1. Baring Asset Management (Asia) Limited 19th Floor, Edinburgh Tower 15 Queen’s Road Central, Hong Kong Tel: (852) 2841 1411 Fax: (852) 2868 4110 www.barings.com September 2007 THE ASIA PACIFIC FUND, INC. www.asiapacificfund.com

2. 1 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Baring Asset Management Principal business lines: Institutions, Mutual Funds, Private Clients & Alternative Investments Current assets under management US$46.3 bn (Global), US$9.3 bn (Asia) 4 main investment offices covering each major financial time-zone. Long history of investing from a local presence: London 1955 Hong Kong 1976 Boston 1978 Tokyo 1982 109 investment professionals: proven, experienced team Owned by Massachusetts Mutual Life Insurance Company (MassMutual) Assets as at 30 th June 2007 Investment Professionals as at 1 st June 2007 Toronto London Guernsey Paris San Francisco Boston Tokyo Taipei Hong Kong Frankfurt

3. 2 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) The Asia Pacific Fund, Inc. Long-Term Performance (Cumulative NAV Returns over 1, 3, 5 and 10 year periods to July 31, 2007) Morningstar Ranking 18/202 28/17533/1498/85 Fund performance are bid to bid, net of fees, gross income, US$. For risks associated with investment securities in emerging and less developed markets, please refer to the Offering Document for details. Transactions in derivatives, warrants and forward contracts and other fund derivatives instruments may be used for the purpose of meeting the investment objective of the Fund. The Net Asset Value of the Fund may have a high volatility due to these instruments and techniques being included in its scheme property and may involve a greater degree of risk. Past performance is not an indication of future performance. Data source - © 2007 Morningstar, Inc. All Rights Reserved; data as at 31/07/2007. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

4. Our Team and Process

5. 4 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Executive Summary Our competitive advantage is our people  Performance driven team - clear accountability and quick decision making  Experienced investment professionals - deep market and stock knowledge  High conviction portfolios – no unintended positions  Research focuses on what matters  Tight risk management – including proprietary risk measures  GARP style accommodates market leadership changes Model

6. 5 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) The Asian Team Henry Chan Eunice Hong Korea Hyung Jin Lee Australia / New Zealand ASEAN (incl. Singapore) Kai Yang Lee Franki Chung Franki Chung Soo-Hai Lim Greater China Global Sector Team Global Emerging Market Team Strategic Policy Group Khiem Do India Manoj Shroff William Fong Henry Chan Adrian Au Agnes Deng Agnes Deng Edward Wang

7. 6 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) GARP – Growth at a Reasonable Price Combined discipline of growth and valuation Valuation CHEAP HIGH LOW EXPENSIVE Growth TorpedoesValue Traps Growth at a Reasonable Price Model

8. 7 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) How we structure our research Common language structures our judgemental decisions Research Applied to both countries and companies Is the outlook reflected in the price? Valuation Potential for growth surprise Growth Ability to finance growth Liquidity Sensitivity to currency, currency outlook Currency Strategy and execution Management Research key to good idea generation

9. 8 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Setting Research Priorities Reducing a large universe to focused Buy/Sell candidates Stock Universe Positive & NegativeBAM Top DownLocal Contacts Quantitative Screensand Sector Views& Newsflow CompanyOverseasAnalyst MeetingsTripsDiscussions Stock ideas Client Portfolio Source: Baring Asset Management Model

10. 9 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Buy Disciplines Under-appreciated earnings growth prospects Undervaluation, based on comprehensive understanding of corporate strategy, fundamentals and peer comparables Catalysts that will lead to the stock being re-rated within a defined time frame We buy when we identify Model

11. 10 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Stock reaches our target price We detect deterioration in fundamental outlook Triggers for Stock Review Sell Disciplines Model

12. 11 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Baring Asia High Alpha Investment Approach  Best bottom-up opportunities as the key building block – benchmark helps risk management and sizing of positions  Positive bets against the comparative index – either overweight or no exposure, eliminate underweight & neutral bets  Mixed market cap – do not focus on large cap only  Higher stock concentration for large cap stocks – no need to own two stocks for same trade.  More diversified on small to mid-cap stocks to avoid “accidents” as a result of under-coverage by analysts, lower management quality, illiquidity, etc.  More flexible use of cash expected  More flexible use of non-index bets Model

13. Themes and Outlook

14. 13 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Asia Pacific – Major Investment Themes China consumption and the rise of the middle class Regional asset reflation – Singapore, Indonesia, Taiwan, Malaysia and the Philippines M&A theme driven by overseas expansion of PRC companies Petro-dollar recycling “Middle East construction boom” – shipbuilding, oil services and engineering Reconstruction of Asia – engineering, construction, building materials, capital goods Improved supply side discipline of “cyclical” sectors – energy, materials, technology Consumption, Asset Reflation and Re-construction

15. 14 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) China: Rising Income GDP per capita surpassed the magical US$1,000 threshold since 2003 Emerging middle income class!! Source: UBS (06/2007) GDP/Capita USD

16. 15 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Chinese equities’ rally: Heading towards a ‘bubble’ ? As with Japan, Korea and Taiwan in the 80s …. will a Chinese market ‘bubble’ materialise? Source: Macquarie Bank (6/2007) % change since Jan 02 for China; Jan 82 for elsewhere -500 0 500 1,000 1,500 2,000 2,500 Month 1M13M25M37M49M61M73M85M97M109M121 ChinaKorea TaiwanJapan

17. 16 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Overseas Expansion of PRC Companies Drives M&A Theme China’s Net FDI overseas Source: CSFB (7/2007)

18. 17 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Singapore: Office rental to rise Positive for office landlords Source: Deutsche Bank (6/2007) Rental costs as percentage of GDP Demand to outstrip supply - 1 2 3 4 5 6 7 8 198519871989199119931995199719992001200320052007 0% 2% 4% 6% 8% 10% 12% 14% Rental RatesRental costs/GDP Rental -2.0 0.0 1.0 2.0 3.0 4.0 1995199719992001200320052007F2009F 74 76 78 80 82 84 86 88 90 92 94 96 Net supply (LHS)Take-up (LHS)Occupancy (RHS) (m sf) (%)

19. 18 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Taiwan Domestic The Most Undiscounted Reflation Story Property price recovery an early indicator of asset reflation Rise in residential construction licence issuance Domestic sector re-rating to continue Source: JP Morgan (6/2007)

20. 19 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Middle East Construction Boom Benefits Korea Engineering Companies Regional construction boom is coming! New overseas construction orders by region Source: Nomura (5/2007) 2005 2006 No. of No. ofy-y chg (US$m)projectsValueprojectsValue (%) Middle East736,445599,530 47.9 Asia1582,6111874,046 55.0 Africa151,275271,557 22.1 Other35528531,335 152.8 Total28110,85932616,468 51.7

21. 20 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Taiwan: Bad Market but Good Stocks Source: Factset (8/2007) We invest in stocks, not markets Model

22. 21 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Tech Consolidation : Hon Hai/Foxconn Empire A true growth stock! Consecutive EPS growth for more than 10 years Hon Hai Precision Source: Factset (6/2007) Phenomenal Growth of Subsidiaries EPS Growth 2007E200620052004 Foxconn International (2038 HK) +36%+83%+66%+100% Foxconn Tech (2354 TT) +58%+76%+71%+14% Innolux Display (2481 TT()+243%+523%-- Source: Bloomberg (6/2007) Price Return 0 10 20 30 40 50 60 70 80 90 100 19961997199819992000 200120022003200420052006 2007E EPS Growth 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 12/9412/9512/9612/9712/98 12/9912/0012/0112/0212/0312/0412/05 12/06

23. 22 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Source: Macquarie Research & IRESS (8/2007) The Ebb and flow of Resource performance All Mining Index 1936 to Current 1 10 100 1000 10000 364146515661667176818691960106 OPEC 1 OPEC 2 87 The rise of China? Industrialisation of Japan Index on log scale Resources Upcycle to Continue on Chinese Demand

24. 23 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Asia : Investment Strategy and Outlook Expect another year of positive return and relative out- performance China growth will drive reflation of the region Earnings inflection point of export cyclicals such as technology High alpha approach captures the best stock opportunities in the region and expresses conviction in portfolios Bottom-up opportunities point to overweighting in China/HK, Singapore, Malaysia, Indonesia and the Philippines. Early signs of earnings inflection warrants gradual rebuilding of positions in Korea and Taiwan Secular Growth in Asia Drives Out-performance

25. Appendix

26. 25 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) FundIndex *(%) China31.521.5 Korea22.526.8 Hong Kong8.313.7 Taiwan16.219.7 Singapore13.18.1 Thailand0.02.5 Indonesia2.22.6 Malaysia3.94.3 Philippines0.70.9 Cash & others0.30.0 India1.20.0 The Asia Pacific Fund, Inc. Asset and Sector Allocations as at 31 st July 2007 * MSCI AC Far East ex Japan (free) Source: Baring Asset Management Asset AllocationSector Allocation FundIndex *(%) Financials25.930.5 Info. Technology18.118.9 Industries18.814.4 Materials11.17.9 Con. Discretionary 8.67.0 Energy5.56.6 Consumer Staples3.73.4 Telecom. Services3.87.5 Health Care0.00.3 Cash & Others3.20.0 Utilities1.33.5

27. 26 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) The Asia Pacific Fund, Inc. Top Ten Active Positions as at 31 st July 2007 Overweight PositionsUnderweight Positions Source: Baring Asset Management Active Weight (%) Guangzhou R&F Properties3.5 Yangzijiang Shipbuilding Holdings3.3 Xinhua A50 China Tracker2.9 Zijin Mining Group2.2 Innolux Display 1.9 Firich Enterprises1.8 China Merchants Bank1.8 Hengan International Group 1.8 Taiwan Fertilizer1.7 GS Engineering & Construction Corp1.7 Active Weight (%) China Petroleum & Chemical-0.9 Industrial & Comm. Bank of China -1.0 United Overseas Bank-1.0 CNOOC -1.0 Singapore Telecommunications -1.0 Cheung Kong (Holdings) -1.1 Hutchison Whampoa-1.2 China Life Insurance-1.6 POSCO-1.7 Taiwan Semiconductor Manufacturing-2.2

28. 27 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) The Asia Pacific Fund, Inc. Portfolio Characteristics as at 31 st July 2007 Portfolio Characteristics FundIndex* Forward P/E23.919.4 Price/Book12.24.1 ROE23.3%18.8% Portfolio Turnover The rolling 12 month portfolio turnover as at 31 st July 2007 = 87.4% Risk Summary Tracking Error vs. Index5.0% Beta vs. Index1.15 Portfolio Risk19.34% Index Risk16.39% * Index : MSCI AC Far East ex Japan (free) Market Capitalization Comparison Fund Index *(%) Over US$10bn47.459.4 US$1-10bn50.239.2 Below US$1bn 2.11.4 Weighted Avg (US$bn) 27.836.1 Source: Baring Asset Management

29. 28 (S:\Investment Management\Accounts\Tango\Presentations\0709-Roadshow.ppt) Important Information Ensure Complied Date is added at foot of Disclosure This document is provided as a service to professional investors/advisers. It is issued in the United Kingdom by Baring Asset Management Limited and/or by its investment adviser affiliates in other jurisdictions. The affiliate serving as the Asia Pacific Fund’s investment adviser is Baring Asset Management (Asia) Limited. In the United Kingdom this document is issued only to persons falling within a permitted category under (i) the FSA’s rules made under section 238(5) of the Financial Services and Markets Act 2000 and (ii) the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001. This is not an offer nor a solicitation to buy or sell any investment referred to in this document. Baring Asset Management group companies, their affiliates and/or their directors, officers and employees may own or have positions in any investment mentioned herein or any investment related thereto and from time to time add to or dispose of any such investment. The contents of this document are based upon sources of information believed to be reliable but no guarantee, warranty or representation, express or implied, is given as to their accuracy or completeness. This document may include forward-looking statements, which are based upon our current opinions, expectations and projections as of the date on the cover hereof. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements. The value of any investments and any income generated may go down as well as up and is not guaranteed. Past performance will not necessarily be repeated. Changes in rates of exchange may have an adverse effect on the value, price or income of an investment. There are additional risks associated with investments (made directly or through investment vehicles which invest) in emerging or developing markets. Compensation arrangements under the Financial Services and Markets Act 2000 of the United Kingdom will not be available. Private investors in the Company referred to herein should obtain their own independent financial advise before making investments. This document must not be relied on for purposes of any investment decisions. Before investing in the Company, we recommend that all relevant documents, such as reports and accounts and prospectus should be read, which specify the particular risks associated with investment in the Company, together with any specific restrictions applying and the basis of dealing. The Company may not be available for investment in all jurisdictions. There may also be prohibitions or restrictions on distribution of this document and other material relating to the Company and accordingly recipients of any such documents are advised to inform themselves about and to observe any such restrictions. Complied (Boston): 5 September 2007 Disclosure for presentations to PUBLIC