WITAN PACIFIC INVESTMENT TRUST ANNOUNCES HALF-YEAR RESULTS

Witan Pacific Investment Trust plc has outperformed through a six-month period of challenging market conditions. During the first half of the Company’s financial year, to 31 July 2011, it delivered a NAV total return of 1.3%, against a benchmark fall of -0.8%. The share price total return, boosted by a slight narrowing in the discount, was 3.5%.

The Trust moved to a multi-manager structure in 2005, using two underlying managers – Aberdeen Asset Managers and Nomura Asset Management – who each manage about half of the Trust’s assets. Each manages Asia inc. Japan mandates. Aberdeen is focused on stock-picking and generally has a lower weight in Japan. Nomura has a more diversified, benchmark-aware approach, paying more attention to regional weightings. Combining the two tends to smooth out the volatility associated with a single manager with a portfolio that looks very different from the index. Both of these managers outperformed over the period, with Aberdeen delivering 3% and Nomura 1.5% before fees.

In the cases of both managers, outperformance was driven by a relatively low weighting to Japan and strong stock-picking throughout the region.

The Company believes that the prospects for the Asia-Pacific inc. Japan region remains attractive, and so has gradually increased gearing to take advantage of this, with net gearing at end July being 4.1%, to take advantage of  medium-term growth expectations, rather than being a particular attempt to time the market.

Gillian Nott, Chairman of the Witan Pacific Investment Trust Board, said:

“The Trust’s multi-manager structure has proven resilient in testing conditions over the past six months. The quality of our underlying manager selection has stood us in good stead, with both Aberdeen and Nomura delivering positive returns over a period when markets fell.

“Global economic data since the summer, although weak, has been consistent with stagnation rather than recession in developed economies. This appears to be fully discounted by recent market falls. The “wild card” remains the risk of a credit crunch in Europe.

“In the Asia-Pacific region, the economic picture is somewhat brighter. Following a tightening of money supply in many countries this year there is the potential for a somewhat more favourable economic environment in 2012. Japan is recovering from the aftermath of the earthquake, with growth rising, albeit from depressed levels, during the summer.  If the Euro crisis is resolved, or credibly deferred for a period, global economic confidence might take time to rebound but the downside risks would be significantly reduced. If such a revival of market confidence coincided with the removal of the interest rate headwinds in Asia, 2012 could provide an antidote to the disappointments seen so far in 2011.”

For further information visit www.witanpacific.com

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For further information please contact:

Andrew Bell

Witan Investment Services Limited

Tel: 020 7227 9770

Andrew.bell@witan.co.uk

James Frost

Witan Investment Services Limited

Tel: 020 7227 9770

James.frost@witan.co.uk

Jain Castiau

Cauldron Consulting

Tel: 020 3178 7236/07909 963 969

Jain.castiau@cauldron-consulting.com

Notes to Editors

Witan Pacific Investment Trust plc

Witan Pacific Investment Trust is an Asia-Pacific including Japan Trust with total assets of £173m (Source: AIC as at 31.07.2011). The Trust moved to a multi-manager structure on 27 May 2005 with Witan Investment Services as Executive Manager. The Trust’s benchmark is MSCI AC Asia Pacific Free Index (£).

Witan Investment Services Limited is a wholly owned subsidiary of Witan Investment Trust plc. 

Witan Pacific Investment Trust plc is registered as an Investment Company in England No 91798.

Manager Breakdown as at 31st July 2011