Odyssean Investment Trust : OIT Marketing Presentation Q4 2021

Odyssean Investment Trust PLC

Q4 2021 Update

Important Information

• Past performance is not a reliable indicator of future performance
• Investors may not get back the value of their original investment
• The value of the Investment Company and the income derived from it may go down as well as up and is not guaranteed
• Investing in small and mid-sized companies may involve a higher degree of risk than investing in larger sized companies
• Case studies are selected for illustrative purposes only to illustrate the investment strategy and are not investment recommendations
• The Prospectus and the Key Information Document, available at www.oitplc.com, provide more information about the risk profile of the Investment Company

Executive Summary - Q4 2021

NAV growth c.3.3% over the period. Market was flat

• NAV per share rose 3.3%1,2 in the period, exceeding NSCI +AIM ex IC index ("Comparator") which rose 0.1% 2,3
• NAV per share growth in 2021 of 25.0%, exceeded the Comparator which returned 20.0%. Portfolio net cash 8% during 2021
• Portfolio:

Two further announced takeover bids for portfolio companies - Clinigen and Intertrust. Latter became competitive Average takeover premium of more than 50% on pending or completed bids for portfolio companies

One new position started, but further investments made into existing names

Three positions exited - Harworth, Intertrust, Mattioli Woods - all exits into the market

Engagement continued with Clinigen stakeholders leading up to the AGM. Significant votes withheld and against multiple resolutions

• Net cash ended the period at 12% following proceeds from Intertrust and partial sell down of Clinigen
• We are confident of the portfolio and our investment strategy navigating the dual market risks of inflation and rising interest rates
• OIT's shares ended the period trading at c.1.7% premium to NAV of 163.3p1,2.
• c.1.4m OIT shares issued in the quarter. Blocklisting remains in situ

As at 31st December 2021. 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. Past performance is no guarantee of future performance
and the value of investments can go up and down	3

Performance update

NAV up c.3.3% in period. Market was flat

Performance				%
	Q4-21	CY21	CY20	CY19	Inception	Since	Annualised
	to Dec-18	inception	since inception
NAV Total Return Per Share1
+3.3%	+25.0%	+13.1%	+22.0%	-3.7%	+66.1%	+14.8%
Share price return3	+1.8%	+28.7%	+14.2%	+17.7%	-4.0%	+66.0%	+14.8%
NSCI + AIM ex IC Total Return3	+0.1%	+20.0%	+4.9%	+22.2%	-15.0%	+30.8%	+7.6%
Average cash balance2	8%	8%	9%	17%	65%	21%	21%

										Rebased NAV per share and share price	40%
160														vs comparator index1
													35%
140																																				30%
																																			25%
120																																				20%
100																																				15%
																																			10%
80																																				5%
60																																				0%
																																				-5%
																																				-10%
								OIT NAV				NSCI&AIM				OIT Share Price

NAV per share performance vs comparator index¹

As at 31st December 2021. 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

4

Our investment strategy has delivered strong long term returns

Attractive absolute and relative performance

												Strategy NAV per share performance since inception1,2
																		30 June 2009 - 31 December 2021							CAGR	CAGR
900																																							Over 12.5 years	Whilst invested
800																																					18.1%	20.3%
700																								Strategy
600																								out of
																							market
500
400																																					10.8%	12.1%
300
200
100
0
2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021

Strategy Comparator

• 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 cash 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 17th December 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.	5