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

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Presentation on theme: "Witan Pacific Investment Trust plc 103 rd Annual General Meeting 8 th June 2010."— Presentation transcript:

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

2 1 Agenda Chairmans statement Investment Review by Witan Investment Services Question and answer session Formal business of the meeting Lunch

3 Witan Pacific Investment Trust plc Chairmans Statement

4 3 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 4 Witan Pacific Investment Trust plc WPC Board AberdeenNomura Witan Investment Services Ltd Phoenix Company Secretary Other Service Providers

6 5 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 6 Asia leading the recovery India & China Source: Datastream. April 2009-2010, TR, rebased GBP Asia Pacific Japan

8 7 The benefits of global diversification Both Japan and the Pacific Basin markets have outstripped European and UK market returns Source: Datastream

9 8 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 9 Performance to 31.01.10 & 31.05.10 1 year to 31.01.10 period ending 31.05.10 period ending 31.05.10 all figures total return (£)1 yr3 yrs4 yrs5 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 10 Witan Pacific – performance compared with benchmark

12 11 Yamaha Motor Dividends increasing year on year: Case study 2010 Dividend double the level 5 years ago 2005/61.33p+26.7% 2006/71.50p+12.8% 2007/81.65p+10.0% 2008/91.85p+12.1% + Special1.00p 2009/102.10p+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 12 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 13 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 plc Executive Managers Update Andrew Bell Witan Investment Services

16 15 Agenda Regional economic drivers Aberdeen and Nomura – different styles offer diversification Performance Summary

17 16 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 17 Complementary mix of managers AberdeenNomura stock picker unconstrained growth at an attractive price top down approach more index aware fundamental research Equity Mandate Investment Manager Mandate Benchmark (£) % of Initial Portfolio as at 31 May 2005 Actual % as at 30 April 2010 Asia PacificAberdeen MSCI AC Asia Pacific Free Index 50%53% Asia PacificNomura MSCI AC Asia Pacific Free Index 50%47%

19 18 Investment philosophy and process Country allocation Source: BNP Paribas & Datastream, as at 31.01.10

20 19 Sector allocation Source: BNP Paribas & Datastream, as at 31.01.10

21 20 Portfolio performance year ending 31 st Jan 2010 Aberdeen 39.8% Nomura 29.2% Source: WM & Analytics, 30/01/2009 – 31/01/2010, TR GBP

22 21 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 22 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 23 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 24 Aberdeen key points since 31.05.05 Aberdeen have added significant value relative to benchmark at total portfolio level Portfolio ReturnIndex 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 25 Nomura key points since 31.5.05 Nomura have added marginal value relative to benchmark at total portfolio level Portfolio ReturnIndex 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 26 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 27 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.

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

30 Witan Pacific Investment Trust plc 103 rd Annual General Meeting Result of Proxy Votes

31 No. of votes% of votes For34,564,01297.69 Chairmans Discretion127,3490.36 TOTAL34,691,36198.05 Against643,8981.82 Total Cast35,379,693100 Withheld14,389- Resolution 1 To receive and adopt the Directors Report and Audited Financial Statements for the year ended 31 January 2010

32 Resolution 2 To declare a dividend of 2.10p per Ordinary Share No. of votes% of votes For35,217,37399.51 Chairmans Discretion127,3490.36 TOTAL35,344,72299.87 Against2,8530.01 Total Cast35,392,009100 Withheld2,073-

33 Resolution 3 To re-elect Mrs. Sarah Bates as a Director No. of votes% of votes For34,334,71198.41 Chairmans Discretion157,5200.45 TOTAL34,492,23198.86 Against352,3771.01 Total Cast34,889,042100 Withheld504,040-

34 Resolution 4 To re-elect Mrs. Gillian Nott as a Director No. of votes% of votes For34,637,56698.46 Chairmans Discretion154,7730.44 TOTAL34,792,33998.90 Against340,8870.97 Total Cast35,177,660100 Withheld215,422-

35 Resolution 5 To re-elect Dr. Leslie Atkinson as a Director No. of votes% of votes For34,632,38898.23 Chairmans Discretion154,7730.44 TOTAL34,787,16198.67 Against425,4801.21 Total Cast35,257,075100 Withheld136,007-

36 Resolution 6 To re-appoint PricewaterhouseCoopers LLP as Independent Auditors of the Company No. of votes% of votes For34,888,92298.96 Chairmans Discretion138,1490.39 TOTAL35,027,07199.35 Against185,3950.53 Total Cast35,256,900100 Withheld136,182-

37 Resolution 7 To authorise the Directors to determine the remuneration of the Auditors No. of votes% of votes For34,961,95899.09 Chairmans Discretion127,3490.36 TOTAL35,089,30799.45 Against149,1950.42 Total Cast35,283,086100 Withheld109,996-

38 Resolution 8 To approve the Directors Remuneration Report for the year ended 31 January 2010 No. of votes% of votes For34,684,53698.74 Chairmans Discretion140,0970.40 TOTAL34,824,63399.14 Against259,0590.74 Total Cast35,128,276100 Withheld264,806-

39 Resolution 9 To authorise the Directors to allot Ordinary Shares No. of votes% of votes For34,847,90098.82 Chairmans Discretion160,2470.45 TOTAL35,008,14799.27 Against210,0550.60 Total Cast35,262,786100 Withheld131,296-

40 Resolution 10 To authorise the Directors to disapply pre-emption rights No. of votes% of votes For34,620,12998.44 Chairmans Discretion160,7470.46 TOTAL34,780,87698.90 Against343,5400.98 Total Cast35,169,000100 Withheld225,082-

41 Resolution 11 To authorise the Company to make market purchases of Ordinary Shares (for cancellation or to hold in Treasury) No. of votes% of votes For34,947,85198.81 Chairmans Discretion159,2470.46 TOTAL35,107,09899.27 Against217,2100.61 Total Cast35,368,892100 Withheld25,190-

42 Resolution Votes CastTotal Votes For and ChairmansD iscretion ForAgainstChairmansD iscretion WithheldTotal Cast 1 34,564,012643,898127,34914,38935,379,69334,691,361 2 35,217,3732,853127,3492,07335,392,00935,344,722 3 34,334,711352,377157,520504,04034,889,04234,492,231 4 34,637,566340,887154,773215,42235,177,66034,792,339 5 34,632,388425,480154,773136,00735,257,07534,787,161 6 34,888,922185,395138,149136,18235,256,90035,027,071 7 34,961,958149,195127,349109,99635,283,08635,089,307 8 34,684,536259,059140,097264,80635,128,27634,824,633 9 34,847,900210,055160,247131,29635,262,78635,008,147 10 34,620,129343,540160,747225,08235,169,00034,780,876 11 34,947,851217,210159,24725,19035,368,89235,107,098 Summary of Proxy Votes 2010

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


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