AGM Announcement

Witan Investment Trust PLC
30 March 2004


Embargoed for 07.30am, Tuesday 30th March 2004


      'I see little sign of optimism and absolutely no signs of euphoria.
                On that basis markets may have further to rise.'

                   WITAN AGM - HORSBURGH LOOKS TO THE FUTURE

Witan Investment Trust plc held its 96th AGM at the British Museum yesterday
evening. It was Jim Horsburgh's first official engagement, since becoming the
Trust's Chief Executive Officer*, (2 February 2004*).

Horsburgh addressed some 500 shareholders, updating them on Witan's developing
strategy, designed to improve risk-adjusted performance and reduce both the
level and volatility of the discount. His speech built upon the announcement in
October last year, confirming the Trust's intention to adopt an open
architecture approach in the future, employing the best talent from across the
investment marketplace to manage its assets.

Highlights of the Chief Executive's address

  • An intention to build an investment vehicle totally suited to today's
    marketplace, designed to improve performance without altering the Trust's
    risk profile

  • Witan will remain a UK PLC with a global spread of diversified
    investments, aimed at delivering consistent long-term returns to
    shareholders

  • The Trust is considering investing in other asset classes to work
    alongside a predominantly equity driven portfolio. These might include
    Bonds, Private Equity, Absolute Return funds and Property

  • The current benchmark may be amended, reflecting a move away from large
    mature western stock markets, which offer limited growth and encourage
    closet indexing

                                                                        cont../2


WITAN AGM - HORSBURGH LOOKS TO THE FUTURE../2

  • These developments will be effected by a new mix of managers, specialists
    selected on the basis of a proven performance record, managers who can bring
    something new to the table and add value over the longer term

The Board of Witan and its Chief Executive intend to implement these changes to
the Trust's strategy before Autumn 2004. The process is well underway and the
Trust will keep both shareholders and commentators informed of developments over
the next few months.

A full version of Jim Horsburgh's address is available at www.witan.com.


                                    - ENDS -

Media enquiries to:

James Budden                    OR          Gordon Puckey
Marketing Director                          Director
Witan Investment Trust plc                  quill communications
Tel: [phone]                          Tel: [phone]


NOTES TO EDITORS

Witan Investment Trust plc

  • Established in 1909, Witan is one of the UK's largest investment trusts,
    managing some £1.38bn(1) (at 29/2/2004) 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 (capital change only), the current asset allocation comprising 57% UK;
    20% US; 8% Europe; 6% Japan; 5% Other Pacific; 4% Cash & Fixed Interest(1).
    ((1) Source: AITC MIS at 29/2/2004).


                      This information is provided by RNS
            The company news service from the London Stock Exchange