Witan Pacific Investment Trust plc 102 nd Annual General Meeting 9 th June 2009

1 Agenda Chairmans statement Executive Managers update Questions and answers session Formal business of the meeting

Witan Pacific Investment Trust plc Chairmans Statement

3 Investment objective To provide a balanced portfolio of investments in the Asia Pacific region To outperform the MSCI AC Asia Pacific Free Index (£) Using a multi-manager approach to add value and diversify risk

4 A different world to 12 months ago Source: Datastream, Rapid collapse of global economy Melt down of stock markets Drying up of liquidity Collapse of consumer confidence FTSE All Share World GDP Oil

5 Asia not immune India & China Source: Datastream to Asia Pacific Japan

6 The benefits of portfolio diversification MSCI AC Asia Pacific vs. FTSE All Share (£) Source: Datastream to FTSE All Share Asia Pacific

7 Performance to & year to period ending period ending all figures total return (£)1 yr3 yrs4 yrs5 yrs % % % % Share Price Net Asset Value * Benchmark ** Data Source: Datastream 1yr data to yrs,4yrs and 5yrs data to * The Net Asset Value figures value debt at fair value **Benchmark: MSCI AC Asia Pacific Free Index (£)

8 Yamaha Motor Dividends increasing year on year: Case study 2009 Dividend + Special 2005/61.33p+26.7% 2006/71.50p+12.8% 2007/81.65p+10.0% 2008/91.85p+12.1% + Special1.00p Reserves represent 8.3x 2009 standard dividend

9 Witan Pacific Investment Trust plc WPC Board AberdeenNomura Witan Investment Services Ltd Phoenix Company Secretary Other Service Providers

10 Review of Investment Managers' Performance Monthly and quarterly reports Regular Board presentations Ad-hoc meetings Forthcoming review by Board in Singapore and Tokyo offices

11 Outlook for Asia Pacific Less personal and bank debt Fewer credit problems Strong local demand in emerging economies but not decoupled from Western Economies Should rebound faster than the West when upturn comes

Witan Pacific Investment Trust plc Executive Managers Update Mark Lynam Witan Investment Services

13 Agenda Aberdeen and Nomura Performance Summary

14 Complementary mix of managers AberdeenNomura bottom up stock picker unconstrained growth at an attractive price top down more index aware fundamental research Equity Mandate Investment Manager Mandate Benchmark (£) % of Initial Portfolio as at 31 May 2005 Actual % as at 30 April 2009 Asia PacificAberdeen MSCI AC Asia Pacific Free Index 50%52% Asia PacificNomura MSCI AC Asia Pacific Free Index 50%48%

15 Investment philosophy and process Country allocation Source: Datastream

16 Sector allocation Source: Datastream

17 Portfolio performance year ending 31 st Jan 2009 Aberdeen -15.5% Nomura -19.5%

18 Aberdeen – key points Japan portfolio -3.3% v -4.5% for Japan Index Pacific ex Jap portfolio -19.6% v -29.9% for Pacific ex Jap Index Stock selection was positive in all countries except Australia, Hong Kong & Korea. Asset allocation in Hong Kong, India and Singapore were negatives. Source Aberdeen (£)

19 Nomura - key points Japan portfolio -8.0% v - 4.5% for Japan Index Pacific ex Jap portfolio -31.9% v -29.9% for Pacific ex Jap Index Poor stock selection was the main cause of underperformance. Both Japan and ex Japan portfolios were negative with some positive stock selection in Taiwan & Singapore. Overall country allocation was positive. Japan was a negative whilst Asia Pac was a positive. Source Nomura (£)

20 Portfolio return to (£) total return annualised Combined portfolio + 5.4% MSCI Asia Pacific Index + 4.3% Aberdeen + 6.5% Nomura + 4.4% Source WM and Analytics (£)

21 Aberdeen key points since Aberdeen have added significant value relative to benchmark at total portfolio level Portfolio ReturnIndex Return Added value in Asia Pacific region+41.7%+18.1% Underperformed in Japan portfolio-7.5%+13.1% Source Aberdeen (£)

22 Nomura key points since Nomura have added marginal value relative to benchmark at total portfolio level Portfolio ReturnIndex Return Added value in Asia Pacific+31.9%+18.1% Underperformed index in Japan but better return than Aberdeen +4.1%+13.1% Source Nomura (£)

23 Investment philosophy and process Asia Pacific remains attractive investment proposition Witan Pacific provides multi-manager solution including Japan Multi-manager structure –complementary styles of quality managers –Board has strategic option to refine manager line up Meeting objective to beat MSCI Index in a cost effective manner Summary

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