witan pacific investment trust plc 103 rd annual general meeting 8 th june 2010

Witan Pacific Investment Trust plc

103rd Annual General Meeting

8th June 2010

2

Agenda

Chairman’s statement

Investment Review by Witan Investment Services

Question and answer session

Formal business of the meeting

Lunch


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


WPC Board

Aberdeen Nomura

Witan Investment Services Ltd

Phoenix Company Secretary

Other Service Providers

6

Prospects transformed from 12 months ago

•Coordinated global monetary boost•Fiscal pump-priming by China•Earlier equity losses reversed

•Credit markets resumed business•Restoration of economic growth, following deep recession

7

Asia leading the recovery

India & China

Source: Datastream. April 2009-2010, TR, rebased GBP

Asia Pacific

Japan

MJJASONDJFMA90100110120130140150160170180190MSCI INDIA U$ - TOT RETURN IND (~£ )MSCI CHINA U$ - TOT RETURN IND (~£ )

MJJASONDJFMA95100105110115120125MSCI JAPAN U$ - TOT RETURN IND (~£ )

MJJASONDJFMA95100105110115120125130135140145MSCI AC ASIA PACIFIC U$ - TOT RETURN IND (~£ )Source: Thomson Reuters Datastream

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

1 year to 31.01.10

period ending 31.05.10



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

% % % %

Share Price +37.2 +11.0 +23.6 +62.4

Net Asset Value +33.8 +17.7 +35.6 +72.7

Benchmark ** +29.6 +10.9 +25.7 +63.7

Data Source: Datastream **Benchmark: MSCI AC Asia Pacific Free Index (£)

11

Witan Pacific – performance compared with benchmark

12

Yamaha Motor Dividends increasing year on year:

Case study2010 Dividend double the level 5 years ago

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%*

*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


Executive Manager’s Update Andrew Bell

Witan 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 managersAberdeen Nomura

stock picker

unconstrained

growth at an attractive price

top down approach

more index aware

fundamental research

Equity MandateInvestment Manager

Mandate Benchmark (£)

% of Initial Portfolio as at 31

May 2005

Actual % as at 30 April 2010

Asia Pacific AberdeenMSCI AC Asia

Pacific Free Index

50% 53%

Asia Pacific NomuraMSCI AC Asia

Pacific Free Index

50% 47%

19

Investment philosophy and processCountry 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

Portfolio Return Index Return

Added value in Asia Pacific region +120.2% +77.8%

Underperformed in Japan portfolio +1.6% +18.1%

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

Portfolio Return Index Return

Added value in Asia Pacific +104.5% +77.8%

Underperformed index in Japan but better return than Aberdeen

+12.4% +18.1%

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 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 (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.



8th June 2010



Result of Proxy Votes

No. of votes % of votes

For 34,564,012 97.69

Chairman’s Discretion 127,349 0.36

TOTAL 34,691,361 98.05

Against 643,898 1.82

Total Cast 35,379,693 100

Withheld 14,389 -

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

http://www.witanpacific.com/

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


For 35,217,373 99.51


TOTAL 35,344,722 99.87

Against 2,853 0.01

Total Cast 35,392,009 100

Withheld 2,073 -


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


For 34,334,711 98.41


TOTAL 34,492,231 98.86

Against 352,377 1.01

Total Cast 34,889,042 100

Withheld 504,040 -


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


For 34,637,566 98.46


TOTAL 34,792,339 98.90

Against 340,887 0.97

Total Cast 35,177,660 100

Withheld 215,422 -


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


For 34,632,388 98.23


TOTAL 34,787,161 98.67

Against 425,480 1.21

Total Cast 35,257,075 100

Withheld 136,007 -


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


For 34,888,922 98.96


TOTAL 35,027,071 99.35

Against 185,395 0.53

Total Cast 35,256,900 100

Withheld 136,182 -


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


For 34,961,958 99.09


TOTAL 35,089,307 99.45

Against 149,195 0.42

Total Cast 35,283,086 100

Withheld 109,996 -


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


For 34,684,536 98.74


TOTAL 34,824,633 99.14

Against 259,059 0.74

Total Cast 35,128,276 100

Withheld 264,806 -


Resolution 9 To authorise the Directors to allot Ordinary Shares


For 34,847,900 98.82


TOTAL 35,008,147 99.27

Against 210,055 0.60

Total Cast 35,262,786 100

Withheld 131,296 -


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


For 34,620,129 98.44


TOTAL 34,780,876 98.90

Against 343,540 0.98

Total Cast 35,169,000 100

Withheld 225,082 -


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


For 34,947,851 98.81


TOTAL 35,107,098 99.27

Against 217,210 0.61

Total Cast 35,368,892 100

Withheld 25,190 -


Resolution

Votes Cast Total Votes For and

Chairman’sDiscretion

For Against Chairman’sDiscretion

Withheld Total Cast

1 34,564,012 643,898 127,349 14,389 35,379,693 34,691,361

2 35,217,373 2,853 127,349 2,073 35,392,009 35,344,722

3 34,334,711 352,377 157,520 504,040 34,889,042 34,492,231

4 34,637,566 340,887 154,773 215,422 35,177,660 34,792,339

5 34,632,388 425,480 154,773 136,007 35,257,075 34,787,161

6 34,888,922 185,395 138,149 136,182 35,256,900 35,027,071

7 34,961,958 149,195 127,349 109,996 35,283,086 35,089,307

8 34,684,536 259,059 140,097 264,806 35,128,276 34,824,633

9 34,847,900 210,055 160,247 131,296 35,262,786 35,008,147

10 34,620,129 343,540 160,747 225,082 35,169,000 34,780,876

11 34,947,851 217,210 159,247 25,190 35,368,892 35,107,098

Summary of Proxy Votes 2010




8th June 2010

witan pacific investment trust plc 103 rd annual general meeting 8 th june 2010

Documents

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