,700 £438,774 £131,074

Alex Hammond-Chambers 4,900 10,600 £161,245 £226,700 £65,455

Lord Oxford 1,850 1,850 £39,035 £54,115 £15,080

Geoffrey Wood 1,000 2,000 £31,250 £43,877 £12,627

TOTAL 2,127,619 139,150 £24,709,801 £33,153,325 £8,443,524

HANSA TRUST PLCAGM

Rob MurphyThe Edison Group

Edison Investment ResearchEdison Advisors

The Edison Group

An Overview of Edison

Introduction to Edison Group

Edison at a glance

“An investment research and advisory company”

Edison Investment ResearchTwo operating brands:

Edison Advisors

Established 2003

Regulated across all key territories

Corporate client base of 400+ companies across 40+ countries

Preferred partner with leading stock exchanges around the world

Deep sector expertise – multiple sectors

Market leading investment research platform

Different advisory offering, fully leveraging our research platform

People

110+Analysts & support

80+Reports published last year

2,500+Investor meetings

(per annum)

2,000+Countries research read

100+North America Pan Europe Middle East

Asia Pacific

Edison Investment Research is authorised and regulated by the Financial Conduct Authority

1

Edison Business Model

EDISONINVESTMENT

RESEARCH

Equity research serviceAward winning Read in 100+ countries Top ranked on Google InvestorTrack® - readership tracking

Buy-side services*Expert speaker eventsSector briefingsWhite papers and sector reportsRegular contact with funds*All provided at Edison’s expense

Com

plia

nce

wal

l

Investor relationsFull service IR Investor marketing

Investor targetingRoadshows Market feedback

ConsultingDue Diligence

EDISONADVISORS

Commercial/Vendor

Independent valuationsFundraising/IPO/Pre-IPO reportsStrategy Reports Transaction Support

2

Edison Research

Investment companies client list

3

Aberdeen New Thai Acorn Income FundBankers Investment Trust (The)BB BiotechBB Healthcare TrustBiopharma CreditBiotech Growth Trust (The)BlackRock Emerging EuropeBlackRock Greater Europe Blackrock Latin American Investment TrustBrunner Investment Trust (The) Canadian General InvestmentsCVC Credit Partners European OpportunitiesDeutsche Beteiligungs AGDiverse Income TrustEuropean Assets Trust European Investment Trust (The)F&C Managed Portfolio TrustFidelity China Special Situations Fidelity European ValuesFinsbury Growth & Income Trust F&C Investment TrustGCP Student LivingGenesis Emerging Markets FundHansa Trust HarbourVest Global Private Equity HBM Healthcare Investments AGHeliad AGHenderson Far East Income TrustHenderson International Income Trust Henderson Alternative Strategies ICG Longbow Senior Secured UK Property DebtInvesco Asia TrustIS Private Equity

JPMorgan Global Convertibles Income FundJPMorgan Global Growth & Income TrustJupiter UK Growth Investment TrustJupiter GreenJupiter US Smaller Companies TrustLaw Debenture Corporation Lazard World Trust FundLowland Investment CompanyLPEQ ltdMartin Currie Asia Unconstrained TrustMartin Currie Global Portfolio TrustMerchants Trust (The)Oakley CapitalScottish Investment TrustScottish Oriental Smaller CompaniesSecurities Trust of ScotlandSeneca Global Income and Growth TrustStandard Life Equity Income TrustStandard Life Investments European Private Equity Standard Life Investments Property Income Trust Standard Life UK Smaller CompaniesSupermarket Income REITTempleton Emerging Markets Investment Trust Tetragon Financial GroupTR European Growth Trust UK Commercial Property TrustUtilico Emerging MarketsVietnam Enterprise InvestmentsVinacapital Vietnam Opportunity Fund Volta FinanceWitan Investment TrustWitan Pacific Investment TrustWorldwide Healthcare Trust

Edison Research

Global Unrestricted Distribution & Discovery

Edison TV

Conferences

4

Edison Research

Hansa research note distribution

5

• Direct email to thousands of fund managers, institutional investors, IFAs, private client brokers and retail investors

• Professional platforms including Bloomberg, Thomson Reuters, Factset, BlueMatrix, RedDeer, Research Tree

• Dedicated platforms:Interactive Investor (£21bn AUM)

Alliance Trust Savings (£16bn AUM)The Share Centre (£21bn AUM)FundSource, Good Returns (NZ)

• Hargreaves Lansdown (£89bn AUM) and multiple sites via RNS

• An announcement on social media accounts (including Twitter, LinkedIn, GooglePlus), notifying relevant investors and

journalists

Investor OutreachInvestor Relations

Strategic Investor Relations Programme: Hansa Trust

6

Build understanding of the investment case

Build shareholder register

Improve stock liquidity

Emphasis on quality investors

Full spectrum of investors

Narrow discount

Programme detailsStrategy goals

Research reports with global open-access distribution

Investor perception / market pulse studies

Highly targeted professional investor meetings

Research readership – InvestorTrack

Shareholder register analysis – Hansa & peer trusts

Proprietary investor relationships

Meeting feedback

Edison TV

Media engagement

Retail investor events

Investor OutreachInvestor Relations

Highlights: Regional wealth manager meetings June 2017

7

• A number of investors were familiar with Hansa Trust, but had not met with the Company in some time.• Edison facilitated a first ‘reconnect’ meeting• many investors were keen to schedule further follow-up meetings

• The wide discount and portfolio repositioning makes Hansa potentially attractive

• All investors were supportive of Alec and his strategy on shaping the portfolio: ‘Alec is a safe pair of hands’

• The main barriers to the investment case:• Ocean Wilson’s stake – investors were keen to learn more about the macro

backdrop in Brazil and the Ocean Wilson’s stake • Liquidity in the Company’s shares

Investor OutreachInvestor Relations

Highlights: Subsequent key themes from meetings

8

• Investment strategy‘The recent changes made between 2014-2017 are encouraging and I like how

Alec has blended the portfolio selling down stakes in UK equities’‘The NAV is likely to grow rather than shrink from these levels’

• Transparency‘It’s a complex investment. Alec presented very well and everything became

very clear as the meeting progressed’‘Alec was brilliant, he was straight forward, pragmatic and so transparent.

Other managers should be as willing as he is to disclose and discuss their portfolios’

• The value case‘We were attracted to the prospect of having a discounted idea we could invest

in’‘There’s a reasonable dividend, it trades at a good discount and fees are fine’

‘Hansa Trust ticks a lot of boxes for us; no gearing, UK domiciled, nice dividend yield and the discount is very attractive‘We are investment trust specialists and like the value opportunity of the Trust’

Investor OutreachInvestor Relations

Liquidity: improving

9

Hansa Trust Year Jan-Jul Jan-JulAvg Daily Volume (# shares) 2017 2017 2018A non-voting 14,711 14,027 17,871Ordinary voting 4,913 5,999 4,408Total 19,624 20,026 22,279Source: Bloomberg

Investor OutreachInvestor Relations

Discount: progress

10

-38

-36

-34

-32

-30

-28

-26

-24

-22

-20

03/01/2017 03/03/2017 03/05/2017 03/07/2017 03/09/2017 03/11/2017 03/01/2018 03/03/2018 03/05/2018 03/07/2018

NAV

Prem

ium / (

Disc

ount)

%

Hansa Trust Plc

Ordinary voting A non-voting Weighted

Investor OutreachInvestor Relations

Discount: recent widening on strong NAV growth

11

11

11.5

12

12.5

13

13.5

14

14.5

15

-36

-34

-32

-30

-28

-26

-24

-22

-20

03/01/2017 03/03/2017 03/05/2017 03/07/2017 03/09/2017 03/11/2017 03/01/2018 03/03/2018 03/05/2018 03/07/2018

NAV

per s

hare

£

Weig

hted P

remi

um

Hansa Trust Plc

Weighted premium NAV per share

Frankfurt+49 (0)69 78 8076 960

Schumannstrasse 34b60325, FrankfurtGermany

London+44 (0)20 3077 5700

280 High HolbornLondon WC1V 7EEUnited Kingdom

New York+1 646 653 7026

295 Madison Avenue,18th Floor, New York, NY 10017 United States

Sydney+61 (0)2 9258 1161

Level 12, Office 1205, 95 Pitt StreetSydney, NSW 2000, Australia

Contact Us

www.edisongroup.com

Charities we support

Tel Aviv+972 (0)54 978 4802

Medinat Yehudim 60Herzlia PituachIsrael 4676652

HANSA TRUST PLCAGM

William SalomonThoughts on Brazil

HANSA TRUST PLCAGM

Alec LetchfieldPortfolio Manager Report - July 2018

HANSA TRUSTRecap………our aims and aspirations for Hansa Trust

20

• A proprietor-led vehicle with strong alignment (rather than an asset gathering entity)

• A multi-asset fund that offers something different from most other portfolios in the market place

• A fund aspiring to generate long-term returns and not short-term focused – a natural bias towards equities

• Dynamically managed asset allocation

• A focus on real risk rather than relative returns

• A fund providing access to best-in-class managers not normally available to the man on the street and direct equity investments

HANSA TRUSTRecap…………Strategic review

21

Core Regional Funds35.2%

Thematic6.0%Global Equities

17.0%

Diversifying & Cash 13.5%

Wilson Sons17.3%

OWIL11.0%

30 June 2018

UK Equity65.0%

Wilson Sons23.3%

OWIL11.7%

31 December 2013

Performance Review

22

HANSA TRUSTPerformance to end June 2018

23

Source: Hansa Trust internal (unaudited), Bloomberg, FTSE

Calendar YTD Financial Year 2017/18 18 Months 5 years (p.a.) 15 years (p.a.)

NAV Performance TR 1.9% 6.3% 13.3% 7.9% 11.5%NAV Performance ex. OWHL TR 5.9% 6.5% 19.9% 9.7% 9.4%Ordinary Share TR 3.1% 16.5% 31.7% 8.5% 11.6%‘A’ Ordinary Share TR 0.8% 17.3% 22.1% 7.0% 11.1%KPIsFTSE All-Stocks Gilts TR 0.4% 0.5% 2.3% 5.0% 5.2%UK CPI 0.9% 2.4% 3.8% 1.5% 2.3%MSCI All Country World Index NR GBP 2.3% 2.2% 15.6% 12.8% 9.9%FTSE All Share TR 1.7% 1.2% 15.0% 8.8% 8.9%

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

NAV Cum Income TR Ord Share TR A Ord Share TR

24

HANSA TRUSTPerformance post strategy change (end March 2014 to end June 2018)

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

Core Regional Funds Thematic Global Equities Diversifying Strategic (Ocean WilsonsHoldings Limited)

Cash / FX Exposure

78,9

85,5

89

6,21

2,57

75,

862,

726

5,45

8,46

94,

146,

771

4,01

3,85

32,

732,

312

2,44

7,85

92,

257,

345

1,30

6,45

873

9,44

867

0,99

442

3,26

116

7,98

515

0,69

447

,796

6,31

7

7,99

7,34

618

3,54

911

0,83

45,

100,

536

4,05

7,63

91,

975,

015

1,57

8,54

862

9,18

860

7,43

756

6,17

344

2,59

342

3,84

329

2,88

126

2,76

524

9,67

319

1,29

516

0,82

015

6,22

212

1,34

981

,898

1,03

0,51

464

0,41

737

4,79

319

2,03

177

,050

46,4

596,

977

153,

961

25,6

89

12,6

84,3

852,

293,

602

1,04

0,85

42,

583,

506

1,91

7,71

2

17,2

5410

2,80

932

6,61

936

5,37

740

2,61

861

6,97

5

234,

632

15,1

23

£-

£10,000,000

£20,000,000

£30,000,000

£40,000,000

£50,000,000

£60,000,000

£70,000,000

£80,000,000

£90,000,000

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25

HANSA TRUSTPerformance contribution since strategy change (end March 2014 to end June 2018)

Core Regional Funds Global EquitiesThematicDiversifying -Alternatives

Diversifying –Fixed Income

Ocean Wilsons HoldingsPrivate Equity

Market Outlook & Portfolio Positioning

26

1200

1250

1300

1350

1400

1450

1500

1550

1600

1650

1700

Janu

ary

17

Febr

uary

17

Mar

ch 1

7

April

17

May

17

June

17

July

17

Augu

st 1

7

Sept

embe

r 17

Oct

ober

17

Nov

embe

r 17

Dece

mbe

r 17

Janu

ary

18

Febr

uary

18

Mar

ch 1

8

April

18

May

18

June

18

MSC

I ACW

I FM

Inde

x

Source: Bloomberg

HANSA TRUSTKey Events – World markets since January 2017

27

Korean nuclear crisis

US/China trade war

French election

US tax reform bill

Peak Bitcoin price

Hurricanes Harvey,

Irma, Jose & Maria

Trump threatens to

withdraw from NAFTA

Increased inflation &

interest rates expectations

US steel tariff exemptions

expire

UK election

Argentine currency

crisis

28

HANSA TRUSTMarket outlook: Risks are rising….economies

As we near peak employment, wage inflation finally appears to be picking up

Is 2018 the year of peak growth?

Source: Deutsche Bank

29

HANSA TRUSTMarket outlook: Risks are rising….geo-political

Are we on the brink of a global trade war? Populism on the rise throughout the world

(in 2000, an average 8.5% of the vote went to populist arties. In 2017 that number was 24.1%)

Source: Deutsche Bank

30

HANSA TRUSTMarket outlook … but still more to go for

Valuations are not at peak levelsNo sign of recession yet

Source: Goldman Sachs

31

HANSA TRUSTMarket outlook … but still more to go for

Some signs of exuberance but not what you normally

get at the peak of cycles

Other asset classes remain expensive –what else do you do with your money?

HANSA TRUSTCurrent Portfolio Positioning (as at 30 June 2018)

32

Source: Hansa Trust internal, unaudited

13.9%

6.4%7.1%

1.2%

3.1%

1.5% 2.0%

4.6%

0.5% 1.0%

17.0%

6.9%

3.5%

1.8% 1.4%

17.3%

11.0%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Nor

th A

mer

ica

Japa

n

Euro

pe

Glo

bal D

evel

oped

Asia

Pac

ific

ex Ja

pan

Glo

bal E

mer

ging

Mar

kets

Fron

tier M

arke

ts

Tech

nolo

gy

Heal

th C

are

Fina

ncia

ls

Glo

bal E

quiti

es

Hedg

e Fu

nds

Prop

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Fixe

d In

com

e

Cash

Wils

on S

ons

Oce

an W

ilson

s (In

vest

men

ts) L

imite

d

Core Regional Funds Thematic Equities Diversifying Strategic

33

HANSA TRUSTMarket outlook.….core positions

Japan

Emerging & Frontier markets

AsiaHealthcare

Technology

HANSA TRUSTConclusion

34

• Stock markets are arguably looking long in the tooth

• Despite this, the features one would normally expect to see at a market peak are not yet in place – for this reason we still see more upside in equities

• We would expect more volatility from here - last year’s low volatility was an anomaly –and we are getting prepared to add to more defensive positions as the cycle evolves

• Japan, emerging, Asian and frontier markets preferred geographies. Technology and healthcare remain attractive longer term themes

Appendix

35

43.6%

28.3%

12.7%

8.1%

3.6% 3.5% 0.2%

Dealing Frequency

Daily Ocean Wilsons Holdings LtdMonthly QuarterlyWeekly Fixed Life Investment Period Complete> 1 year

36

HANSA TRUSTPortfolio Characteristics (as at 30 June 2018)

Look-through analysis of Hansa Trust portfolio, including holdings in Ocean Wilson (Investments) Ltd *

* Geographic and sector exposures based on top 30 holdings as announced by Ocean Wilsons Holdings 31 Dec 2017

32.2%

18.4%10.6%

8.9%

8.9%

8.8%8.1% 2.0% 1.4% 0.7%

Geographic Exposure

North America Latin America Developed Europe ex UKUK Asia Pacific ex Japan Diversifying Hedge FundsJapan Middle East & Africa Cash/Liquidity FundsEmerging Europe

22.7%

16.9%

12.4%8.8%8.6%

8.1%

6.3%

3.9%

3.8% 3.8% 2.8%1.4%

0.5%

Sector Exposure

Industrials Information Technology FinancialsDiversifying Hedge Funds Consumer Staples Consumer DiscretionaryHealth Care Materials Real EstateTelecommunications Energy Cash/Liquidity FundsUtilities

38.3%

28.3%

17.0%

6.9%

3.5%2.9% 1.8% 1.4%

Asset Type

Long Only Ocean Wilsons Holdings Ltd Direct EquitiesMarket Neutral Private Equity Long-ShortFixed Income Cash

HANSA TRUSTFees

37

PASSIVELow cost but guaranteed sub market returns. Also structurally biased towards those companies and sectors that are becoming more expensive and not managed for market risk

HANSA TRUST

THIRD PARTYCan be higher cost with two layers of fees in a fund structure. However, you can invest in best-in-class managers globally (unlikely to be able to do this internally), access all markets/sectors and sell those managers which are underperforming

INTERNALLower cost than third party managers and provides another source of alpha in a portfolio. However you are typically locked into your internal offering regardless of how good it is!

The fee debate is nuanced. Clearly you want to keep fees down to reduce friction but going low cost may work to your detriment in the longer term. We have blended elements of all the options in Hansa Trust.

38

HANSA TRUSTFees

Weighted average management fee = 1.20%. This includes the management fee paid to HansaCapital Partners LLP as well as management fees paid to third parties for the underlying funds.

47.7%

44.9%

4.5%

2.9%

Annual 3rd Party Management Fees on Underlying Holdings (March 2018)

0% 0 < x ≤ 1% 1 < x ≤ 1.5% 1.5 < x ≤ 2%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%Fe

es a

s % o

f NAV

Breakdown of total fees and costs

Management Fee 3rd party fees Retail class Other costs

Our management fee is reduced from 1% as it is not charged on Ocean Wilsons Holdings

Third party fees within Hansa Trust

* Schroder Global Diversified Growth: 34.5% is externally / passively managed – not clear if third party fees are included.

Witan, Jupiter, Baring: third party fees are included in other costs.

Internally managed therefore no third party fees

Hansa Trust total = 1.82%

HANSA TRUSTFees

HANSA TRUSTInvestment process…..Global equity selection

40

Our global equity portfolio is composed of 20 – 45 names, is diversified, has a high active share and is built from the bottom up

IMPORTANT NOTICE

This presentation pack is issued by Hansa Capital Partners LLP, which is authorised and regulated by theFinancial Conduct Authority.

Hansa Capital Partners LLP is the Manager and Company Secretary to Hansa Trust PLC.

Investment Trusts are UK Public Listed companies and are not authorised or regulated by the FinancialConduct Authority.

The staff at Hansa Capital Partners LLP and/or the Directors of Hansa Trust PLC may hold positions inthe securities mentioned in this presentation or may buy, sell or offer to make a purchase or sale of suchsecurities from time to time.

This presentation pack is not a prospectus, does not contain any representations, and does not constituteor form part of any offer or invitation to buy, underwrite or solicit any offer to purchase securities, norshall it or any part of it form the basis of or be relied upon in connection with any contract therefore.

This presentation pack has been solely supplied for your information and you may not be reproduce it,distribute it to another person or publish it, in any case in whole and in part, for any purpose.The information contained in this pack is selective, is for background purposes only and is subject toamendment.

Past performance is not necessarily a guide to future performance. The price of shares and incomegenerated may fall as well as rise. An investor may not get back the amount invested.