Statement re manager line-up

Witan Investment Trust PLC
15 September 2004


15 September 2004


                           WITAN INVESTMENT TRUST PLC

                        Witan announces manager line-up


Witan Investment Trust plc has completed its move to open architecture
management. The Trust confirmed today that it had appointed five new managers to
join the incumbent, Henderson Global Investors. These managers have been
selected after a series of interviews and onsite meetings, held throughout the
summer. The search was conducted on a global basis in conjunction with Mercer
Investment Consulting. Each manager displays the attributes expected to support
the delivery of long-term out-performance. Furthermore each manager has proven
performance excellence within its respective field and assumed responsibility
for its particular portfolio early in September.

                                                                                                             
Equity mandate           Winning manager                      Based in                 % portfolio 

Global                   MFS Investment Management            Boston, Massachusetts              10
Global                   Southeastern Investment Management   Memphis, Tennessee                 15
UK Mainstream            Henderson Global Investors           London                             40
UK Smaller Companies     Henderson Global Investors           London                              5
European ex UK           Wellington Management                Boston, Massachusetts              10
North American           Henderson Global Investors           London                             10
Japanese                 Brandes Investment Partners          San Diego, California               5
Pacific Basin ex Japan   APS Asset Management                 Singapore                           5
     


A global approach with a strong best ideas flavour is being taken to stock
selection and this has been reflected in the different management skills
represented in the mix. Each manager has a proprietary and intensive method of
research.

The low risk elements of the portfolio are managed by Henderson Global Investors
within enhanced index portfolios(1). This allows Witan to distribute risk
elsewhere in the portfolio with the resulting prospect of improved returns from
active stock picking in areas where the best opportunities for added value
exist.



                                    - MORE -

                                      - 2 -


Commenting Jim Horsburgh, Witan Chief Executive said:

'The newly appointed managers exhibit definite characteristics in that the
majority are employee owned market leaders, whom Witan has carefully chosen as
experts in their particular fields. Several were closed to new business
following their appointment to Witan and most are inaccessible to UK retail
investors. I would add that meeting and selecting these managers was a privilege
and one of the highlights of my 27 years in fund management.'

Witan has made fundamental changes to the way in which managers are remunerated.
In the future most managers will receive a low base fee plus a performance
element should they exceed the targets set for them by the Board. The resulting
base cost for investment management is now reduced from 0.3% to 0.16%. Naturally
this ratio will rise should managers outperform.

Witan Chairman, Harry Henderson added:

'Within less than a year, the Board of Witan has carried out a rigorous process
aimed at securing a more prosperous future for its shareholders. The strategy
initiated in October 2003 has now reached its most important phase and the Board
look forward to pursuing performance from this exciting manager matrix.'



                                    - ENDS -



For further information please contact:

Jim Horsburgh
Chief Executive
Witan Investment Trust plc
Tel: [phone]
[e-mail]

OR

James Budden
Marketing Director
Witan Investment Trust plc
Tel: [phone]
[e-mail]

OR

Gordon Puckey/Eleanor Clarke
quill communications
Tel: [phone] 7763 6973
[e-mail]
[e-mail]

                                     - 3 -


Notes to Editors

(1) An enhanced index approach is managed with reference to an index while
seeking improved returns net of fees from capturing anomalies and other sources
of return enhancement as they appear in the market. Witan's UK portfolio is
linked to the FTSE 350 while the US portfolio follows the FTSE World North
America.


Witan Investment Trust plc

Established in 1909, Witan is one of the UK's largest investment trusts,
managing some £1.35bn(1) (at 31/8/2004) on behalf of more than 55,000 investors.
Witan is listed in the 'Global Growth' sector. ((1) Source: AITC).


Manager Summary

Southeastern (Global Equity)

Founded in 1975 and based in Memphis Tennessee, Southeastern manages some
£16.2bn for a range of institutional, high net worth and retail mutual clients.
When Southeastern make an investment they take the view that they are purchasing
that company in its entirety. They aim to avoid capital loss while targeting an
annual average return of at least inflation plus 10%. In the US they manage the
Longleaf mutual funds which are closed to new investors, such has been their
success and popularity. Southeastern is 100% employee owned with all staff
equity investment made exclusively in to the firm's funds.


MFS (Global Equity)

Boston based MFS is a global business with additional offices in London, Tokyo
and Singapore. Founded in 1924 it has some £76bn under management on behalf of
institutional and retail clients. Its investment philosophy is based on the
premise that stocks or companies that provide substantial earnings growth and
trade at a discount to their expected growth rate will outperform the market.
The Company also believes that fundamental research is the most reliable method
of identifying these stocks. MFS is 80% owned by Sun Life of Canada and 20% by
its employees.

Website: www.mfs.com


Brandes (Japan)

Established in 1974, Brandes manages some £47bn on behalf of institutions,
foundations and some retail clients. The Company believes in the Graham & Dodd
bottom up value approach to investing. Firstly they conduct detailed company
research, focussing on out of favour companies. Stocks are only purchased if
they are standing at a discount to intrinsic value. Brandes expects to hold
stock in the long term for at least three to five years. In their own words they
'don't follow the investment crowd', searching for 'overlooked opportunities
that the World has passed by'. Brandes is 100% employee owned.




                                     - 4 -


APS (Pacific ex Japan)

Established in 1995 and located in Singapore, APS manages some £1.4bn for a full
range of institutional clients, based predominantly in the Far East. APS is an
Asia-Pacific equity specialist and intends to remain permanently one of the top
three managers within that sphere. The Company invests with conviction and does
not mind making unconventional decisions, looking to enhance returns through the
quality and knowledge of its team and proprietary research. APS is a pure
stockpicker and is 100% employee owned.

Website: www.aps.com.sg


Wellington Management (Europe ex UK)

Dating from 1928, Wellington is one of America's oldest investment firms. It
manages £234bn from its Boston base. Independent company research is the
cornerstone of the Company's investment process. Wellington builds a portfolio
from the bottom up. Stock selection is made collegiately, with input from teams
of experienced sector analysts skilled at evaluating companies. As of July 2004,
there were 78 partners all of whom work full time for the company.

Website: www.wellington.com


Henderson Global Investors (UK/North America/UK Smaller Companies)

Henderson has been managing investments since 1934. Once owned by Witan, it has
managed the Trust's portfolio since its formation. Henderson has some £68.4bn
under management and provides a wide range of investment products and services
to clients worldwide. The Company has recognised expertise as an enhanced index
manager and is recommended as such by investment consultants. Neil Hermon
continues to manage Witan's UK smaller companies portfolio, as he has done
successfully for the past two years. Henderson is part of the London quoted
financial services conglomerate HHG.

Website: www.henderson.com





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