Witan Pacific Investment Trust plc 103 rd Annual General Meeting 8 th June 2010

1. Witan Pacific Investment Trust plc103rd Annual General Meeting8th June 2010

2. Agenda Chairman’s statement Investment Review by Witan Investment Services Question and answer session Formal business of the meeting Lunch

3. Witan Pacific Investment Trust plcChairman’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. Witan Pacific Investment Trust plc WPC Board Witan Investment Services Ltd Aberdeen Nomura Phoenix Company Secretary Other Service Providers

6. Prospects transformedfrom 12 months ago • Credit markets resumed business • Restoration of economic growth, following deep recession • Coordinated global monetary boost • Fiscal pump-priming by China • Earlier equity losses reversed

7. Asia leading the recovery India & China Asia Pacific Japan Source: Datastream. April 2009-2010, TR, rebased GBP

8. The benefits of global diversification Both Japan and the Pacific Basin markets have outstripped European and UK market returns Source: Datastream

9. The benefits of regional diversification Japan and the Pacific Basin keep swapping the lead – combining them is an insurance not a cop-out Source: Datastream

10. Performance to 31.01.10 & 31.05.10 Data Source: Datastream **Benchmark: MSCI AC Asia Pacific Free Index (£)

11. Witan Pacific – performance compared with benchmark

12. 2010 Dividend double the level 5 years ago Yamaha Motor Case study • Dividends increasing year on year: • *Increase on 2008/9 standard dividend • Dividend per share doubled in the 5 years since adopting the multi-manager structure • Reserves represent over 7x 2010 dividend • n.b. future dividends will naturally be affected by economic and dividend trends in the region

13. Board supervision of Investment Managers' Performance Monthly and quarterly reports Regular Board presentations Ad-hoc meetings Board visit to Managers’ local offices in Singapore and Tokyo

14. Outlook for Asia Pacific • Banking system with fewer credit problems • World economy showing signs of recovery despite European problems • Growing local demand in emerging economies blunts dependence on weaker Western Economies • Japan still a puzzle; will it start to grow or remain locked in stagnation? • Prospects generally more encouraging in Asia than Western economies

15. Witan Pacific Investment Trust plcExecutive Manager’s Update Andrew BellWitan Investment Services

16. Agenda Regional economic drivers Aberdeen and Nomura – different styles offer diversification Performance Summary

17. Asian competitive advantages • Relative costs • Demographics • New capital base • Domestic infrastructure and housing modernisation • Strong financial and trade position • They have the assets, G7 has the debts

18. Complementary mix of managers

19. Investment philosophy and process Country allocation Source: BNP Paribas & Datastream, as at 31.01.10

20. Sector allocation Source: BNP Paribas & Datastream, as at 31.01.10

21. Portfolio performance year ending 31st Jan 2010 Aberdeen 39.8% Nomura 29.2% Source: WM & Analytics, 30/01/2009 – 31/01/2010, TR GBP

22. Aberdeen – key points Japan portfolio 9.8% v 4.5% for Japan Index Pacific ex Jap portfolio 55.4% v 59.7% for Pacific ex Jap Index Underweighting Japan was a positive as were overweight positions in India and Singapore Stock selection in Japan was a positive Source: Analytics, 31/01/2009 – 31/01/2010, TR GBP

23. Nomura - key points Japan portfolio 8.0% v 4.5% for Japan Index Pacific ex Jap portfolio 55.1% v 59.7% for Pacific ex Jap Index Underweighting Japan was positive Stock selection in Japan was positive but negative in China, India and Taiwan Source: Analytics, 31/01/2009 – 31/01/2010, TR GBP

24. Portfolio return 31.05.2005 to 31.01.2010 (£) total return annualised Combined portfolio + 11.1% MSCI Asia Pacific Index + 9.3% Aberdeen + 12.8% Nomura + 9.3% Source: WM 31/05/2005– 31/01/2010, TR Annualised GBP

25. Aberdeen key points since 31.05.05 Aberdeen have added significant value relative to benchmark at total portfolio level Source: Analytics, 31/05/2005– 31/01/2010, TR GBP

26. Nomura key points since 31.5.05 Nomura have added marginal value relative to benchmark at total portfolio level Source: Analytics, 31/05/2005– 31/01/2010, TR GBP

27. Investment philosophy and process Asia Pacific remains a highly attractive investment proposition Witan Pacific provides a multi-manager solution including Japan Avoids being on the wrong side of the “Japan or Asia” decision Multi-manager structure complementary styles of quality managers Board has strategic option to refine manager line up Consistent outperformance of the regional MSCI Index Summary

28. Witan Investment Services 201 Bishopsgate London EC2M 3AE Tel: 020 7227 9770Fax: 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.

29. Witan Pacific Investment Trust plc103rd Annual General Meeting8th June 2010

30. Witan Pacific Investment Trust plc103rd Annual General MeetingResult of Proxy Votes

31. Resolution 1To receive and adopt the Directors’ Report and Audited Financial Statements for the year ended 31 January 2010

32. Resolution 2To declare a dividend of 2.10p per Ordinary Share

33. Resolution 3To re-elect Mrs. Sarah Bates as a Director

34. Resolution 4To re-elect Mrs. Gillian Nott as a Director

35. Resolution 5To re-elect Dr. Leslie Atkinson as a Director

36. Resolution 6To re-appoint PricewaterhouseCoopers LLP as Independent Auditors of the Company

37. Resolution 7To authorise the Directors to determine the remuneration of the Auditors

38. Resolution 8To approve the Directors’ Remuneration Report for the year ended 31 January 2010

39. Resolution 9To authorise the Directors to allot Ordinary Shares

40. Resolution 10To authorise the Directors to disapply pre-emption rights

41. Resolution 11To authorise the Company to make market purchases of Ordinary Shares (for cancellation or to hold in Treasury)

42. Summary of Proxy Votes 2010

43. Witan Pacific Investment Trust plc103rd Annual General Meeting8th June 2010