Outperformance of the benchmark* by 3.4% and an increase in dividend for the 36^th consecutive year are two highlights of Witan Investment Trust’s unaudited results for the 12 months ended 31 December 2010.

Published today, the year end results reveal for the period:

• Net asset value total return outperformed the benchmark by 3.4% (NAV total return of 18.9% against a benchmark total return of 15.5%)
• Total shareholder NAV total return over the last five years of 38.1%, exceeding the benchmark by 6.5%
• Final dividend payment of 10.9p per ordinary share, an increase of 3.8% on 2009 and the 36^th consecutive year of dividend increases
• Portfolio repositioned on 100% active lines with a more proactive approach to risk management
• Increased gearing at market low point in June 2010.

Witan’s outperformance of its benchmark during 2010 was attributable to a range of factors. The portfolio generated outperformance (net of fees) of 3.1%, share buybacks contributed 0.5% and gearing (which was increased ahead of the second half market recovery) a further 1.9%. Offsetting these gains were borrowing costs (0.7%) and operating costs and tax (1.3%).

Harry Henderson, Chairman of Witan Investment Trust said:

“Witan is unique amongst investment trusts in operating a fully-fledged multi-manager structure. This reduces the performance volatility that can occur from having a single manager. Coupled with this, our new chief executive Andrew Bell (appointed in February 2010) has led the adoption of a more pro-active approach to the management of the trust. This has resulted in the closure of index-orientated mandates and a greater emphasis on unconstrained cross-border stock selection, reducing the proportion in single-country portfolios. Additionally a more active approach to the management of risk through the variable use of gearing, employing equity index futures and investment in specialist funds has been implemented. I believe this will enable our shareholders to continue to benefit during the changeable economic conditions which seem likely to prevail in coming years.”

*Since 1 October 2007 the Witan Investment Trust benchmark has been:

40% FTSE All-Share Index/20% FTSE All-World North America Index (£)/20% FTSE All-World Europe (ex UK) Index (£)/ 20% FTSE All-World Asia Pacific Index (£).

- ENDS -

For further information please contact:

Andrew Bell, Chief Executive Officer

Witan Investment Trust plc

Tel: 020 7227 9770

Andrew.bell@witan.co.uk

James Frost, Marketing Director

Witan Investment Trust plc

Tel: 020 7227 9770

James.frost@witan.co.uk

Jain Castiau, Director

Cauldron Consulting

Tel: 0203718 7236/07909 963 969

Jain.castiau@cauldron-consulting.com

Notes to Editors

Witan Investment Trust plc

Established in 1909, Witan is one of the UK’s largest investment trusts, managing some £1,142m (as at 31.12.2010, source Witan) on behalf of over 36,000 investors.  Witan is listed in the ‘Global Growth’ sector and is a member of the FTSE 250 index. Registered as an Investment Company in England No 101625.

www.witan.com

Current investment management arrangements as at 31st December 2010

Geographical Breakdown as at 31st December 2010

*Direct holdings of collective funds