Witan Pacific Investment Trust plc

104th Annual General Meeting

8th June 2011

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Disclaimer These slides are intended to highlight some features from Witan Pacific’s 2011 results, for the

use of shareholders, analysts and other professional investors.

This material is for informational purposes only and does not constitute a solicitation or a personal recommendation in any jurisdiction. Any reference to individual securities does not constitute a recommendation to purchase, sell or hold the investment. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. No part of this material may be copied, photocopied or duplicated in any form or distributed to any person that is not an employee, officer, director or authorised agent of the recipient, without Witan Investment Services Limited's prior permission.

Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Issued and approved by Witan Investment Services Limited. Witan Investment Services Limited is registered in England no. 5272533 of 14 Queen Anne’s Gate, London SW1H 9AA. The VAT registration number for Witan Investment Services Limited is 863 5738 89. Witan Investment Services Limited provides investment products and services and is authorised and regulated by the Financial Services Authority.

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Agenda

Chairman’s introduction

Investment Review by Witan Investment Services

Glossary

Witan Pacific Investment Trust plc

Chairman’s introduction

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Investment objective

• Provide a balanced portfolio of investments in the

Asia Pacific region

• Outperform the MSCI AC Asia Pacific Free Index (£)

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Witan Pacific Investment Trust plc

WPC Board

Aberdeen Nomura

Witan Investment Services Ltd

Phoenix Company Secretary

Other Service Providers

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Investment strategy

• Use a multi-manager approach to add value and diversify risk

• Deploy moderate levels of gearing to augment long-term returns

• Aim to grow the dividend in real terms, subject to circumstances

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On-site review of investment managers

• Met each manager’s teams in both Singapore and Tokyo

• Detailed enquiry regarding investment process

• Review management of compliance and controls

• Test managers’ approach, style and outlook

Witan Pacific Investment Trust plc

Executive Manager’s update

Andrew BellWitan Investment Services

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Highlights of 2010-11 financial year

• NAV total return of 25.8%, 5.8% ahead of the benchmark*

• Dividend raised by 33% to 2.8p*

• New policy aiming to increase the dividend in real terms over time, subject to market conditions

• Moderate levels of gearing being introduced to add to long term returns

• Both investment managers significantly outperformed during the year*

*Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1.

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Performance to 31st January 2011*

All figures are total return (£) 1 yr 3 yrs 5 yrs

% % %

Share Price† +30.0 +35.5 +32.8

Net Asset Value† +25.8 +34.6 +43.9

Benchmark ** +20.0 +27.7 +31.5NAV total returnrelative to benchmark +5.8 +6.9 +12.4

*Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1.

† Data Source: AIC Services Ltd. **Data Source: DataStream. Benchmark = MSCI AC Asia Pacific Free Index (£);

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Performance in the 5 years to 31st January 2011*

All figures are total returns (£) for the 31.1.07 31.1.08 31.1.09 31.1.10 31.1.11

discrete year ending on the date shown % % % % %

Share Price† -3.0 +1.0 -23.4 +36.1 +30.0

Net Asset Value † +2.1 +4.7 -19.7 +33.4 +25.8

Benchmark ** +0.4 +2.6 -17.9 +29.6 +20.0

NAV total returnrelative to benchmark +1.7 +2.1 -1.8 +3.8 +5.8

† Data Source: AIC Services Ltd. **Data Source: DataStream. Benchmark = MSCI AC Asia Pacific Free Index (£);

*Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1.

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Witan Pacific(performance compared with benchmark*)

Source: DataStream

Red line: Witan Pacific NAV

Green line: NAV total return vs. benchmark

*Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1.

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Yamaha MotorCase studyDividends since adoption of multi-manager strategy*

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

2009/10 2.10p +13.5%**

2010/11 2.80p +33.3%

•Dividend per share consistently increased since 2005•New policy aims to grow the dividend in real terms, subject to circumstances; Revenue reserves represent over 5x 2011 dividendDividend growth should be viewed in the context of total investment returns (see slides 10-12)

*Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1.

**Increase on 2008/9 standard dividend

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Two managers, same benchmark, different style

Aberdeen NomuraUnconstrained

Conviction stock picker

Growth at an attractive price

Top down approach

More index aware

Fundamental research

Equity Mandate

Investment Manager

Mandate Benchmark

% of 31 May 2005 portfolio

% as at 31st January 2011

Asia Pacific incl. Japan

Aberdeen MSCI AC Asia Pacific

Free Index (£)

50% 54%

Nomura 50% 46%

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Investment philosophy and process

Country allocation

Source: BNP Paribas & DataStream, as at 31.01.11Witan Pacific Annual Report 2011 page 15

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Sector allocation

Source: BNP Paribas & DataStream, as at 31.01.11Witan Pacific Annual Report 2011 page 17

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Aberdeen – key points

Aberdeen portion of Trust’s portfolio: +28.8% vs. 19.8% for MSCI Asia

benchmark*

Aberdeen Japan portfolio: +24.1% vs. 13.5% for Japan Index*

Aberdeen Pacific ex Jap portfolio: +30.8% vs. 24.5% for Pacific ex-Japan

Index*

+ Underweighting Japan was a key positive

+ Stock selection was positive in Japan as well as Asia ex-Japan

Source: WM Company & Analytics, 31/01/2010 – 31/01/2011, total returns (£)

*Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1.

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Nomura - key points

Nomura portion of Trust’s portfolio: +24.2% vs. 19.8% for MSCI Asia

benchmark*

Nomura Japan portfolio: +17.0% vs. 13.5% for Japan

Index*

Nomura Pacific ex-Japan portfolio: +29.7% vs. 24.5% for Pacific ex-Japan

Index*

+ Underweighting Japan was a moderate positive

+ Stock selection in Japan and Asia ex-Japan were both positive

Source: WM Company & Analytics, 31/01/2010 – 31/01/2011, total returns (£)

*Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1.

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Total returns May 2005 to January 2011 (£) (p.a.)*

Combined portfolio + 13.7%*

MSCI Asia Pacific Index + 11.1%*

Aberdeen + 15.5%*

Nomura + 11.8%*Source: WM Company 31/05/2005– 31/01/2011, gross total return p.a. (£)

*Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1.

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Regional diversification Japanese and Pacific Basin economies interlinked; market performance fluctuates more than relative fundamentals*

Source: DataStream

*Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1.

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Outlook for Asia Pacific Banking system relatively robust Consumer trends positive (ex-Japan) Rapid growth giving rise to inflation Japan – demand recovery likely post-earthquake

but longer term domestic trends unclear – corporate sector more heavily exposed overseas

Prospects more encouraging in Asia than Western economies

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Global recovery consolidating

•Double dip avoided in 2010

•Emerging economies growing strongly but face inflationary pressures

•Developed economies growing but recovery is patchy

•Japan set back by Tohoku earthquake

Source: DataStream

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Investment philosophy and process

Asia Pacific growth higher and more resilient than G7 Cyclical inflation pressures weighing on near-term outlook Japanese economy weak; market more sensitive to global growth Markets digesting 2009-10 recovery Witan Pacific provides multi-manager regional exposure:

– complementary styles of quality managers– strategic option to refine manager line up– aiming to grow the dividend in real terms

Consistent outperformance of the regional benchmark*

Summary

*Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1.

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Glossary

Term Definition

Gearing The ability to borrow against assets

NAV/NAV TRNet Asset Value, the TR indicates whether the income is included or not

Outperformance/ Underperformance

Whether performance was better (out) or worse (under) than what it is being compared with

Under/overweightingLess/more than the country, sector or stock’s weight in the index

Top DownInvestment approach that takes into account the macro-economic view

Unconstrained Not constrained by the weightings of an index

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Witan Investment Services 14 Queen Anne’s Gate

London SW1H 9AA 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 (14 Queen Anne’s Gate, London SW1H 9AA) 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.