Interim Management Statement

Witan Investment Trust PLC
30 April 2008



WITAN INVESTMENT TRUST PLC


30 April 2008



                           WITAN INVESTMENT TRUST PLC

    First Interim Management Statement for the year beginning 1 January 2008


Objective
The objective of Witan Investment Trust plc is to be the first choice for wealth
creation through equity investment.  The Company offers its shareholders a
diverse investment in terms of investment managers, geographical regions,
industrial sectors and individual holdings.



Review of the first six month period, beginning 1 January 2008

Between 31 December 2007 and 31 March 2008 the net asset value per share
(excluding current financial year revenue items) fell by 9.5% to 487.1p,
outperforming the Company's benchmark which fell by 10.2%.



Between 31 December 2007 and 31 March 2008 the Company bought back for
cancellation a total of 2,958,482 of its ordinary shares.  The number of
ordinary shares in issue at 31 March 2008 was 220,468,017.  The share price at
31 March 2008 was 432p, giving the Company a market capitalisation of £952.4
million.  As at 29 April 2008 the number of ordinary shares in issue was
218,965,852 and the share price was 451p, giving the Company a current market
capitalisation of £987.5 million.



The Company paid on 3 April 2008, in respect of the year ended 31 December 2007,
a second interim dividend of 5.8p per ordinary share.



At the Company's Annual General Meeting, held on 28 April 2008, all twelve
resolutions were duly passed.  The Chairman informed the shareholders of the
appointment of three new investment managers:  Artemis Investment Management
Limited and Marathon Asset Management LLP, each to manage £75 million of UK
equities, and Varenne Capital Partners, to manage £30 million of European
equities.



There are no other material events or transactions to report.



Company Information

Epic Code:  WTAN
Sector:   Global Growth
Launch date:  1909
Financial year end:  31 December
Next dividend payment (ordinary shares): September 2008



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Company Statistics as at 31 March 2008
Gross Total Assets:  £1,214 million*
Net asset value per ordinary share:  487.1p*
Share price:  432.0p*
Gearing:  nil+
Dividend yield:  2.29%*
Total Expense Ratio (TER) for 2007:  0.53%



Multi-Manager Structure as at 31 March 2008
Manager % of Assets

Henderson Global Investors (UK Mainstream) 32%

Southeastern (Global Equity) 15%

Thomas White International (Global Equity) 10%

MFS (Global Equity) 10%

Wellington (Continental Europe) 9%

Henderson Global Investors (North America) 6%

Brandes (Japan) 6%

Henderson Global Investors (UK Smaller Companies) 5%

Comgest (Far East, excluding Japan and Australasia) 5%

Orbis (Australasia) 2%

Mellon (Currency Manager)



Geographic Breakdown as at 31 March 2008*

UK 34.0%

North America 19.0%

Europe 16.0%

Japan & Far East 16.0%

Other 15.0%



Sector Allocation as at 31 March 2008*

Financials 30.5%

Industrials 10.2%

Consumer services 9.9%

Consumer goods 9.4%

Oil & gas 7.9%

Basic materials 5.1%

Health care 4.3%

Telecommunications 4.0%

Other 18.7%



*Source: BNP Paribas



+defined here as the total market value of the investments less shareholders'
funds as a percentage of shareholders' funds.


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Ten Largest Holdings as at 31 March 2008*

BP 1.7%

HSBC 1.7%

Vodafone 1.4%

Royal Dutch Shell 1.3%

GlaxoSmithKline 1.2%

Dell 1.2%

Walt Disney 1.1%

Nipponkoa Insurance 1.1%

Fairfax Financial 1.1%

Rio Tinto 1.0%

 March 2008

*Source: BNP Paribas





Investment Performance*


Performance over   3 months        6 months        1 year       3 years         5 years         10 years


Share Price (Total -8.49%          -9.15%          -6.14%       31.65%          103.53%         45.33%
Return)


Net Asset Value    -8.11%          -8.04%          -4.80%       32.14%          89.91%          42.38%
(Total Return)





*Source: Datastream





                                      ENDS





For further information, please contact:





James Budden                             OR              Eleanor Mitchell / Hugo
Mortimer-Harvey

Marketing Director                                         Quill Communications

Witan Investment Trust plc                            Tel: [phone] / 2234

Tel: [phone]





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