The Board of Witan Investment Trust plc announces Unaudited Results for the twelve months ended 31 December 2008.

Published today, highlights include:

• Net asset value total return outperforms benchmark by 0.6% (NAV total returns to 31 December -23.3% compared to the Trust’s benchmark -23.9%)¹;
• 9 out of 13 managers beat their benchmarks in 2008;
• Final dividend payment of 10.2p per ordinary share, an increase of 3% on 2007. This marks the 34th year of consecutive rises in the dividend for shareholders, meeting the Trust’s policy of paying dividends at least in line with inflation;
• Average discount of 10.1%² in line with the Board’s commitment to keep the discount at or around 10% over the longer-term.

The Board also confirms the appointment of Catherine Claydon as independent non-executive director. Catherine has extensive financial services and regulatory experience having been employed as Managing Director, Pension Advisory Group first at Goldman Sachs and more recently Lehman Brothers.  In addition Alan Jones retires from the Witan Board after 13 years as an independent non-executive director, the last five of which he was Chairman of the Remuneration Committee. 

Harry Henderson, Chairman of Witan Investment Trust said, “Witan Investment Trust this year celebrates its centenary - a notable landmark.  In the past it has faced and surpassed numerous market maelstroms - a fact which should offer investors reassurance given the current economic outlook.  Despite these difficulties we are satisfied that we have both out-performed our benchmark during the last reporting period as well as met our commitment to increase the level of dividend paid to our shareholders. 

“Over the last year we have also announced changes to the executive, appointing Robert Clarke as chief executive officer to replace Jim Horsburgh and Mark Lynam in the new role of chief investment officer enhancing the Trust’s internal resources.  We remain focused on the future and while doubtless there will be further storms, the Trust has assembled a global team of best-of-breed managers to produce longer-term optimum returns.”

- ENDS -

For further information please contact:

Notes to editors

This offer applies to lump sum postal and telephone investments only – online investments will incur the normal £15 fee.

Witan Investment Trust plc

Established in 1909, Witan is one of the UK’s largest investment trusts, managing some £1bn (as at 31.1.09, source AIC) on behalf of some 60,000 investors. Witan is listed in the ‘Global Growth’ sector.

www.witan.com

Witan Investment Services Limited is a wholly owned subsidiary of Witan Investment Trust plc.

Registered as an Investment Company in England No 101625.

Witan Manager Team

Witan Pacific Investment Trust plc

Witan Pacific Investment Trust is an Asia-Pacific (including Japan) Trust with assets of £104m (as at 31.1.09, source AIC). The Trust moved to a multi-manager structure on 27 May 2005 with Witan Investment Services as Executive Manager. The investment managers are Aberdeen Asset Management and Nomura Asset Management. Each manages 50% of the Trust to the same Asia-Pacific mandate.

Witan Pacific Investment Trust plc is registered as an Investment Company in England No 91798.