Re Share Buy-Back Policy

Witan Investment Trust PLC
22 December 2004



WITAN INVESTMENT TRUST PLC



22 December 2004


                           WITAN INVESTMENT TRUST PLC


                             Share Buy-Back Policy



Following on from its move to multi-management, Witan Investment Trust plc
announces today that it intends to use share buy-back powers proactively to
maintain an appropriate level of discount on behalf of its shareholders.


Over the next three years Witan will employ share buy-backs consistently and
progressively with the aim to move the discount level to at least below 10%
(with debt at fair value). 


Harry Henderson (Chairman) said, 'This method of discount management offers
immediate value to shareholders.  Over the last ten years the average discount
in par value terms has been around *13.3% and today it is 13.8% in par value
terms and 12.3% with debt at fair value. In the long term we expect performance
from our unique combination of managers and  increasing demand for Witan shares
from investors to bring about a permanent narrowing of the discount with the
belief that it will ultimately settle near to asset value.  In the short-term
this is a positive move which expresses Witan's confidence in its recent
changes.'





*10 year average in par value terms 1993 - 2003
  Discount at 21/12/2004





                                    - ENDS -



For further information, please call:



James Budden
Witan Investment Trust plc
Tel: [phone]


or


Gordon Puckey
Quill Communications
Tel: [phone]



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