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

2. 1 Agenda Chairmans statement Executive Managers update Questions and answers session Formal business of the meeting

3. Witan Pacific Investment Trust plc Chairmans Statement

4. 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

5. 4 A different world to 12 months ago Source: Datastream, 1998-2009 Rapid collapse of global economy Melt down of stock markets Drying up of liquidity Collapse of consumer confidence FTSE All Share World GDP Oil

6. 5 Asia not immune India & China Source: Datastream. 31.01.08 to 31.01.09 Asia Pacific Japan

7. 6 The benefits of portfolio diversification MSCI AC Asia Pacific vs. FTSE All Share (£) Source: Datastream. 31.01.08 to 31.05.09 FTSE All Share Asia Pacific

8. 7 Performance to 31.01.09 & 31.05.09 1 year to 31.01.09 period ending 31.05.09 period ending 31.05.09 all figures total return (£)1 yr3 yrs4 yrs5 yrs % % % % Share Price -23.4-25.0+28.0+45.0 Net Asset Value * -19.8-14.3+33.4+48.9 Benchmark ** -17.9-15.5+29.5+46.3 Data Source: Datastream 1yr data to 31.01.09 3yrs,4yrs and 5yrs data to 31.05.09 * The Net Asset Value figures value debt at fair value **Benchmark: MSCI AC Asia Pacific Free Index (£)

9. 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

10. 9 Witan Pacific Investment Trust plc WPC Board AberdeenNomura Witan Investment Services Ltd Phoenix Company Secretary Other Service Providers

11. 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

12. 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

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

14. 13 Agenda Aberdeen and Nomura Performance Summary

15. 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%

16. 15 Investment philosophy and process Country allocation Source: Datastream

17. 16 Sector allocation Source: Datastream

18. 17 Portfolio performance year ending 31 st Jan 2009 Aberdeen -15.5% Nomura -19.5%

19. 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 (£)

20. 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 (£)

21. 20 Portfolio return 31.05.2005 to 31.01.2009 (£) total return annualised Combined portfolio + 5.4% MSCI Asia Pacific Index + 4.3% Aberdeen + 6.5% Nomura + 4.4% Source WM and Analytics (£)

22. 21 Aberdeen key points since 31.05.05 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 (£)

23. 22 Nomura key points since 31.5.05 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 (£)

24. 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

25. 24 Witan Investment Services 201 Bishopsgate London EC2M 3AE Tel: 020 7227 9770 Fax: 020 7227 9771 This document may not be reproduced in any form without the express permission of Witan Investment Services Limited and to the extent that it is passed on care must be taken to ensure that this reproduction is in a form which accurately reflects the information presented here. Whilst Witan Investment Services Limited believe that the information is correct at the date of production, no representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions in this document by any of Witan Investment Services Limited or their respective directors and no responsibility or liability is accepted by such persons for the accuracy or completeness of any such information or opinions or for any action taken on the basis of the contents of this document. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. This document has been produced based on Witan Investment Services research and analysis and represents our house view. The information is made available to clients only incidentally. Unless otherwise indicated, the source for all data is Witan Investment Services. Any reference to individual companies is purely for the purpose of illustration and should not be construed as a recommendation to buy or sell or advice in relation to investment, legal or tax matters. Witan Investment Services (201 Bishopsgate, London EC2M 3AE) is authorised and regulated by the Financial Services Authority to provide investment products and services. We may record telephone calls for our mutual protection and to improve customer service. This document does not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase any investment, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract for the same. Please remember that past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Tax assumptions may change if the law changes and the value of tax relief will depend on individual circumstances.