Witan Pacific Investment Trust plc

102nd Annual General Meeting

9th June 2009

2

Agenda

Chairman’s statement

Executive Manager’s update

Questions and answers session

Formal business of the meeting

Witan Pacific Investment Trust plc

Chairman’s Statement

4

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

A different world to 12 months ago

Source: Datastream, 1998-2009

FTSE ALL SHARE - TOT RETURN INDJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECJAN2200240026002800300032003400360038004000

Crude Oil-WTI Spot Cushing U$/BBLJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECJAN20406080100120140160 WD GDP (NOMINAL, US $)U.S. $ BILLION199819992000200120022003200420052006200720082009000'S 253035404550556065

•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

Asia not immune

India & China

Source: Datastream. 31.01.08 to 31.01.09

FMAMJJASONDJ405060708090100110120MSCI INDIA - TOT RETURN INDMSCI CHINA - TOT RETURN IND

FMAMJJASONDJ405060708090100110120MSCI AC ASIA PACIFIC - TOT RETURN IND

FMAMJJASONDJ405060708090100110120MSCI JAPAN - TOT RETURN IND

Asia Pacific

Japan

7

The benefits of portfolio diversification

MSCI AC Asia Pacific vs. FTSE All Share (£)FMAMJJASONDJFMAM6065707580859095100105110115MSCI AC ASIA PACIFIC U$ - TOT RETURN IND (~£ )FTSE ALL SHARE - TOT RETURN IND (~£ )

Source: Datastream. 31.01.08 to 31.05.09

FTSE All Share

Asia Pacific

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Performance to 31.01.09 & 31.05.09

1 year to 31.01.09

period ending 31.05.09

period ending 31.05.09

period ending 31.05.09

all figures total return (£) 1 yr 3 yrs 4 yrs 5 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 31.01.093yrs,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

Yamaha Motor

Dividends increasing year on year:

Case study2009 Dividend + Special

2005/6 1.33p +26.7%

2006/7 1.50p +12.8%

2007/8 1.65p +10.0%

2008/9 1.85p +12.1%

+ Special 1.00p

● Reserves represent 8.3x 2009 standard dividend

10

Witan Pacific Investment Trust plc

WPC Board

Aberdeen Nomura

Witan Investment Services Ltd

Phoenix Company Secretary

Other Service Providers

11

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

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 Manager’s Update Mark Lynam

Witan Investment Services

14

Agenda

Aberdeen and Nomura

Performance

Summary

15

Complementary mix of managersAberdeen Nomura

bottom up stock picker

unconstrained

growth at an attractive price

top down

more index aware

fundamental research

Equity MandateInvestment Manager

Mandate Benchmark (£)

% of Initial Portfolio as at 31

May 2005

Actual % as at 30 April 2009

Asia Pacific AberdeenMSCI AC Asia

Pacific Free Index

50% 52%

Asia Pacific NomuraMSCI AC Asia

Pacific Free Index

50% 48%

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Investment philosophy and process Country allocation

0 10 20 30 40 50 60

Australia

China

Hong Kong

India

Indonesia

Japan

Malaysia

Philippines

Singapore

South Korea

Taiwan

Thailand

Co

un

try

%

MSCI Asia Pacific FreeIndex

Nomura

Aberdeen

Source: Datastream

17

Sector allocation

0 5 10 15 20 25 30 35

Consumer Discretionary

Consumer Staples

Energy

Financials

Healthcare

Industrials

Information Technology

Materials

Telecommunication Services

Utilities

Other

Se

cto

r

%

MSCI AC Asia Pacific FreeIndex Nomura

Aberdeen

Source: Datastream

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Portfolio performance year ending 31st Jan 2009

Aberdeen -15.5%

Nomura -19.5%

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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

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

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 (£)

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Aberdeen key points since 31.05.05

Aberdeen have added significant value relative to benchmark at total portfolio level

Portfolio Return Index Return

Added value in Asia Pacific region +41.7% +18.1%

Underperformed in Japan portfolio -7.5% +13.1%

Source Aberdeen (£)

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Nomura key points since 31.5.05

Nomura have added marginal value relative to benchmark at total portfolio level

Portfolio Return Index 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 (£)

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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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London EC2M 3AE Tel: 020 7227 9770

Fax: 020 7227 9771

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