Chief Executive Appointment

Witan Investment Trust PLC
16 January 2004

                                16 January 2004

                           WITAN INVESTMENT TRUST PLC

                           CHIEF EXECUTIVE APPOINTED

Following a search conducted by the Rose Partnership, Witan Investment Trust plc
today announced the appointment of Jim Horsburgh as its Chief Executive.
Horsburgh, whose investment career spans more than 24 years, was most recently
with Schroder Investment Management, where he held the position of Managing
Director (UK). See Notes.

Horsburgh, who will be employed directly by Witan, and who will be based at
Henderson's Broadgate offices, will take up his new position, and join the
Board, on 2 February 2004.

As Chief Executive Officer of the £1.35bn(1) global growth fund, and in
conjunction with the Board, Horsburgh will be responsible for managing the
process to select specialist managers, where appropriate, from across the
investment industry. However, in the first instance, Horsburgh will conduct a
thorough review on behalf of the Board to establish the process for managing and
monitoring asset allocation and geographical distribution. Going forward,
Horsburgh will monitor and report to the Board on all aspects of portfolio
performance. It is planned that he will address shareholders at the Company's
AGM on 29th March 2004.

Commenting on the appointment, Witan Chairman Harry Henderson said, 'The Board
is delighted to have found an individual of Jim Horsburgh's calibre within its
specified time frame. Jim is an investment professional of integrity who
commands a great deal of respect within the industry. This appointment is the
first step in Witan's plan for an open architecture approach.'

                                    - ENDS -







                           WITAN INVESTMENT TRUST PLC

                           CHIEF EXECUTIVE APPOINTED





Media enquiries to:

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



NOTES TO EDITORS

1. Jim Horsburgh - additional information

Jim Horsburgh's career in investment management started in 1977, joining Hill
Samuel Investment Management as a Graduate Trainee. He moved to the ICI Pension
Fund in 1979, where he held the positions of Investment Analyst and Portfolio
Manager, with responsibilities across both UK and US portfolios. Horsburgh made
the switch to the Abbey Life Insurance Company in 1982, as Fund Manager of two
UK unit trusts, and subsequently managed the Company's flagship life and pension
equity funds.

Horsburgh joined Schroder Investment Management ('SIM') in 1984 as a UK Pension
Fund Manager. Subsequently he became an Account Director, a Director and, in
1995, Deputy Managing Director of SIM (UK). He sat on the Asset Allocation
Committee during this period. In 1998 he was promoted to UK Managing Director
with responsibility for, among other things, ensuring that investment
strategies, including asset allocation, met clients' needs.

Horsburgh, who is a Member of the UK Society of Investment Professionals and was
part of the FMA Working Party on the Myners Report, was educated at Alloa
Academy, and the University of Edinburgh, where he was awarded an MA in
Economics and Statistics.

2. Witan Investment Trust plc


  • Established in 1909, Witan is one of the UK's largest investment trusts,
    managing some £1.35bn(1) (at 31/12/2003) 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 (capital change only), the current asset allocation comprising 57% UK;
    20% US; 9% Europe; 6% Japan; 5% Other Pacific; 3% Cash & Fixed Interest(1).
    ((1) Source: AITC MIS at 31/12/2003).



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