Active Currency Manager

Witan Investment Trust PLC
02 January 2007


WITAN INVESTMENT TRUST PLC

2 January 2007



                         WITAN INVESTMENT TRUST PLC

                     WITAN CHOOSES ACTIVE CURRENCY MANAGER


Witan Investment Trust plc has chosen Mellon Capital Management Corporation, one
of the world's leading quantitative fund managers, to actively manage the
Trust's international currency exposure.

Witan currently has over £700 million invested outside sterling, and its foreign
currency exposure is an implicit but as yet largely unmanaged part of the global
policy.  Mellon will manage an exposure totalling £350m or 50% of the Trust's
foreign currency pro-actively. This will add alpha and enhance total returns to
shareholders without fundamentally changing the Trust's overall risk profile.

To fund this activity, Witan will invest £36.5m which will reflect an overall
£350m exposure within the Trust.  This amount will be raised from across the
portfolio rather than from a particular mandate.  For accounting reasons, this
sum will be placed in a loan note via UBS, which mirrors the returns of the
Mellon currency fund.

This move is a continuation of Witan's multi-manager structure adopted toward
the end of 2004.  Mellon Capital will join the Trust's existing team of
managers, chosen for their skills and expertise in specific areas as well as
their ability to balance risk within an overall asset management strategy.

Commenting, Jim Horsburgh, Chief Executive of Witan Investment Trust said: 
'Witan is being genuinely innovative by teaming up with Mellon to manage its
overseas currency exposure. Currency risk is inherent in the Trust's portfolio
merely by being invested in international markets but, by managing currencies
proactively, Witan is intending to exploit this risk positively. Historically
currency managers have a good record of adding value. Their market place is
incredibly liquid yet inefficiencies are present because many of the
participants engage without the intention of making a profit. These include
central banks, international companies and investment funds and of course
tourists.'



Continuing Jim Horsburgh said: 'In Mellon Capital Witan has chosen an
experienced and successful manager who can offer the Trust the same high level
of skill and risk control as its other outsourced investment managers.'



For further information on Witan Investment Trust visit www.witan.com





                                    - ENDS -



For further information, please call:



Jim Horsburgh
Chief Executive Officer
Witan Investment Trust plc
Telephone: [phone]


or


James Budden
Marketing Director
Witan Investment Trust plc
Telephone: [phone]


or


Eleanor Mitchell/Hugo Mortimer-Harvey
Quill Communications
Telephone: [phone]




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