Odyssean Investment Trust : OIT Marketing Presentation Q1 2022

Odyssean Investment Trust PLC

Q1 2022 Update

Important Information

• • Past performance is not a reliable indicator of future performance and Investors may not get back the value of their original investment

• • The value of Odyssean Investment Trust PLC ("OIT") and the income derived from it may go down as well as up and is

  not guaranteed

• • Investment in OIT may not be appropriate for investors who plan to withdraw their money within 5 years

• • OIT's portfolio is focused towards small and mid-sized companies; these may involve a higher degree of risk than larger sized companies. OIT does not attempt to match the composition of any index

• • The Prospectus and the Key Information Document, available atwww.oitplc.com, provide more information about the risk profile of Odyssean Investment Trust PLC

• • Case studies are selected for illustrative purposes only to illustrate the investment strategy and are not investment

  recommendations

• • We draw readers' attention to the Disclaimers at the end of the presentation

Executive Summary - Q1 2022

NAV growth c.+0.4% over the period during a challenging time for markets

• • NAV per share rose 0.4%1,2 in the period. NSCI +AIM ex IC index ("Comparator") fell 10.4% 2,3

• • NAV per share growth in the trailing twelve months of 17.7%. Net cash balance averaged 7%. Comparator Index fell 2.1% over the same period

• • Portfolio:

  • - Significant activity across the portfolio through the period - profits taken in names that performed well (Chemring, Spire) and recycled into names impacted by market sell off (NCC, Euromoney, Elementis)

  • - Position in Clinigen exited during the period upon completion of cash offer from Triton Partners (final bid at 925p)

  • - One new position initiated in the period - toe hold in a new industrial name with scope to scale further as diligence progresses

• • Net cash ended the period at 1.6%, at the low end of the typical range. This reflects the high conviction we have in the potential of the current portfolio of special situation investments over the medium to long term

• • We continue to review the portfolio against the risk of inflation and rising interest rates. We remain confident in the medium to long term outlook and the robustness of the wider investment strategy

• • OIT's shares ended the period trading at c.1.2% premium to NAV per share of 163.96p1,2

• • c.2.7m OIT shares issued in the quarter. NAV at period end £158m. Blocklisting remains in situ

As at 31st March 2022. Performance measured from COB 1st May 2018 Source: 1 Odyssean Capital 2 Link Asset Services 3Bloomberg. The NSCI + AIM ex Investment Company index is only used for the purposes of calculating performance fees. OIT does not attempt to match the composition of this index. The investment strategy is unconstrained and not benchmarked against any particular index. Pastperformance is no guarantee of future performance and the value of investments can go up and down

Performance update

NAV up c.+0.4% in Q1 compared with a double digit fall in the market

Performance	%
Q1-22	LTM	CY21	CY20	CY19	Inception to Dec-18	Since inception	Annualised since inception
NAV Total Return Per Share1	+0.4%	+17.7%	+25.0%	+13.1%	+22.0%	-3.7%	+66.7%	+13.9%
Share price return3	+0.0%	+28.7%	+28.7%	+14.2%	+17.7%	-4.0%	+66.0%	+13.8%
NSCI + AIM ex IC Total Return3	-10.4%	-2.1%	+20.0%	+4.9%	+22.2%	-15.0%	+17.2%	+4.1%
Average cash balance2	6%	7%	8%	9%	17%	65%	20%	20%

160

140

120

100

80

60

OIT NAV

NSCI&AIMOIT Share Price

As at 31st March 2022. Performance measured from COB 1/5/18, share performance since inception assumes IPO price of 100p. Source: 1Link Asset Services, Bloomberg, Odyssean Capital; Numis Smaller Companies plus AIM ex Investment Companies Total Return Index. Rebased to start NAV 2 Link Asset Services, Odyssean Capital 3 Bloomberg. YTD - Year to Date; LTM = Last 12 months. Past performance is no guarantee of future performance and the value of investments can go up and down. The NSCI + AIM ex Investment Company index is only used for the purposes of calculating performance fees. OIT does not attempt to match the composition of this index. The investment strategy is unconstrained and not benchmarked against any particular index.

Our investment strategy has delivered strong long term returns

Attractive absolute and relative performance, without any gearing

Strategy NAV per share performance since inception1,2

30 June 2009 - 31 March 2022

CAGR Over 12.8 yearsCAGR Whilst invested

17.8% 19.9%

9.7% 10.7%

7.8% 8.6%

StrategyComparator (NSCI+AIM ex IC TR)Numis All Share (exc. ICs) TR

• • Despite periods of short term volatility, over the long term, under our management this investment strategy has delivered returns well ahead of both the absolute return ambition and also the comparator index

• • Differentiated approach is distinct from "pure" Growth or Value

• • Returns generated with net cash2 and no gearing. Net cash typically high single digit as % portfolio

Notes: OIT performance measured from COB 1/5/18 when OIT launched, OIT share performance since inception assumes IPO price of 100p. Comparator is Numis Smaller Companies plus AIM ex Investment Companies Total Return Index. This index is used as a Comparator not a benchmark, and it is shown for comparison purposes only 1 Shows NAV Total Return per share post all fees. Rebased to start NAV. 2 As at COB 31st March 2021 5Stuart Widdowson was lead manager of Strategic Equity Capital plc "SEC" from 1st July 2009 until 6th February 2017. Performance up to 6th February 2017 is from SEC. Source: Link Asset Services, Bloomberg, Odyssean Capital;

Past performance is no guarantee of future performance and the value of investments can go up and down.