Appointment of a Chief Execu)

Witan Investment Trust PLC
23 October 2003

23 October 2003

                           WITAN INVESTMENT TRUST PLC



WITAN TO APPOINT A CHIEF EXECUTIVE

Witan Investment Trust plc announced today that it is to appoint a Chief
Executive. The Trust, which has commenced its search process, will reveal the
identity of the successful candidate in due course and expects to have the
individual in place in early 2004.

The decision, reached in conjunction with the Manager, Henderson Global
Investors, recognises the long-standing ties between the two companies. The new
Chief Executive will be employed directly by Witan and will be a member of the
Trust's Board. This individual will be based at the Henderson offices.

Liaising with the Board, the Chief Executive will establish a robust process for
managing and monitoring asset allocation and geographical distribution. In
addition the appointee will combine with the Board in selecting specialist
managers, where appropriate, from across the investment industry.

The Board's intention is further to improve its focus on performance and thereby
reduce the level and volatility of the Trust's discount, thus increasing returns
to shareholders.

Commenting on the announcement, Witan Chairman, Harry Henderson said, 'It is
entirely logical in today's investment world to have the flexibility to access
talent available across the international marketplace. In addition, allocating
assets to a specialist manager provides an extra layer of diversity in itself.
It is envisaged that Witan will continue to work closely with Henderson who will
remain a key element in the asset manager mix. This initiative is further
evidence of the Trust's innovative efforts which seek to improve shareholder
value.



WITAN TO APPOINT A CHIEF EXECUTIVE../2

In order to broaden the Trust's overall appeal and attract new investors, we
appointed our own Marketing Manager some five years ago. This appointment has
proved to be tremendously successful in extending the reach of the Trust as a
brand in the increasingly competitive Financial Service marketplace. During this
period, the Trust has seen the evolution of a comprehensive range of savings
products - from Jump, our now well-established children's savings fund, to our
Simple Contribution Pension Plan.

This appointment will provide the Board with an executive presence further
championing shareholder interests in the Trust's relationship with its managers.
Witan's independent Board is committed to maintaining the Trust's popularity and
strength as a long-term savings proposition.'

                                    - ENDS -

For further information, please contact:

Harry Henderson OR James Budden

Chairman Marketing Manager

Witan Investment Trust plc Witan Investment Trust plc

Tel [phone]  Tel: [phone]

Stephen Westwood OR Gordon Puckey

Head of Investment Trusts quill communications

Henderson Global Investors Tel: [phone]

Tel: [phone]





WITAN TO APPOINT A CHIEF EXECUTIVE../3

NOTES TO EDITORS

Witan Investment Trust plc


  • Established in 1909, Witan is one of the UK's largest investment trusts,
    managing some £1.30bn (at 30/09/2003) on behalf of more than 55,000
    investors. Witan is listed in the 'Global Growth' sector and invests in a
    prudently diversified portfolio of around 250 large, well-managed
    international blue-chip companies, with some smaller enterprises selected
    for their long-term growth potential.

  • Investment policy is geared to the long-term, both with regard to country
    allocation and stock selection, as befits the Trust's savings proposition.
    The Witan benchmark is 60% FTSE All-Share Index and 40% FTSE World (ex-UK)
    Index, the current asset allocation comprising: 55% UK; 21% US; 9% Europe;
    6% Japan; 5% Other Pacific; 4% Cash & Fixed Interest(1). ((1) Source: AITC
    MIS at 30/09/2003).






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