Issue of Debt

Witan Inv Tst PLC
16 November 2000

Witan Investment Trust plc

Issue of £100,000,000 secured bonds due 2025.


Witan Investment Trust plc announces the issue of £100,000,000 secured bonds
due 2025.

The Board believes that current conditions in the UK bond markets offer the
trust the opportunity to raise long-term debt at attractive rates.

The bonds will be secured by a first floating charge over the whole of the
company's assets, which will rank pari passu with its existing debenture
issue.

The sole lead-manager of the issue is Cazenove & Co.

The bonds will be issued at a price and coupon to be determined later today,
such that the gross redemption yield on the bonds at the issue price will be a
margin of 1.75 per cent. over that of the 6% Treasury Stock 2028 at the time
of pricing. A second announcement later today will state the issue price,
issue rate and yield on the bonds, but no other details.

The bonds will pay interest on 15th June and 15th December each year. The
closing date is 15th December, 2000 and the maturity date is 15th December,
2025.

Application will be made to the UK Listing Authority and London Stock Exchange
to list and trade the bonds.

In considering this bond issue, the Board has also been reviewing its
accounting policies as regards the allocation of interest charges and expenses
between the revenue and capital account. Previously, such costs have been
allocated solely to revenue. For the year 2001 and thereafter the Board is now
considering charging a proportion of such expenditure to the capital account
in accordance with the terms of the Statement of recommended Practice for
accounting by investment trust companies.

For further information, please contact James Robinson, Henderson Investors
(the Manager of the Trust) on 020 7410 4312 or Duncan Hunter/Francis Burkitt
(Cazenove & Co.) on 020 7825 9942.


Stabilisation notice


In connection with the issue of the Bonds, Cazenove & Co. may over allot or
effect transactions which stabilise or maintain the market price of the Bonds
at a level which might not otherwise prevail. Such stabilising, if commenced,
may be discontinued at any time.