Final Results

RNS Number : 1361W

Witan Pacific Investment Trust PLC

22 April 2016

WITAN PACIFIC INVESTMENT TRUST PLC

(the "Company")

Annual Report and Accounts for the year ended 31 January 2016

Witan Pacific Investment Trust PLC announces that its 2016 Annual Report and Accounts has been published. The full report can be accessed via the Company's website at www.witanpacific.com and will be circulated to shareholders shortly.

In order to meet the disclosure requirements of DTR 6.3.5(2), this announcement includes certain extracts from the 2016 Annual Report and Accounts. Any references to page numbers or sections in the following text are references to pages and sections in that report.

STRATEGIC REPORT

Financial summary

Key data

	2016	2015	% change

Net Asset Value per share	259.27p	279.45p	-7.2%

Share price	231.00p	244.00p	-5.3%

Discount	10.9%	12.7%

Total returns

	2016	2015

Net Asset Value per share¹	-5.6%	17.6%
Share price¹	-3.5%	16.6%
Benchmark²	-5.9%	17.1%

Income

	2016	2015	% change

Revenue per share	4.31p	3.98p	8.3%

Dividend per share	4.65p	4.55p	2.2%

Ongoing charges

	2016	2015

Excluding performance fees	1.05%	1.06%

Including performance fees	1.05%	1.12%

¹Source: Morningstar/Witan Investment Services. Total returns include dividends reinvested.

²Source: Morningstar. The benchmark for Witan Pacific Investment Trust PLC is the MSCI All Country Asia Pacific Index.

Long-term performance analysis

Total returns since inception of multi-manager structure

	Comulative return since inception of the multi-manager structure 31/05/2005	Annualised return since the inception of the multi-manager structure 31/05/2005
Net Asset Value per share¹	125.7%	7.9%
Share price²	129.1%	8.1%
Benchmark²	109.2%	7.2%

Total returns over the past 5 years

	Cumulative	31/01/15-	31/01/14-	31/01/13-	31/01/12-	31/01/11-
	5 year return	31/01/16	31/01/15	31/01/14	31/01/13	31/01/12

Net Asset Value per share¹	14.6%	-5.6%	17.6%	-6.5%	14.7%	-4.1%
Share price²	20.7%	-3.5%	16.6%	-5.2%	22.1%	-7.4%
Benchmark²	15.3%	-5.9%	17.1%	0.2%	11.1%	-6.0%

¹Source: Morningstar/Witan Investment Services. Total returns include dividends reinvested.

²Source: Morningstar.

Chairman's statement

HIGHLIGHTS

· NAV total return of -5.6%

· 0.3% outperformance vs. the benchmark

· Share price total return of -3.5%

· Final dividend of 2.5p, making 4.65p for the year (+2.2%)

· 10 year NAV total return of 66.7%, compared with the benchmark's 51.6%

· Net Assets £170 million (2015: £184 million)

Introduction and market background

The purpose of my statement is in large part to put the performance of Witan Pacific for the financial reporting period (12 months to 31 January 2016), into a longer term context. The Company has been in existence since 1907, its estimated net asset value ("NAV") is published daily and its share price is quoted in "real time" during the London Stock Exchange's trading day.

Following a very strong financial year to January 2015, the Company's assets declined in the 12 months to 31 January 2016, as many markets worldwide and in the region fell. The share price total return was slightly better than the market return, as the discount narrowed a little. The worst of the declines in global markets took place in emerging markets: only the Japanese and US markets provided positive returns over the period. It is worth observing the results of the useful analysis Witan Investment Services has provided, which shows that the only sector in the region which provided positive returns over the period was healthcare, which rose by over 13% in sterling terms. All other sectors showed declines.

It is also worth noting that there was a sharp drop in markets right at the end of the Company's financial year, apparently on fears of slowing growth in China. This drop followed a degree of turbulence in markets over the Summer of 2015. There has been something of a recovery since the end of the year, with the estimated NAV per share as at 19 April 2016 standing at approximately 284.34p, compared with the audited NAV per share of 259.27p at the end of our financial year. We are pleased to see that the combination of portfolio managers provided a degree of resilience in these conditions.

Performance

Our multi-manager structure has proved reasonably sound over the period, and Gavekal, in particular, provided a degree of protection in sharp market downturns which was part of the reason for their appointment. Matthews provided a strong result in relative terms from their skills in stock picking. Aberdeen had a more difficult year, but are showing some signs of a turn around in relative performance in the past few months.

Further details of the portfolio managers' performance and that of the overall portfolio are set out within this Strategic Report. Over the longer term, all of our portfolio managers have outperformed the company's benchmark (before and after their fees) since each of their appointments, and the Company as a whole has outperformed its benchmark since the inception of the multi manager approach in May 2005.

Ongoing charges

The ongoing charges figure (which is the recurring operating and investment management costs of the Company, expressed as a percentage of average net assets) was 1.05% (2015: 1.06%). A detailed explanation of the charges is given in the Strategic Report on pages 17 and 18 and also on page 67 of the Annual Report and Accounts. This is slightly higher than our objective of 1%. We have looked at all our costs very carefully, and sought to reduce them where possible; and we have been careful to keep marketing costs to the level which we think is most effective.

Dividend

Following the interim dividend of 2.15p per share paid in October 2015, the Board is proposing a final dividend of 2.5p per share for this half year period, making a total dividend of 4.65p per share, a rise of 2.2% on last year, which meets the Company's aim to grow the dividend ahead of the Retail Price Index.

Subject to shareholder approval, the final dividend will be paid on 17 June 2016 to shareholders on the register at the close of business on 20 May 2016 (ex-dividend 19 May 2016).

We have indicated that we will increase our dividend in excess of inflation when we can and this policy has been in place since 2012. We have used a small proportion of our revenue reserves to sustain such an increase for the year, as we continue to see an increase in the income arising from our portfolio.

Discount

We have discussed our discount regularly at Board meetings and at some length at our annual strategy day. Markets have been difficult over the last year, and there have been occasions on which the discount has widened to a level which we felt was too great. We have continued, and will continue to buy-back shares as we have indicated: where the discount stands at a substantial and anomalous level. We were pleased to see a small decrease in the discount over the year. We have continued to buy-shares back since the year end and we will continue to communicate the strengths of our investment proposition to potential new buyers of the shares. We are pleased that the proportion of our shares owned by self directed investors buying through dealing platforms has continued to increase.

Outlook

There has already been a recovery in most markets in the region since the year end. We remain enthusiastic about the range of opportunities in the region and the access to those opportunities provided by our portfolio managers. We expect that there will continue to be volatility as patterns of economic activity change but believe that our multi-manager structure is well placed to see through such periods and take advantage of the dynamism of the companies and economies in which your assets are invested.

The Annual General Meeting ("AGM") AGM of the Company will be held on Wednesday, 8 June 2016 at 3pm at the City of London Club, 19 Old Broad Street, London EC2N 1DS, and I look forward to meeting as many of you as are able to attend the meeting. Please do note this is a new time and venue.

Sarah Bates

Chairman

22 April 2016

Investment review

Investments and performance

Performance summary and attribution

In early 2015 there was an air of optimism as investors in Asian equities continued to enjoy a prolonged period of positive returns. There was a change in sentiment in early Summer as global and local issues combined to bring an abrupt halt to the bull market in Chinese 'A' Shares and this precipitated a decline in other regional indices. Japan equities, which posted gains over the period, bucked the regional trend, despite the economy's lacklustre response to various stimulus measures. Market turmoil abated in the final months of 2015, only to reignite in the early part of 2016 as fears over Chinese economic policy, lacklustre global growth and declining commodity prices resurfaced. At the time of writing, these fears have once again receded, allowing markets to recover some of the ground recently lost. Over the 12 month period, the Company's benchmark declined 5.9%. Witan Pacific performed relatively well in this volatile environment however the NAV total return still fell by 5.6%. The share price total return was -3.5%. Over the past 5 years the NAV total return was 14.1% while the benchmark total return was 15.3%. The share price total return over the same period was 20.5%.

The appointed portfolio managers experienced mixed fortunes this year, with Matthews and Gavekal outperforming the benchmark with returns of +3.5% and -4.5% respectively while Aberdeen's portfolio declined 12.3%. Over the longer term (since their respective dates of appointment) all the portfolio managers have outperformed the benchmark.

The Matthews portfolio (managed according to their Asia Dividend Strategy) employs a 'fundamental, bottom-up investment process to select dividend paying companies with sustainable long-term growth prospects'. This strategy has produced excellent returns this year as a combination of good stock selection and sector allocation has seen the market reward stocks where earnings growth has come through ahead of expectations. Japan Tobacco, the Company's largest holding and greatest overweight position, enjoyed a significant recovery in fortunes this year. Shenzhou International, Suntory Beverage and LG Chemical all made a significant contribution to performance. Since appointment in 2012, Matthews has outperformed the benchmark by an average of 4.0% per annum, with a compound rate of return equal to 9.6%.

Aberdeen suffered a period of underperformance this year as their fundamental investment style has led them to hold stocks which are out of favour in the current market environment. Aberdeen enjoyed some notable successes, including Taiwan Semiconductor, Japan Tobacco and Seven & I Holdings, while exposure to mining shares (BHP Billiton and Rio Tinto), Singaporean industrial shares (Keppel Corp) and financial shares (City Development, DBS Group and Oversea-Chinese Bank) and Hong Kong (Li & Fung, Hang Lung and Swire Pacific) detracted from performance. Despite this recent

underperformance, Aberdeen has produced a compound total return of 9.1% per annum since appointment in 2005. This equates to a 1.9% annualised outperformance of the benchmark.

Portfolio manager performance for the year ended 31 January 2016 and from inception to 31 January 2016

Details of the portfolio manager structure in place at the end of January 2016 are set out in the following table, showing the proportion of Witan Pacific's assets each managed and the performance they achieved:

	Inception date	Share of Witan Pacific's assets £m at 31 January 2016	Share of Witan Pacific's assets¹ at 31 January 2016 %	Performance year to 31 January 2016 %	Benchmark performance year to 31 January 2016 %	Annualised performance since inception to 31 January 2016 %	Annualised benchmark performance since inception to 31 January 2016 %
Aberdeen	31 May 2005	69.9	41.1	-12.3	-5.9	+9.1	+7.2
Matthews	30 April 2012	81.3	47.9	+3.5	-5.9	+9.6	+5.6
GaveKal²	24 April 2012	18.6	11.0	-3.0	-5.9	+7.0	+5.9

Source: WM Company. All performance figures are disclosed on a pre-fee basis.

Notes:

¹Excluding cash balances held centrally by Witan Pacific.

²Sourced from WM Company and adjusted for 1.5% management fee, of which 0.75% is rebated to the Company directly, outside the fund.

With a total return (after fees) of -4.5%, Gavekal's portfolio performed well, relative to the benchmark, over the year. The portfolio manager held an increasingly cautious view on markets as the year progressed and retained a meaningful weighting in Asian bonds and even cash at various times. At the year end, the combined exposure to bonds and cash was approximately 40% (2015: 25%). Aside from the contribution made by the allocation to fixed interest securities, the equity portfolio benefited from some judicious asset allocation decisions to China and South Korea. LG Household & Health, Cheung Kong and Murata Manufacturing were particularly successful stock selections.

Combined portfolio composition

The Company retained the services of the three incumbent portfolio managers throughout the year under review. The proportion of the portfolio allocated to each portfolio manager is shown in the table on page 11. The divergent performance outlined above led to a shift in portfolio weighting under each of the three portfolio managers' responsibilities. At the end of January 2016, Matthews' mandate accounted for 47.9% of the portfolio (2015: 44.4%), Aberdeen 41.1% (2015: 44.9%) and Gavekal 11.0% (2015: 10.7%). These percentages have changed over the year primarily as a result of performance.

During the year the Company invested its assets with a view to spreading investment risk and in accordance with the investment policy set out in the Business Model on pages 15 and 16. It has maintained a diversified portfolio in terms of stocks, sectors and geography. The portfolios have been actively managed by the portfolio managers, in accordance with their individual mandates, with overall asset allocation and risk being monitored by the Board and Witan Investment Services Limited.

Whilst diversification is a benefit in reducing portfolio volatility, it is important that it does not unduly dilute returns, since the purpose of using active portfolio managers is to outperform, which requires the portfolio to differ from the benchmark. One measure of the degree of active management is known as "active share". This indicates the degree to which a portfolio differs from its benchmark, with a portfolio identical to the benchmark having an active share of 0%, while one with no holdings in common with the benchmark would have an active share of 100%. Although looking at active share at a particular point is an incomplete measure of the degree to which a portfolio is managed actively (let alone successfully), as a guide, the Company's active share was 77% at the end of January 2016. This figure is marginally higher than the 75% reported for the year of January 2015. The active share of the individual manager portfolios reflect their bottom up style and range from 82% to 92%.

The sector breakdown and regional exposure for the aggregated portfolio is shown on pages 7 and 9 while these statistics for the individual portfolio managers are shown on page 11. The top 20 holdings across the whole of Witan Pacific's portfolios are set out on page 12 and details of the whole portfolio are available to view on the Company's website. They represented 46.5% of Witan Pacific's portfolio at 31 January 2016 (2015: 45.9%). These analyses highlight the diversification provided by the portfolio managers and the regional geographical exposure. 29% of the portfolio is invested in the domestic Chinese market. The Company does not currently hold domestic Chinese "A" shares but continues to keep this under review.

Although exposure to the largest companies increased over the year the holding remained underweight. For example, the portfolio was underweight the region's 20 very largest companies, with a total exposure of 15.6% versus 20.6% for the benchmark. Meanwhile, with a combined exposure of 17%, the aggregate of the portfolio manager portfolios was overweight the smallest 10% of companies in the benchmark.

The Company monitors the characteristics of the individual and combined portfolios. Dividends on stocks across the portfolio increased over the year and the underlying earnings also grew at a healthy rate. The consensus estimates for portfolio holdings point to continued earnings growth in the current period. In terms of portfolio characteristics, the overall style has not changed significantly over the year. The bias is towards quality companies which demonstrate good return on equity and solid growth characteristics.

Continued appointment of the portfolio managers

The Directors regularly review the performance of the portfolio managers who formally report to the Board at Board meetings. In addition, periodically the Board visits the portfolio managers' offices in the region to conduct due diligence, the most recent such visit having been in March 2015. This provided an opportunity to review their portfolio performance, investment and operational resources and risk controls. The Board was satisfied with the portfolio managers' performance in each of these areas, while engaging in discussion over how they would respond to the market and regulatory developments in the future. The Board is conscious of Aberdeen's recent investment underperformance and will monitor this closely. Aberdeen has outperformed the benchmark overall since they were first appointed in 2005 and performance in the past few months has been encouraging.

Taking the performance of each of the portfolio managers into consideration and having regard to the portfolio managers' strategies for securing longer‑term outperformance, the Directors are of the opinion that the continuing appointment of the portfolio managers, on the terms agreed, is in the interests of shareholders as a whole.

Details of the terms of appointment of the portfolio managers may be found in note 18 to the financial statements on page 65.

Portfolio manager information

Aberdeen Asset Managers Limited

("Aberdeen")

Aberdeen, which has delegated management of the Company's assets to Aberdeen Asset Management Asia Limited, a wholly owned subsidiary of Aberdeen Asset Management PLC, was established in Asia in 1992 and at 31 December 2015 was managing £52.8bn of assets in Asia. The 41 fund managers in the equity team, led by Hugh Young, follow a fundamental investment style emphasising the identification of good quality companies on low valuations relative to their growth potential.

Strategy

Aberdeen follows a stock-picking approach of investing in good quality, well-managed and soundly financed companies trading at attractive valuations, with the expectation of holding them for extended periods in order to benefit from the compounding of those companies' growth. Corporate governance and the alignment of management with shareholders' interests are additional important factors.

Performance

Aberdeen is one of the original portfolio managers appointed when the Company's multi-manager approach was adopted in 2005 and manages approximately 41.1% of the Company's assets. During the year under review, it achieved a total portfolio return (before fees) of -12.3%, compared with -5.9% for the benchmark. Since appointment in 2005, it has achieved a total portfolio return of 9.1% p.a. compared with 7.2% p.a. for the benchmark, representing outperformance of 1.9% p.a. before fees.

GaveKal Capital Limited

Gavekal Capital Limited ("Gavekal") acts as advisor to several investment clients with combined assets of over US$1.5bn (£1.0bn) as at 31 December 2015. The Gavekal Asian Opportunities UCITS Fund is the largest and oldest single fund under management.

Strategy

The Asian Opportunities Fund in which the Company has invested, employs no leverage, except on a short-term basis, and does not "short" stocks. The portfolio is managed by Louis-Vincent Gave, a co-founder of Gavekal, and Alfred Ho, ex CIO of Invesco Asia. They are supported by four analysts. They vary the asset allocation between equities, bonds and cash according to their top-down view of economic prospects. The equity portfolio is invested in growth oriented companies, focusing on earnings growth and valuation. Within the equity portfolio, weightings are driven by company-specific attractions not index weightings.

Performance

Gavekal was appointed as one of the Company's portfolio managers in April 2012 and manages approximately 11.0% of the Company's assets. During the year under review, the Gavekal Asian Opportunities UCITS fund, in which the Company holds its investment achieved a total portfolio return before fees of -3.0%, compared with -5.9% for the benchmark. Since inception, the fund has returned 7.0%, compared to 5.9% for the benchmark.

Matthews International Capital Management LLC ("Matthews Asia")

Based in San Francisco, Matthews Asia is an independent, privately owned firm, and the largest dedicated Asia investment specialist in the United States. As at 31 December 2015, Matthews Asia had US$25.5bn (£17.3bn) in assets under management.

Strategy

The Company is invested in a segregated portfolio that is managed according to Matthews' Asia Dividend Strategy; the Lead Portfolio Managers are Yu Zhang, and Robert Horrocks. The Asia Dividend Strategy employs a fundamental, bottom-up investment process to select dividend paying companies with sustainable long-term growth prospects, strong business models, quality management teams, and reasonable valuations. The Asia Dividend Strategy is a total-return strategy focused on dividend income and potential dividend growth from the companies in which it invests, as well as capital growth. The strategy invests in companies of all sizes and has significant exposure to small and mid-cap stocks.

Performance

Matthews Asia was appointed as one of the Company's portfolio managers in April 2012 and manages approximately 47.9% of the Company's assets. During the year under review, it achieved a total portfolio return (before fees) of 3.5%, compared with -5.9% for the benchmark. Since appointment in 2012, it has achieved a total portfolio return of 9.6% p.a. compared with 5.6% p.a. for the benchmark, representing outperformance of 4.0% p.a. before fees.

Top twenty investments as at 31 January 2016

This	Last			% of total	Value
period	period¹	Company	Country	investments	£'000
1	(1)	Gavekal Asian Opportunities Fund (UCITS)	Far East & Pacific	11.2	18,636

2	(2)	Aberdeen Global Indian Equity Fund (UCITS)	India	3.8	6,240

3	(3)	Japan Tobacco	Japan	3.3	5,490

4	(9)	AIA Group	Hong Kong	2.6	4,265

5	(4)	Taiwan Semiconductor Manufacturing	Taiwan	2.3	3,863

6	(6)	China Mobile	China	2.2	3,640

7	(18)	Suntory Beverage & Food	Japan	1.9	3,099

8	(-)	Bridgestone Corporation	Japan	1.7	2,850

9	(-)	Shenzhou International	Hong Kong	1.7	2,762

10	(15)	Hoya	Japan	1.6	2,726

11	(8)	Oversea-Chinese Banking Corporation	Singapore	1.6	2,715

12	(-)	LG Chemical	South Korea	1.5	2,554

13	(-)	Kao Corporation	Japan	1.5	2,490

14	(12)	Samsung Electronics	South Korea	1.5	2,468

15	(10)	Singapore Technologies Engineering	Singapore	1.5	2,465

16	(-)	BGF Retail	South Korea	1.4	2,322

17	(-)	NTT Docomo	Japan	1.4	2,317

18	(11)	Shin-Etsu Chemical	Japan	1.4	2,255

19	(-)	Seven & I Holdings	Japan	1.2	2,078

20	(13)	Swire Pacific	Hong Kong	1.2	2,063

Totals				46.5	77,298

The value of the twenty largest holdings represents 46.5% (31 January 2015: 45.9%) of the Company's total investments. The full portfolio listing is published monthly (with a 3 month lag) on the Company's website.

¹ The figures in brackets denote their position within the top 20 at the previous year end. The country shown is the country of incorporation.

Description of top twenty investments

1	Gavekal Asian Opportunities Fund (UCITS)	A UCITS fund, through which our appointed portfolio manager Gavekal manages part of the Company's porfolio. It is a growth-oriented portfolio, investing in Asian equities, bonds and cash, according to the manager's investment process, which varies the asset allocation and stock holdings in response to market conditions.
2	Aberdeen Global Indian Equity Fund (UCITS)	A UCITS fund held within the wider portfolio managed by our appointed manager Aberdeen. It is a cost-effective way of investing the equity of companies incorporated in or deriving significant revenue from India and attracts the same fees as the rest of Aberdeen's portfolio, with no double charging.
3	Japan Tobacco	A global tobacco company with operations in 120 countries producing a wide range of tobacco products. It was originally formed from the non-US operations of R.J. Reynolds in 1999 and has since grown through acquisition.
4	AIA Group	The leading life insurance provider in the Asia Pacific region. It provides insurance and wealth management services to individuals and businesses.
5	Taiwan Semiconductor Manufacturing	The world's largest dedicated semiconductor foundry, TSMC provides wafer manufacturing, wafer probing, assembly and testing, mask production and design services.
6	China Mobile	China's largest mobile telephone operator. It operates the world's largest mobile network and, with 806 million customers, it has the largest mobile customer base. The company is developing a fast growing 4G telecoms network and has added over 100 million 4G customers in the past year.
7	Suntory Beverage & Food	Global manufacturer of beverage and food products. It is the third largest spirits maker globally and owns a broad range of soft drinks brands.
8	Bridgestone Corporation	The Bridgestone Group is the world's largest tyre manufacturer producing tyres for cars, commercial vehicles and aircraft etc. The group also makes a range of rubber products for the industrial and consumer market.
9	Shenzhou International	One of China's largest textile companies, Shenzhou principally produces and finishes knitwear for the global branded sports and casualwear market. Customers include Nike, Adidas, Puma and Uniqlo.
10	Hoya	Japanese manufacturer of electro-optics products for electronic and medical applications ranging from sunglasses to PC tablet glass.
11	Oversea-Chinese Banking Corporation	A Singaporean bank which continues to generate shareholder value through the restructuring of its non-core assets.
12	LG Chemical	LG Chem Ltd produces petrochemicals, plastic resins and engineering plastics. LG Chem is also one of the world's largest producers of materials used in TV screens, computer monitors, smartphone and tablet displays. It is also at the cutting-edge of lithium-ion mobile battery technology.
13	Kao Corporation	Kao Corporation is a manufacturer of household and chemical products. The company makes beauty, healthcare and fabric and homecare for the consumer market and edible acids and oils, as well as speciality chemicals, for the industrial sector.
14	Samsung Electronics	The leading semiconductor company and a major player in mobile phones and TFT-LCDs for computer monitors and televisions.
15	Singapore Technologies Engineering	Engineering Global integrated engineering group spanning aerospace, electronics, marine and land systems sectors. It is the world's largest commercial aircraft maintenance operator.
16	BGF Retail	A food and beverage retail chain operating over 8,000 owned and franchise convenience stores throughout South Korea. Stores also offer ticketing, parcel collection and bill payment facilities.
17	NTT Docomo	Japan's largest telecoms company offering mobile telephone, satellite telephone and wireless LAN network provider.
18	Shin-Etsu Chemical	A leading manufacturer of polyvinyl chloride, silicon and silicon wafers for semiconductors.
19	Seven & I Holdings	With headquarters in Japan, Seven & I's 56,000 store network extends worldwide to include the 7-Eleven brand in Japan, China and North America. The group also includes superstores, supermarkets, department stores, restaurants, and other operations.
20	Swire Pacific	A Hong Kong based conglomerate with transportation, agriculture, energy operations and a large Asian property portfolio.

Corporate review

Witan Pacific is an Investment Trust, which was founded in 1907 and has been listed on the London Stock Exchange since its foundation. It operates an outsourced business model, under the direction and supervision of the Board of Directors.

Strategic report

The Strategic Report on pages 2 to 21 of the Annual Report and Accounts has been prepared in accordance with the requirements of Section 414 of the Companies Act 2006 and best practice. Its purpose is to provide information to the shareholders of the Company and help them to assess how the Directors have performed their duty to promote the success of the Company, in accordance with Section 172 of the Companies Act 2006.

Strategy and Investment Policy

Investment policy

The Company's investment objective is to provide shareholders with capital and income growth from a diversified portfolio of investments in the Asia Pacific region designed to outperform the MSCI AC Asia Pacific Free Index ("MSCI Index") in sterling terms.

Since 2005 the Company has followed a multi-manager approach, using a blend of active portfolio managers with the aim of outperforming the benchmark. Our investment policy includes investments in a wide range of regional markets, including the main Southeast Asian and North Asian markets as well as Japan, India and Australia. The range of investment opportunities for the portfolio managers is not limited to the constituents of the benchmark or benchmark weightings. This means that Witan Pacific's portfolio may differ from the benchmark. Witan Pacific invests primarily in equities: in normal circumstances the Board expects the portfolio's equity exposure to be a minimum of 90% of net assets. However, the overall equity performance of regional markets is likely to have the most significant impact on the performance of the Company's net asset value.

The Board actively investigates alternative assets and new investment techniques and will use them if, in the Board's view, they provide the potential to enhance shareholder returns.

Investment risk is managed through:

· the selection of at least two portfolio managers. Details of the proportion of assets managed by them and the portfolios managed by them are set out on pages 7 to 11;

· the portfolio managers are required to spread their investments over a number of countries, sectors and companies within the region;

· monitoring of portfolio manager performance and portfolios. Portfolio manager performance against their benchmarks is set out on page 6;

· monitoring of asset allocation, currency exposures and gearing levels.

Review of the year

During the year the Company invested its assets with a view to spreading investment risk and, in accordance with the investment objective set out above, maintained a diversified portfolio the analysis of which is shown on pages 7, 9 and 11. The investment management of the portfolio by the portfolio managers is monitored by the Board and the Executive Manager, Witan Investment Services.

The Directors receive regular reports on investment activity and portfolio construction at meetings of the Board, as well as periodically outside of these meetings.

The Company sponsors an ongoing marketing programme provided by Witan Investment Services Limited. This programme communicates with private investors and their financial advisers, as well as professional investors, to help them make informed decisions about whether investing in the Company's shares can help them to meet their investment objectives.

The unbundling of investment management from the Company's other necessary services has provided transparency of the Company's cost base as well as flexibility in case it becomes desirable to change the service provider in a particular area. The Board takes care to ensure strict monitoring and control of costs and expenses.

The Board holds an annual strategy meeting. This year the Board considered, among other topics, the relevance of the investment mandate and, taking advice from Witan Investment Services Limited and the Company's brokers, determined that the investment proposition to invest across the entire Asian region remains intact. The Directors, and their advisors, discussed the multi-manager approach and concluded that this continues to offer shareholders a range of opportunities and gave the Board the ability to appoint and retain portfolio managers for their specific skills, allowing shareholders to benefit from a diverse, yet complementary share portfolio. The Directors also considered the Company's discount and noted that, whilst the discount remained wider than it would ideally like, discounts elsewhere in the region are also at elevated levels. The Board believes that the attractions of the wider Asia Pacific region and the commensurately greater opportunities available to the portfolio managers, should deliver superior returns for shareholders in the long-term and, subsequently, the discount on the shares should narrow. In the meantime, the Company will maintain its marketing and communication work in the next 12 months and will continue to implement buy-backs when the discount seems unduly wide or anomalous compared with other investment funds specialising in the region.

Business model

The management of the Company's assets is outsourced to third parties. However, the Board sets and reviews all the key elements of the Company's strategy, including:

· the choice of investment benchmark;

· the selection of suitable portfolio managers;

· investment guidelines and limits;

· the appointment of providers for other services required by the Company;

· the level of any gearing which the Company may have (this is not currently applicable given the Company's current approach not to employ gearing, as set out on page 18 of the Annual Report and Accounts); and

· the maintenance of an effective system of oversight, risk management and corporate governance.

The Board ensures that, taking specialist advice as appropriate, its Directors have the appropriate mix of skills and time available to address the management of its outsourced, multi-manager investment approach.

Witan Investment Services Limited, which has experience of the issues arising in operating a multi-manager structure, acts as Executive Manager to manage and monitor the outsourced structure and relationships, to provide commentary on investment issues and to provide marketing services. The Executive Manager reports to the Board on key aspects at all Board meetings as well as drawing attention as required to matters requiring non-routine review by the Board. The Board has considered, discussed and reviewed the Company's policies of engagement with each of the portfolio managers in detail and is satisfied that they remain appropriate.

The Company has also appointed third parties for the various supporting services it requires. The principal providers are JP Morgan Chase Bank N.A. for global custody, BNP Paribas Securities Services for investment accounting and administration and Capita Company Secretarial Services Limited (part of Capita Asset Services) for company secretarial services. From time to time, as required, the Company also makes use of specialist services for legal, investment consulting, financial and tax advice.

Environmental, human rights, employee, social and community issues

The Company has no employees and its core activities are undertaken by Aberdeen, GaveKal and Matthews, which consider policies relating to environmental and social matters as part of their investment process. The Company has therefore not reported on these, or social, community or human rights issues. However, it reviews its portfolio managers' reports on their policies relating to social issues and corporate governance standards. The portfolio managers are also prepared to use their votes in these areas as part of the proper management of the investments made on the Company's behalf and the Board periodically reviews their approaches with them.

The Board of Directors consists of three female and two male non executive Directors. It is the Directors' policy to appoint individuals on merit whilst taking into account the balance of skills and experience required by the Board.

The Board's role in investment management

Although the Board retains overall risk and portfolio management responsibility, it appointed the portfolio managers after a disciplined selection process focused on their scope to add value and their fit with the overall balance of the portfolio. As already described, the selection of individual investments is delegated to these external portfolio managers, subject to investment limits and guidelines which reflect the particular mandate and the specific investment approach which the Company has selected (e.g. quality, growth in dividend).

Approximately 90% of the portfolio is managed in two segregated accounts, held at the Company's custodian. The balance of the portfolio is held in a Dublin UCITS open ended investment company, for which holdings information is regularly available. This enables the Company to view the portfolio as a whole and to analyse its risks and opportunities as well as those at the level of each portfolio managers' portfolio.

Information regarding the proportion of Witan Pacific's assets managed by each and of their performance during the year is set out on page 6 of the Annual Report and Accounts.

Our selected benchmark

The Company's benchmark is a reference point for a comparison of results from an investment in Witan Pacific, in terms of the underlying investment structure and in performance. The Benchmark is the MSCI All Country Asia Pacific Free Index in sterling terms.

The benchmark is a widely diversified regional index which includes the principal countries in the region including China, India, Japan and Australia. This is illustrated in the map on page 9 of the Annual Report and Accounts.

The portfolio managers select stocks which they consider attractive, wherever they are located in the region. As a result, the geographical location of the holdings differs from the benchmark. The geographical distribution of the portfolio and of the benchmark are set out in the map and table on page 9.

Key performance indicators

The Board monitors success in implementing the Company's strategy against a range of Key Performance Indicators ("KPIs") which are viewed as significant measures of success over the longer term. Although performance relative to the KPIs is also monitored over shorter periods, it is success over the long term that is viewed as more important, given the inherent volatility of short-term investment returns. The principal KPIs are set out below, with a record (in italics) of the Company's performance against them during the year.

Priorities for the year ahead

For the year ending 31 January 2017, the key priorities for Witan Pacific include:

· Investment. Monitor the portfolio managers with the objective of delivering good returns to shareholders whilst assessing the risk approach of each portfolio manager;

· Marketing and Communications. Communicate Witan Pacific's distinct and active investment approach and achievements more effectively to existing and potential shareholders and raise the profile for retail investors; and

· Governance. Ensure effective oversight of all service providers and compliance with all applicable rules and guidelines, and monitor supplier risk including cyber-risk.

Dividend Policy

As indicated in the Chairman's statement, the Company aims to grow its dividend in real terms over time, subject to the underlying trend in the Company's net income. The Company has substantial levels of revenue reserves available to smooth the effect of temporary fluctuations in dividends from investments, where this is viewed as prudent and beneficial for shareholders. Shareholders agreed at the 2013 AGM to amend the Articles of Association to permit the distribution of Capital Reserves as dividends. The Company has stated that this is to confer flexibility in pursuing its investment objectives and that it would be the norm for dividend payments to be funded from revenue over the cycle.

The Company paid a final dividend for the previous year of 2.45p in June 2015 and an interim dividend of 2.15p in October 2015 for the year under review. The latter payment compared to a 2.10p interim dividend the year before. The Company has proposed a final dividend for 2015-16 of 2.5p, making a total payment for the year of 4.65p per share. This is an increase of 2.2% on the previous year, which compares with a 1.3% rise in Retail Price Index during the year.

Revenue earnings per share during the year amounted to 4.31p per share. This is an increase of 8.3% on the previous year. The earnings growth is largely attributable to an increase in revenue received from the portfolio, which was enhanced by the strength of the Japanese yen and Hong Kong dollar versus sterling.

Key Performance Indicators

Net Asset Value total return and total shareholder return. Long-term outperformance of the combined portfolios compared with the benchmark is a key objective.		The Net Asset Value total return was -5.6%, outperforming the benchmark total return of -5.9%, while the shareholder total return was -3.5%. Over the past five years the Net Asset Value total return was +14.6%, underperforming the benchmark return of +15.3%. The shareholder total return was +20.7%.
Investment performance by the individual portfolio managers. Outperformance relative to the benchmark is sought.		Two of the Company's portfolio managers outperformed the benchmark, while one (Aberdeen) underperformed. Details are shown in the table on page 6 of the Annual Report and Accounts.
Annual growth in the dividend. The Company's aim is to deliver increases in real terms, ahead of UK inflation (subject to market circumstances)		The dividend for the year ended 31 January 2016 rose (subject to shareholder approval) by 2.2%, compared with an inflation rate of 1.3% during the year.
Discount to Net Asset Value. The objective is to avoid excessive fluctuations in the discount and avoid a discount which is anomalously wide compared with other trusts investing in the region by the use of share buy-backs, subject to market conditions.		The discount ended the financial year at 10.9% compared with 12.7% a year earlier. The average discount of the Company over the year was 12.5% (2014: 13%).
The level of ongoing charges. Costs are managed with the objective of delivering an ongoing charges figure of below 1% (excluding performance fee). Where higher charges arise, these are carefully evaluated to ensure there is a net benefit for shareholders.		The ongoing charges figure was 1.05%, (2015: 1.06%). Inclusive of performance fees, the ongoing charges figure was 1.05%, (2015:1.12%).

Policy on gearing and the use of derivatives

Borrowings and gearing

The Company has the power under its Articles of Association to borrow up to 100% of the adjusted total of capital and reserves. However, in accordance with the Alternative Investment Fund Managers Directive ("AIFMD"), the Company was registered by the FCA as a Small Registered UK Alternative Investment Fund Manager ("AIFM") with effect from 1 April 2014. To retain its Small Registered UK AIFM status, the Company is unable to employ gearing. It is therefore the Company's approach, not to employ gearing subject to periodic review of the costs and benefits of full AIFM authorisation.

The Company's segregated portfolio managers are not permitted to borrow within their portfolios but may hold cash if deemed appropriate.

Use of derivatives - policy

Aberdeen and Matthews are not permitted to use derivatives or to gear their portfolios nor does the Company use derivatives itself.

The Company has an 11% investment in a Dublin-domiciled open ended investment company (GaveKal Asian Opportunities Fund) whose Articles of Association allow the use of currency and equity derivatives. The Fund is regulated under UCITS rules and does not employ leverage, other than in terms of its prospectus.

Market liquidity and discount policy

The Board believes that it is in shareholders' interests to buy-back the Company's shares when they are standing at a substantial and anomalous discount to the Company's NAV. The objective is to avoid excessive fluctuations in the discount and avoid a discount which is anomalously wide compared with other trusts investing in the region by the use of buy-backs, subject to market conditions. The purchase of shares priced at a discount to NAV per share will, all other things being equal, increase the Company's NAV per share and benefit the Company's share price. During the year, the Company bought back 224,978 shares into treasury, at times when supply and demand in the market were out of balance and the discount was particularly wide. Since the year end, the Company has repurchased a further 224,739 Ordinary shares, which have been placed into treasury. Treasury shares may only be reissued at a premium to the prevailing NAV.

Witan Pacific is a self-managed investment trust, so the purpose of "marketing" is to provide effective communication of developments at the Company to existing and potential shareholders to help sustain a liquid market in the Company's shares. Clear communication of the Company's investment objective and its success in executing its strategy make it easier for investors to decide how Witan Pacific fits in with their own investment objectives. Other things being equal, this should help the shares to trade at a narrower discount, from which all shareholders would clearly benefit.

In view of these potential benefits, the Company has felt for many years that it is beneficial to incur the limited costs of operating a marketing programme (through Witan Investment Services Limited) in order to disseminate information about our investment strategy and performance more widely. This programme communicates with private and professional investors, financial advisers and intermediaries using a range of media (including direct meetings, press interviews and advertising through traditional media and the internet). The Company also provides an informative and easy to use website (www.witanpacific.com) to enable investors to make informed decisions about including Witan Pacific shares in their investment portfolios.

Costs

Investment management fees

Each of the portfolio managers is entitled to a base management fee, levied on the assets under management. In addition, one portfolio manager (Aberdeen) is entitled to a performance fee, calculated according to investment performance relative to the benchmark. The agreements can be terminated on one month's notice.

The Company's external portfolio managers may use certain services which are paid for, or provided by, various brokers. In return, they may place business, including transactions relating to the Company, with those brokers.

The ongoing charges figure ("OCF") (which is the recurring operating and investment management costs of the Company, expressed as a percentage of average net assets) was 1.05% for the year ended 31 January 2016, slightly lower than that for the year ended 31 January 2015 (1.06%). The fall was principally due to higher average net assets during the year offsetting a rise in management fees and other costs. There was an increase in investment management fees following a rise in average assets of 3.5% and other expenses increased by approximately 12% during the year, although recurring costs rose by 9%. In the year under review, marketing spend included the development of a new creative identity for the Company and upgrading the factsheet. These were one off investments in marketing infrastructure.

One portfolio manager (Aberdeen) has a performance fee structure. The ongoing charges figure, including performance fees, was 1.05%, lower than the comparable figure in 2015 (1.12%) as no provision is required for a performance fee charge in 2016.

The Company exercises strict scrutiny and control over costs. As a self-managed investment trust, any negotiated savings in investment management or other fees directly reduce the costs for shareholders. The information on costs is collated a

single table below. This indicates the main cost headings in money terms and as a percentage of net assets.

Category of costs¹	Year ended 31 January 2016		Year ended 31 January 2015
Category of costs¹	£m	% of average net assets	£m	% of average net assets
Management fees²	1.12	0.62	1.09	0.64
Other expenses	0.81	0.45	0.72	0.42
Non recurring expenses	(0.03)	(0.02)	(0.01)	-
Total	1.90	1.05	1.80	1.06
Investment Manager performance fee¹	-	-	0.10	0.06
Total	1.90	1.05	1.90	1.12
Portfolio transaction costs	0.16	0.09	0.13	0.07

¹For a full breakdown of costs, see notes 3 and 4 on pages 54 and 55.

²Figures inclusive of fees paid to Witan Investment Services Limited and fees paid to GaveKal of which £0.29m (2015: £0.26m) is charged to capital and therefore not included in the amounts charged to revenue in note 3 on page 54.

Corporate and operational structure

Operational management arrangements

In addition to the appointment of external Managers, Witan Pacific contracts with third parties for the supporting services it requires, including:

· Witan Investment Services Limited for Executive Management services;

· BNP Paribas Securities Services for investment accounting and administration;

· JP Morgan Chase Bank, N.A. for investment custody services;

· Capita Registrars Limited for company secretarial services; and

· the Company also takes specialist advice on regulatory compliance issues and, as required, procures legal, investment consulting, financial and tax advice.

As with investment management, the contracts governing the provision of these services are formulated with legal advice and stipulate clear objectives and guidelines for the level of service required.

Premises and staffing

Witan Pacific has no premises nor employees.

Principal risks

Investment

The Company is a vehicle for overseas equity investment and is likely in normal conditions to be fully invested. The main risks of investing in the Company are a fall in equity markets and security prices together with adverse movements in foreign currency exchange rates. Market risk and currency risk are an integral part of global equity investment and the Company does not specifically hedge against these risks but selects portfolio managers it believes have the skills to construct portfolios which may mitigate them and deliver superior performance relative to the benchmark..

The portfolio's value can be affected by a number of factors, including investee company performance, government policies, geopolitical events and the skills of the portfolio managers selected to manage the portfolio. The Board seeks to manage these risks through understanding the investment approach of the portfolio managers, regular monitoring and review of portfolio information, and analysis of the characteristics of the Company's overall combined portfolio.

Poor performance or other factors may lead to decreased demand for the Company's shares and therefore an increased discount. The Board monitors the discount closely and operates a buy back policy when the shares stand at an anomalous discount.

The Company also bears the risk of settlement default by clearing houses and exchanges and the risk of delayed repossession or disputed title of the Company's assets in the event of failure of the custodian.

The adverse effects of a failure, however defined, by one portfolio manager are reduced by the multi-manager structure, the different styles of the portfolio managers and by the Board's regular reviews of the portfolio managers' performance against the relevant KPIs . In addition, the Company faces the risk that its objective and strategy become inappropriate due to changes in the financial services and savings market. This is a matter which is reviewed regularly at meetings of the Board, which focus on investment policy, the role of marketing and discount control policies, as well as wider industry trends.

Operational

The Company operates an outsourced business model and there is therefore a risk of poor performance or operations failure amongst its service providers.

Comprehensive contractual obligations have been put in place with each of the third party service providers. Operationally, the multi-manager structure is robust, as the portfolio managers, the custodian and the Fund Accountants keep separate records which are reconciled regularly. In addition, the Executive Manager, Witan Investment Services Limited, monitors the activities of all third parties and reports any issues to the Board.

Tax and regulation

In order to qualify as an investment trust the Company must comply with Sections 1158-9 of the Corporation Tax Act 2010 ("CTA") to which reference is made on page 24 of the Annual Report and Accounts under the heading "Status of the Company". A breach of these sections could result in the Company losing investment trust status and, as a consequence, capital gains realised within the Company's portfolio would be subject to Corporation Tax. The criteria are reported on by BNP Securities Services Limited and monitored by Witan Investment Services Limited on behalf of the Board.

In addition, there are regulatory risks. The Company is affected by a complex set of regulations and laws and changes in any of these may affect returns to shareholders. The Board expects regulation to increase.

All of these risks are regularly reviewed by the Company's Audit and Management Engagement Committee and the Board takes professional legal, accounting and tax advice concerning any material proposed activity or emerging development affecting the Company's operations.

The Company must comply with the provisions of the Companies Act 2006 ("the Companies Act") and, as the Company's shares are Premium Listed for trading on the London Stock Exchange, the Company must comply with the UK Listing Authority's Listing Rules and Disclosure and Transparency Rules ("UKLA Rules"). A breach of the Companies Act could result in the Company and/or the Directors being fined or becoming the subject of criminal proceedings. Breach of the UKLA Rules could result in the suspension of the Company's shares which would in turn lead to a breach of the provisions of the CTA.

As a Small Registered UK AIFM, the Company is subject to some ongoing FCA regulatory obligations.

These legal and regulatory requirements offer significant protection for shareholders. The Board relies on the Company Secretary, the Executive Manager and the Company's professional advisers to ensure compliance with the Companies Act and UKLA Rules.

The Audit and Management Engagement Committee regularly (at least annually) reviews the foregoing risks by maintaining a detailed record of the identified risks in the form of a Risk Matrix which assesses the likelihood of such risks occurring and the severity of the potential impact of such risks. This enables the Board to take action and develop strategies in order to mitigate the effect of such risks to the extent possible. An analysis of financial risks can be found in note 20 to the financial statements on pages 62 to 67 of the Annual Report and Accounts.

Operational and regulatory risks are regularly and extensively reviewed by the Audit and Management Engagement Committee. WIS is subject to its own operating rules and regulations and is regulated by the Financial Conduct Authority ("FCA").

Risk review

A robust assessment of the principal risks has been carried out, including a review of those risks which would threaten the Company's business model, future performance, solvency or liquidity.

Viability

In accordance with the provisions of the UK Corporate Governance Code, the Board has assessed the viability of the Company, and selected a period of five years for the assessment.

The Board considers five years to be a reasonable period for its assessment. The Board views the Company as a long-term investment vehicle, with strong financials and good liquidity in its portfolio. In selecting a five year period, the Board has balanced that view against the inherent uncertainties in equity markets.

In conducting the assessment, the Board has taken account of the following:

· The Company is an Investment Trust, whose investment portfolio is invested in readily realisable listed securities. The portfolio is well diversified in terms of both sector and geography within its Asia Pacific remit.

· The Company currently has no borrowings. If the Board decided to enter into any borrowing arrangements, it would only do so on the basis that the borrowings were covered adequately by its assets, and there was a substantial margin of safety over any covenants.

· The expenses of the Company are reasonably predictable, modest in comparison to the assets and adequately covered by investment income.

The Board has also taken account of its strategy and investment policy set out on page 15, and the principal risks and uncertainties set out on pages 19 to 20. The Company operates a robust risk control framework to manage those risks and uncertainties.

The Board's assessment assumes that there is continuing demand amongst shareholders for the investment trust structure and the mandates which the Board gives its managers.

Based on the above, the Board confirms that it has a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the five year period of this assessment.

Corporate governance

Details of the Company's compliance with corporate governance best practice are set out in the Corporate Governance Statement on pages 27 to 33 of the Annual Report and Accounts.

Information about securities carrying voting rights can be found in the Directors' Report on page 25.

This Strategic Report has been approved by the Board and signed on its behalf by

Sarah Bates

Chairman

22 April 2016

DIRECTORS' REPORT

Statutory information at 31 January 2016

The Directors have pleasure in presenting their Annual Report and Accounts and the audited Financial Statements of the Company for the year ended 31 January 2016.

Status of the Company

The Company is an investment company as defined by Section 833 of the Companies Act 2006. The Company operates as an approved investment trust in accordance with Sections 1158-1159 of the CTA 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011. This is subject to there being no subsequent enquiry under corporation tax self-assessment. In the opinion of the Directors, the Company has conducted its affairs so that it continues to qualify.

The Company's shares are eligible for inclusion in an Individual Savings Account ("ISA").

Internal controls and risk management systems

The Board has established an ongoing process for identifying, evaluating and managing significant risks faced by the Company. This is described in more detail on pages 37 and 38.

Share capital

At 31 January 2016, there were 65,944,000 Ordinary shares of 25p each in issue (2015: 65,944,000 Ordinary shares) of which, 224,978 were held in treasury. At the 2015 AGM the Directors were granted authority to buy-back up to a maximum of 9,885,005 Ordinary shares; such authority will expire at the conclusion of the 2016 AGM when the Directors will seek a renewal of the authority.

During the year to 31 January 2016 the Company repurchased a total of 224,978 Ordinary shares to hold in treasury. At 31 January 2016, the unused authority to buy-back Ordinary shares as granted by shareholders at the Company's 2015 AGM, was therefore 9,660,027 Ordinary shares. The nominal value of Ordinary shares repurchased during the period was £56,244 being 0.34% of the issued Ordinary share capital at 31 January 2016. The total consideration for these repurchases was £510,756.

Following the year end, the Company has repurchased a further 224,739 Ordinary shares to hold in treasury (as at 22 April 2016), with a nominal value of £56,184.75 and being 0.34% of the issued Ordinary share capital at 31 January 2016. The total consideration for these repurchases was £517,157.30. At 22 April 2016, there were 65,944,000 Ordinary shares of 25p each in issue. 449,717 Ordinary shares were held in treasury. Each Ordinary share carries one vote, therefore, the total votes in issue was 65,494,283.

The share purchases described above were performed in accordance with the Company's stated policy of buying back shares when the Company's shares are standing at a substantial and anomalous discount to their Net Asset Value.

The impact to the Net Asset Value as a result of the buyback activity for the year ended 31 January 2016 was an enhancement of £72,000 or 0.1p per Ordinary share.

Results and dividend

Revenue return after taxation	£'000
Net revenue after taxation	2,863
Dividends paid/payable:
Interim dividend of 2.15p per share	(1,416)
Final dividend of 2.5p per share	(1,637)
Unclaimed dividends returned	13
Residual revenue return after dividends	(204)
At 31 January 2016
Revenue reserve¹	10,886

¹Revenue reserve excludes the final proposed dividend for the year ended 31 January 2016 of £1,637,000, payable on 17 June 2016.

Administration and company secretarial services

Fund accounting administration services are provided to the Company by BNP Paribas Securities Services ("BPSS") pursuant to an Agreement dated 22 March 2005 as amended between the Company and BNP Paribas Fund Services UK Limited and novated to BPSS on 1 December 2008. The fee for these services is £41,000 per annum plus an ad valorem charge of £38,000. The Agreement with BPSS continues until terminated by either party on giving not less than six months' written notice.

Capita Registrars Limited ("Capita") provides company secretarial services pursuant to an Agreement dated 1 January 2013, and updated in June 2015 for a fee of £52,500 per annum. The Agreement with Capita continues until terminated by either party on giving not less than six months' written notice.

Directors

The Directors of the Company at the date of this Report, and their biographical details, are shown on pages 22 and 23. Mr Alan Barber served as a Director during the year, retiring following the Company's AGM held on 10 June 2015.

The Company maintained a directors' and officers' liability insurance policy throughout the financial year.

The Company's Articles of Association provide, subject to the provisions of UK legislation, an indemnity for Directors in respect of costs which they may incur relating to the defence of any proceedings brought against them arising out of their positions as directors, in which they are acquitted or judgement is given in their favour by the court.

To the extent permitted by law and by the Company's Articles of Association, the Company has, since 31 January 2016, entered into deeds of indemnity for the benefit of each Director of the Company in respect of liabilities which may attach to them in their capacity as Directors of the Company. These provisions, which are qualifying third party indemnity provisions as defined by section 234 of the Companies Act 2006, remain in force.

Information about securities carrying voting rights

No changes to these holdings have been notified as at the date of this report.

The following information is disclosed in accordance with the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 and DTR 7.2.6 of the FCA Disclosure and Transparency Rules.

· In respect of the Company's shares, there are no:

(i) restrictions on the transfer of or in respect of the voting rights of the Company's shares;

(ii) agreements, known to the Company, between holders of securities regarding the transfer of such shares;

(iii) special rights with regard to control of the Company attaching to any such shares; and

(iv) restrictions on voting rights and agreements which may result in such restrictions.

· Details of the significant direct or indirect holdings of the Company's shares are shown in the table below;

· The rules on the appointment and replacement of the Directors are set out in the Company's Articles of Association (the "Articles");

· The Company may by ordinary resolution suspend or relax to any extent, in respect of any particular matter, any provision of the Articles prohibiting a Director from voting at a meeting of the Directors or of a Committee of the Directors;

· Subject to the provisions of the Companies Act, the Articles, and to any directions given by special resolution, the business of the Company shall be managed by the Directors who may exercise all the powers of the Company. The powers shall not be limited by any special power given to the Directors by the Articles and a meeting of the Directors at which a quorum is present may exercise all powers exercisable by the Directors; and

· There are no agreements:

(i) to which the Company is a party that might affect its control following a takeover bid; and

(ii) between the Company and its Directors concerning compensation for loss of office.

Resolutions of the Annual General Meeting

A full explanation of the resolutions being proposed at the AGM may be found on pages 75 and 76.

The Board considers that all of the resolutions are likely to promote the success of the Company and are in the best interests of the Company and its shareholders as a whole. The Directors unanimously recommend that shareholders vote in favour of the Resolutions as they intend to do in respect of their own beneficial holdings.

Annual General Meeting

The AGM of the Company will be held on 8 June 2016 at 3pm in the City of London Club, Old Broad Street, London EC2N 1DS.

Substantial share interests

	At 31 January 2016		At 31 March 2016
Significant direct or indirect interests	Ordinary shares	% of voting rights	Ordinary shares	% of voting rights
Witan Wisdom Savings Scheme	9,774,610	14.92	9,742,479	14.85
Wells Capital Management	6,851,797	10.28	7,020,999	10.70
1607 Capital Partners LLC	4,281,911	6.36	4,334,191	6.61
Charles Stanley	3,247,050	4.95	3,233,400	4.93
Rathbones	2,780,000	4.23	2,864,646	4.37
Wesleyan Assurance	2,899,170	4.41	2,780,000	4.24
Alliance Trust Savings	2,138,154	3.32	2,139,638	3.26

Source: RDIR share register analysis

Independent Auditors

PricewaterhouseCoopers LLP, the Independent Auditors of the Company, have indicated their willingness to continue in office. The Audit and Management Engagement Committee has responsibility for making a recommendation to the Board on the reappointment of the Independent Auditor. After careful consideration of the services provided to the Company during the year and a review of the effectiveness of the Independent Auditor; the Audit and Management Engagement Committee has recommended that PricewaterhouseCoopers LLP be reappointed as the Company's Independent Auditors. Accordingly, resolutions are to be proposed at the forthcoming AGM for their reappointment and to authorise the Directors to agree their remuneration for the ensuing year. When considering the continuing appointment of PricewaterhouseCoopers LLP the Company considered the objectivity as well as the performance of PricewaterhouseCoopers.

Disclosure of information to Auditors

The Directors who held office at the date of the approval of the Directors' Report confirm that, so far as they are aware, there is no relevant audit information of which the Company's Independent Auditors are unaware. Each Director has taken all steps that they ought to have taken as a Director to make themselves aware of any relevant audit information and to establish that the Company's Independent Auditors are aware of this information. This confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006.

Greenhouse gas emissions

The Company has no employees nor property, and it does not combust any fuel or operate any facility. The Company does not purchase electricity, heat, steam or cooling for its own use. The Company outsources all services on a fee basis, and, as such it is not practical to attempt to measure or quantify emissions in respect of any outsourced energy use. The Directors consider that the activities of the Company do generate a small amount of Greenhouse gases in the form of incidental transport, use of personal computers and other activities which it is not required to report on. During the year ended 31 January 2016, the Board travelled to Asia and America to meet with the Company's portfolio managers. The measurable amount of carbon dioxide equivalent CO₂e produced over the course of this trip was 47.71 tonnes, being 7.95 tonnes per Director.

Please see table and methodology below:

Global GHG emissions data for the period 1 February 2015 to 31 January 2016:

	Tonnes of CO₂e
	Current
Emissions from:	reporting year
Emissions from:	2015-16

Air transport	47.71

Company's chosen intensity
measurement:
Emissions reported per Director¹	7.95

¹Six Directors held office at the time the travel took place.

Methodology

The Company has reported on all of the emission sources required under the Companies Act 2006 (Strategic Report and Directors' Reports) Regulations 2013.

The Company has used the GHG Protocol Corporate Accounting and Reporting Standard (revised edition), and emission factors from UK Government's GHG Conversion Factors for Company Reporting 2014.

Post year end events

Save as otherwise disclosed, there have been no important events to disclose since the end of the year under review.

Listing Rule 9.8.4

Listing rule 9.8.4 requires the Company to disclose specific information in a single identifiable section of the Annual Report. The Directors confirm that there are no disclosures required to be made under Listing Rule 9.8.4.

Statement of Directors' responsibilities in respect of the Annual Report, the Directors' remuneration report and the Financial Statements

The Directors are responsible for preparing the Annual Report, the Directors' Remuneration Report and the Financial Statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare Financial Statements for each financial year. Under that law the Directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the net return or loss of the Company for that year. In preparing these financial statements, the Directors are required to:

· select suitable accounting policies and then apply them consistently;

· make judgements and accounting estimates that are reasonable and prudent;

· state whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the financial statements; and

· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The financial statements are published on www.witanpacific.com, which is a website maintained by the Company's Executive Manager, Witan Investment Services Limited ("WIS"). The Directors are responsible for the maintenance and integrity of the Company's website. The work carried out by the Independent Auditors does not involve consideration of the maintenance and integrity of the website and accordingly, the Independent Auditors accept no responsibility for any changes that have occurred to the Annual Report and Accounts since they were initially presented on the website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions. The Directors consider that the Annual Report and Accounts as a whole, are fair, balanced and understandable and provide the necessary information for shareholders to assess the Company's performance, business model and strategy.

Statement under DTR 4.1.12

Each of the Directors, whose names and functions are listed on pages 22 and 23 of the Annual Report and Accounts, confirm that, to the best of their knowledge:

· the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and net return of the Company;

· the Strategic Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

On behalf of the Board

Sarah Bates

Chairman

22 April 2016

Statement of comprehensive income

for the year ended 31 January 2016

		Year ended 31 January 2016				Year ended 31 January 2015
			Revenue	Capital		Revenue	Capital
	Revenue	Capital	return	return	Total	return		return	Total
	notes	notes	£'000	£'000	£'000	£'000		£'000	£'000

(Losses)/gains on investments held at fair
value through profit or loss		9	-	(13,038)	(13,038)	-		25,314	25,314
Exchange losses		15	-	(123)	(123)	-		(68)	(68)
Investment income	2		4,782	-	4,782	4,464		-	4,464
Management fees	3		(834)	-	(834)	(830)		-	(830)
Performance fees			-	-	-	-		(103)	(103)
Other expenses	4	15	(807)	(35)	(842)	(722)		(43)	(765)
Net (loss)/return before finance charges
and taxation			3,141	(13,196)	(10,055)	2,912		25,100	28,012
Finance charges	5		-	-	-	(17)		-	(17)
Net (loss)/return on ordinary activities
before taxation			3,141	(13,196)	(10,055)	2,895		25,100	27,995
Taxation on ordinary activities	6	6	(305)	-	(305)	(267)		-	(267)
Net (loss)/return on ordinary activities
after taxation			2,836	(13,196)	(10,360)	2,628		25,100	27,728
Basic and diluted return
per ordinary share - pence	7	7	4.31	(20.03)	(15.72)	3.98		38.05	42.03

All revenue and capital items in the above statement derive from continuing operations. The total columns of this statement represent the profit and loss account of the Company. The revenue return and capital columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.

The Company had no other comprehensive income, recognised gains or losses other than those disclosed in this statement.

There is no material difference between the net return/(loss) on ordinary activities before taxation and the net return/(loss) for the financial year stated above and their historical costs equivalents.

Statement of changes in equity

for the year ended 31 January 2016

	Notes	Called up share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Capital reserves £'000	Revenue reserve £'000	Total £'000
Year ended 31 January 2016
At 1 February 2015		16,486	5	41,085	115,636	11,068	184,280
Net return on ordinary activities after taxation		-	-	-	(13,196)	2,836	(10,360)
Purchase of own shares	13	-	-	-	(514)	_	(514)
Dividends paid	8	-	-	-	-	(3,018)	(3,018)
At 31 January 2016		16,486	5	41,085	101,926	10,886	170,388
Year ended 31 January 2015
At 1 February 2014		16,512	5	41,059	90,761	11,409	159,746
Net return on ordinary activities after taxation		-	-	-	(25,100)	2,628	(27,728)
Purchase of own shares	13	(26)	-	26	(225)	-	(225)
Dividends paid	8	-	-	-	-	(2,969)	(2,969)
At 31 January 2015		16,486	5	41,085	115,636	11,068	184,280

Statement of financial position

at 31 January 2016

	Notes	2016 £'000	2015 £'000
	Notes	2016 £'000	2015 £'000
Fixed assets
Investments held at fair value through profit or loss	9	166,251	178,620
Current assets
Debtors	10	737	986
Cash at bank and in hand		5,412	5,893
		6,149	6,879
Creditors:
Amounts falling due within one year	11	(2,012)	(1,219)
		(2,012)	(1,219)
Net current assets		4,137	5,660
Total assets less current liabilities		170,388	184,280
Provisions for liabilities and charges	12	-	-
Net assets		170,388	184,280
Capital and reserves
Called up share capital	13	16,486	16,486
Share premium account		5	5
Capital redemption reserve	14	41,085	41,085
Capital reserves	15	101,926	115,636
Revenue reserve	15	10,886	11,068
Total shareholders' funds		170,388	184,280
Net Asset Value per Ordinary share - pence (basic and diluted)	16	259.27	279.45

The financial statements on pages 49 to 51 were authorised and approved by the Board of Directors on 22 April 2016 and signed on its behalf by:

Sarah Bates, Chairman

Company Registration Number 91798

Notes to the financial statements for the year ended 31 January 2016

1 Significant accounting policies

(a) Basis of accounting

The financial statements have been prepared in accordance with Financial Reporting Standard 102 and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts'. They have also been prepared on a going concern basis and on the assumption that approval as an investment trust will continue to be granted. The accounting policies have been applied consistently throughout the year.

These financial statements are the first since FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland) came into effect for accounting periods beginning on or after 1 January 2015. An assessment of the impact of adopting FRS 102 has been carried out and found that no restatement of balances as at the transition date, 1 January 2014, or comparative figures in the Statement of Financial Position or the Statement of Comprehensive Income is considered necessary.

In accordance with FRS 102, the Board has chosen not to present the Statement of Cash Flows in respect of the annual report and accounts for the year ended 31 January 2016.

(b) Valuation of investments

All investments have been designated upon initial recognition as fair value through profit or loss. This is done because all investments are considered to form part of a group of financial assets which is evaluated on a fair value basis, in accordance with the Company's documented investment strategy, and information about the grouping is provided internally on that basis.

Investments are recognised and de-recognised at trade date where a purchase or sale is under a contract whose terms require delivery within the timeframe established by the market concerned, and are measured initially at fair value. Subsequent to initial recognition, investments are valued at fair value through profit or loss.

Listed investments have been designated by the Board as held at fair value through profit or loss and accordingly are valued at fair value, deemed to be bid market prices for quoted investments. Investments in Class B consist of unlisted reportable funds within the portfolio, GaveKal Asian Opportunities UCITS and Aberdeen Global Indian Equity UCITS. These are priced daily using their Net Asset Value, which is the fair value.

Changes in the fair value of investments held at fair value through profit or loss and gains and losses on disposal are recognised in the Statement of Comprehensive Income as "Gains or losses on investments held at fair value through profit or loss". Also included within this caption are transaction costs in relation to the purchase or sale of investments, including the difference between the purchase price of an investment and its bid price at the date of purchase. All purchases and sales are accounted for on a trade date basis.

The results and financial position of the Company are expressed in pounds sterling, which is the functional and presentation currency of the Company and rounded to the nearest £'000. The directors, having regard to the currency of the Company's share capital and the predominant currency in which the Company operates, have determined the functional currency to be pounds sterling. The results and financial position of the Company are therefore expressed in pounds sterling.

Transactions recorded in foreign currencies during the year are translated into sterling at the appropriate daily exchange rates. Monetary assets and liabilities denominated in overseas currencies (including equity investments) at the year end date are translated into sterling at the exchange rates ruling at that date.

Any gains or losses on the translation of foreign currency balances, whether realised or unrealised, are taken to the capital or revenue return of the Statement of Comprehensive Income, depending on whether the gain or loss is of a capital or revenue nature.

(d) Income

Income from equity shares is brought into the revenue return of the Statement of Comprehensive Income (except where, in the opinion of the Directors, its nature indicates it should be recognised as capital return) on the ex-dividend date, or where no ex-dividend date is quoted, when the Company's right to receive payment is established.

Dividends receivable are accounted for on the basis of gross income actually receivable, without adjustment for the tax credit attaching to the dividends.

Where the Company has elected to receive its dividends in the form of additional shares rather than in cash, the amount of cash dividend foregone is recognised as income. Any excess in the value of the shares received over the amount of the cash dividend foregone is recognised in the capital reserve.

Bank interest, underwriting commission and stock lending fees are accounted for on an accruals basis.

(e) Expenses including finance costs

Finance costs are accounted for on an accruals basis. Finance costs are fully allocated to revenue.

Management fee rebates of the fee on GaveKal Asian Opportunities (UCITS Fund) are credited against Management fees paid.

All expenses are charged to the revenue return of the Statement of Comprehensive Income, with the exception of the following which are charged to the capital return of the Statement of Comprehensive Income:

· performance fees/repayments insofar as they relate to capital performance;

· expenses incurred buying back the Company's own shares; and

· expenses incidental to the acquisition or disposal of investments.

All expenses are accounted for on an accruals basis

(f) Taxation

The tax effect of different items of expenditure is allocated between capital and revenue on the marginal basis using the Company's effective rate of corporation taxation for the accounting period.

Deferred taxation is provided on all timing differences that have originated but not been reversed by the year end date other than those differences regarded as permanent. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the reversal of timing differences can be deducted. Any liability to deferred tax is provided at the average rate of tax expected to apply. Deferred tax assets and liabilities are not discounted to reflect the time value of money.

(g) Bank borrowings

During 2015, the Company became authorised as a small registered UK AIFM which requires there to be no gearing as long as it remains subject to this regulatory regime.

Interest bearing bank loans are recorded as the proceeds are received, net of direct issue costs. Finance charges, including interest payable, premiums on settlement or redemption and direct issue costs are accounted for on an accruals basis in the Statement of Comprehensive Income using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.

(h) Segmental reporting

The Directors are of the opinion that the Company is engaged in a single segment of business being investment business.

(i) Repurchase of Ordinary shares

The cost of repurchasing Ordinary shares including related stamp duty and transaction costs is taken directly to equity and dealt with in the Statement of Changes in Equity. Share repurchase transactions are accounted for on a trade date basis.

(j) Capital reserves

Capital reserve arising on investments sold

The following transactions are accounted for in this reserve:

· gains and losses on the realisation of fixed asset investments;

· realised exchange differences of a capital nature;

· costs of professional advice, including irrecoverable VAT, relating to the capital structure of the Company;

· other capital charges and credits charged or credited to this account in accordance with the above policies; and

· cost of purchasing Ordinary share capital.

Capital reserve arising on investments held

The following transactions are accounted for in this reserve:

· increase and decrease in the valuation of investments held at year end; and

· unrealised exchange differences of a capital nature.

(k) Dividends payable

In accordance with FRS 102 final dividends are not accrued in the financial statements unless they have been approved by shareholders before the year end date.

Interim dividends are recorded in the financial statements when they are paid. Dividends payable to equity shareholders are recognised in the Statement of Changes in Equity when they have been approved by shareholders in the case of a final dividend, or paid in the case of an interim dividend and become a liability of the Company.

(l) Critical accounting estimates

The preparation of financial statements requires the Directors to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources.

The critical estimates and assumptions relate, in particular, to the calculation of performance fees, as summarised in note 3 below. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

2 Investment income

	2016 £'000	2015 £'000
Income from investments held at fair value through profit or loss:
Overseas dividends	4,076	3,727
UK dividends	363	361
Scrip dividends	334	374
Total dividend income	4,773	4,462
Other income:
Bank interest	6	1
Underwriting commission	3	1
Total other income	9	2
Total income	4,782	4,464

3 Management and performance fees

	2016 £'000	2015 £'000
Charged to the revenue return:
Management fee¹	980	959
Management fee rebates²	(146)	(129)
Total management fees	834	830
Charged to the capital return:
Performance fees	-	103

¹ The management fee stated above includes fees paid to Witan Investment Services Limited of £224,000 (2015: £218,000).

² This figure relates to a rebate of management fees associated with the GaveKal Asia Opportunities UCITS Fund.

Further details of management fees can be found in note 18.

4 Other expenses

	2016	2015
	£'000	£'000
Auditors' remuneration:
- for audit services	31	29
- for non audit services - tax¹	5	4
Custody fees	65	61
Directors' emoluments: fees for services to the Company	143	141
Directors' expenses and travel²	67	2
Marketing³	202	173
Printing and postage	50	34
Loan commitment fees	-	8
Secretarial and Administration fees⁴	131	130
Directors' and Officers' liability insurance	7	8
Registrars' fees	25	22
Legal fees	-	10
Sundry expenses	81	102
	807	722

¹ Charges for other services provided by the Independent Auditors in the year ended 31 January 2016 were in relation to tax compliance work. An additional amount of £4,000 (exclusive of VAT) was invoiced by PWC after the year end in relation to a review of the 2015 tax computation.

² Costs in 2016 relate primarily to the costs of a Board visit to the Asia-Pacific region, which is conducted every two to three years to review the operations of the portfolio managers and other industry participants.

³ The marketing expense stated above includes fees paid to Witan Investment Services Limited of £75,000 (2015: £75,000).

⁴Secretarial fees includes iXBRL filing by Capita.

5 Finance charges

2016

£'000

2015

£'000

On bank loans and overdrafts repayable within one year - see also note 11

6 Taxation on ordinary activities

a) Analysis of tax charge for the year

	2016	2016		2015	2015
	Revenue	Capital	2016	Revenue	Capital	2015
	return	return	Total	return	return	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Overseas taxation	305	-	305	267	-	267
Taxation on ordinary activities	305	-	305	267	-	267

(b) Factors affecting the charge for the year

The standard rate of corporation tax in the UK changed from 21% to 20% with effect from 1 April 2015.

Accordingly, the Company's profits for this accounting period are taxed at an effective rate of 20.17% ( 2015: 21.33%).

	2016	2016		2015	2015
	Revenue	Capital	2016	Revenue	Capital	2015
	return	return	Total	return	return	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Return/(loss) on ordinary activities before tax	3,141	(13,196)	(10,055)	2,895	25,100	27,995
Corporation tax at 20.17% (2015: 21.33%)	634	(2,662)	(2,028)	618	5,354	5,972
Effects of:
Non-taxable overseas dividends	(862)	-	(862)	(845)	-	(845)
Non-taxable UK dividends	(73)	-	(73)	(77)	-	(77)
Overseas taxation	305	-	305	267	-	267
Disallowed expenses	7	7	14	18	9	27
Income taxable in different years	-	-	-	3	-	3
Excess management expenses and finance costs	294	25	319	283	22	305
Net capital returns not subject to tax¹	-	2,630	2,630	-	(5,385)	(5,385)
Current tax charge for the year	305	-	305	267	-	267

¹These items are not subject to corporation tax within an investment trust company provided the Company obtains approval from HM Revenue & Customs that the requirements of Section 1158 - 1159 of the Corporation Tax Act 2010 have been met.

The Company has not recognised a deferred tax asset of £2,330,000 (2015: £2,078,000) arising as a result of excess management expenses and interest paid. These expenses will only be utilised if the Company has profits chargeable to corporation tax in the future. It is unlikely that the Company will generate sufficient taxable profits in the future to utilise these expenses and deficits and therefore no deferred tax asset has been recognised.

(d) Protective claim

Witan Pacific has filed protective claims with HMRC and the UK High Court in order to seek recovery of potentially overpaid taxes from HMRC in relation to the UK's pre-2009 dividend tax rules. The claims cover historic periods in which Witan Pacific paid UK tax under Schedule D Case V. In such periods, Witan Pacific is seeking recovery of the tax paid together with interest on a compound basis. No tax or related interest recovery has been accrued or recognised as a contingent asset, as the outcome of lead cases in this area is expected to remain uncertain for several years.

7 Return/(loss) per Ordinary share

The total return per Ordinary share is based on the net loss attributable to the Ordinary shares of £10,360,000 (2015: gain of £27,728,000) and on 65,891,245 Ordinary shares (2015: 65,967,247) being the weighted average number of shares in issue during the year.

The total return can be further analysed as follows:

	2016	2015
	£'000	£'000
Revenue return	2,836	2,628
Capital return	(13,196)	25,100
Total return	(10,360)	27,728
Weighted average number of Ordinary shares	65,891,245	65,967,247
Revenue return per Ordinary share - pence	4.31	3.98
Capital return per Ordinary share - pence	(20.03)	38.05
Total return per Ordinary share - pence	(15.72)	42.03

The Company does not have any dilutive securities.

8 Dividends

			2016	2015
Dividends on Ordinary shares	Record date	Payment date	£'000	£'000
Final dividend (2.40p) for the year ended 31 January 2014	23 May 2014	20 June 2014	-	1,584
Interim dividend (2.10p) for the year ended 31 January 2015	10 October 2014	20 October 2014	-	1,385
Final dividend (2.45p) for the year ended 31 January 2015	22 May 2015	19 June 2015	1,615	-
Interim dividend (2.15p) for the year ended 31 January 2016	9 October 2015	19 October 2015	1,416	-
Refund of unclaimed dividends			(13)	-
			3,018	2,969

The proposed final dividend for the year ended 31 January 2016 is subject to approval by shareholders at the AGM and has not been included as a liability in these financial statements.

The total dividend payable in respect of the financial year which meets the requirements of Section 1158 of the Corporation Tax Act 2010 is set out below.

	2016	2015
	£'000	£'000
Revenue available for distribution by way of dividend for the year	2,836	2,628
Interim dividend 2.15p for the year ended 31 January 2016	(1,416)	(1,385)
Proposed final dividend of 2.5p (2015: 2.45p) for the year ended 31 January 2016
(based on 65,494,283 Ordinary shares in issue at 22 April 2016)	(1,637)	(1,615)
Refund of unclaimed dividends	13	-
Shortfall for the year	(204)	(372)

All current year income has been distributed, the shortfall of £204,000 has been transferred from revenue reserves.

9 Investments held at fair value through profit or loss

	2016	2015
	£'000	£'000
Cost at 31 January 2015	132,637	139,958
Investment holding gains at 31 January 2015	45,983	24,849
Valuation at 31 January 2015	178,620	164,807
Movements in the year:
Purchases at cost	37,285	25,281
Sales - proceeds	(36,616)	(36,782)
- gains on sales	3,957	4,180
Decrease in investment holding gains	(16,995)	21,134
Valuation at 31 January 2016	166,251	178,620
Cost at 31 January 2016	137,263	132,637
Investment holding gains at 31 January 2016	28,988	45,983
	166,251	178,620

Purchase transaction costs for the year ended 31 January 2016 were £64,000 (2015: £36,000). Sale transaction costs for the year ended 31 January 2016 were £56,000 (2015: £54,000). These comprise mainly charges and commission.

Gains on investments

	2016	2015
	£'000	£'000
Gains on investments sold based on historical cost	3,957	4,180
Less: amounts recognised as unrealised in previous years	(6,434)	(3,655)
(Losses)/Gains based on carrying value at previous balance sheet date	(2,477)	525
Net movement in investment holding gains in the year	(10,561)	24,789
(Losses)/Gains on investments held at fair value through profit or loss	(13,038)	25,314

Substantial interests

At 31 January 2016 the Company held more than 3% of one class of the share capital of one of the undertakings held as investments (2015: one).

This consisted of Gavekal Asian Opportunities UCITS Fund and was 4.97% at 31 January 2016 (31 January 2015: 6.20%).

All investments are quoted on recognised stock exchanges or are UCITS Funds with published Net Asset Values.

10 Debtors

	2016	2015
	£'000	£'000
Sales for future settlement	352	505
Other debtors	27	23
Prepayments and accrued income	358	454
Foreign exchange contract	-	4
	737	986

11 Creditors: amounts falling due within one year

	2016	2015
Other	£'000	£'000
Purchases for future settlement	1,517	821
Accruals	495	398
	2,012	1,219

	2016	2015
Bank loan	£'000	£'000
At 1 February	-	8,500
Loan repayment	-	(8,500)
At 31 January	-	-

The bank loan was a multi-currency revolving facility with this commitment period ending on 20 August 2014. The Company repaid all outstanding sums connected with this facility on 28 March 2014.

12 Provisions for liabilities and charges

Provisions in respect of future years' performance fees:

	2016	2015
	£'000	£'000
At 1 February	-	-
Change in provision for performance fees	-	-
At 31 January	-	-

The above represent the estimated performance fees payable for the 3 year performance fee periods ending 31 May 2016, 31 May 2017 and 31 May 2018. Any accrual is based on actual performance to 31 January 2016 and the assumption that Aberdeen performs in line with the benchmark from 31 January 2016 to the end of each fee period. Changes in the level of accrual for future performance periods could arise for one of the three principal reasons: a change in the degree of relative performance, the time elapsed (since this would increase the proportion of the rolling three-year performance period to which the performance calculation would be applied) or the termination of Aberdeen's contract.

13 Called up share capital

	2016		2015
	Authorised		Authorised
Equity share capital	Number	£'000	Number	£'000
Ordinary shares of 25p each:	280,000,000	70,000	280,000,000	70,000
Ordinary shares of 25p each:
Issued and fully paid	65,719,022	16,430	65,944,000	16,486
Held in treasury	224,978	56	-	-
	65,944,000	16,486	65,944,000	16,486

In the year ended 31 January 2016, 224,978 Ordinary shares were purchased to be held in treasury at a total cost of £514,000. In the year ended 31 January 2015, there were 104,000 shares purchased for cancellation at a total cost of £225,000.

14 Capital redemption reserve

	2016	2015
	£'000	£'000
Balance brought forward	41,085	41,059
Transferred from share capital on purchase of Ordinary shares	-	26
Balance carried forward	41,085	41,085

15 Reserves

	Capital reserve arising on investments sold £'000	Capital reserve arising on investments sold £'000		Capital reserve total £'000		Revenue reserve £'000
Balance brought forward	69,649		45,987	115,636	11,068
Movement during the year:
Gains on investments sold	(2,477)		-	(2,477)	-
Transfer on disposal of investments	6,434		(6,434)	-	-
Increase in investment holding gains	-		(10,561)	(10,561)	-
Exchange losses	(123)		-	(123)	-
Other capital charges	(35)		-	(35)	-
Purchase of own shares	(514)		-	(514)	-
Revenue return for the year	-		-	-	2,836
Dividends paid	-		-	-	(3,018)
Balance carried forward	72,934		28,992	101,926	10,886

Under the terms of the Company's Articles of Association, sums standing to the credit of Capital Reserves are available for distribution only by way of redemption or purchase of any of the Company's own shares and by way of dividend. The Company may only distribute accumulated "realised" profits.

16 Net Asset Value per Ordinary share

Net Asset Values are based on net assets of £170,388,000 (2015: £184,280,000) and on 65,719,022 (2015: 65,944,000) Ordinary shares in issue at the year end excluding shares held in treasury.

17 Risk management policies and procedures

As an Investment Trust, the Company invests in equities and other investments for the long term so as to achieve its objective as stated on page 1. In pursuing its investment objective, the Company is exposed to a variety of financial risks that could result in either a reduction in the Company's net assets or a reduction in the revenue available for distribution by way of dividends.

These financial risks: market risk (comprising market price risk, currency risk and interest rate risk), liquidity risk and credit risk, and the Directors' approach to the management of these risks, are set out below. The Board of Directors and the Executive Manager coordinate the Company's risk management. The overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company's financial performance.

The Board determines the objectives, policies and processes for managing the risk that are set out below, under the relevant risk category. The policies for the management of each risk have not changed from the previous accounting period.

(a) Market Risk

The fair value of an instrument held by the Company may fluctuate due to changes in market prices. Market risk comprises - market price risk (see note 17(b)), currency risk (see note 17(c)) and interest rate risk (see note 17(d)). The portfolio managers assess the exposure to market risk when making each investment decision, and monitor the overall level of market risk on the whole of the investment portfolio on an ongoing basis.

(b) Market price risk

Market price risks (i.e. changes in market prices other than those arising from interest rate or currency risk) may affect the value of the quoted investments.

Management of the risk

The Board of Directors manages the risks inherent in the investment portfolios by ensuring full and timely access to relevant information from the portfolio managers. The Board meets regularly and at each meeting reviews investment performance. The Board monitors the portfolio managers' compliance with the Company's objectives, and is directly responsible for oversight of the investment strategy and asset allocation.

The market value of quoted investments at 31 January 2016 was £166,251,000 (2015: £178,620,000).

Concentration of exposure to market price risk

A geographical analysis of the Company's investment portfolio is shown on page 9. This shows the significant amounts invested in Australia, China, Hong Kong, Japan and Singapore. Accordingly, there is a concentration of exposure to those countries, though it is recognised that an investment's country of domicile or of listing does not necessarily equate to its exposure to the economic conditions in that country.

Market price risk sensitivity

The following table illustrates the sensitivity of the return after taxation for the year and the equity to an increase or decrease of 25% (2015: 25%) in the fair value of the Company's investments. This level of change is considered to be reasonably possible based on observation of current market conditions. The sensitivity analysis is based on the Company's investments at each year end date and the investment management fees for the year ended 31 January 2016, with all other variables held constant.

2016

Increase

In fair

value

£'000

2016

Decrease

In fair

value

£'000

2015

Increase

In fair

value

£'000

2015

Decrease

In fair

value

£'000

Income statement - return after tax

Revenue return

Capital return

(206)

41,563

206

(41,563)

(211)

44,655

211

(44,655)

Impact on total return after tax for the year end and net assets

41,357

(41,357)

44,444

(44,444)

Most of the Company's assets, liabilities and income are denominated in currencies other than sterling (the Company's functional currency, and in which it reports its results). As a result, movements in exchange rates may affect the sterling value of those items.

Management of the risk

The portfolio managers monitor the Company's exposure to foreign currencies and report to the Board on a regular basis. The Executive Manager monitors the risk to the Company of the foreign currency exposure by considering the effect on the Company's Net Asset Value and income of a movement in the exchange rates to which the Company's assets, liabilities, income and expenses are exposed.

Foreign currency exposure

The table below shows, by currency, the split of the Company's non-sterling monetary assets and investments that are denominated in currencies other than sterling. The exposure is shown on a direct basis and not on a look through basis.

	AUS$	HK$	Yen	SG$	Other
2016	£'000	£'000	£'000	£'000	£'000
Debtors (due from brokers, dividends and other income receivable)	-	43	232	-	406
Cash at bank and in hand	-	-	-	-	5
Creditors (due to brokers, accruals and other creditors)	-	(14)	(1,503)	-	-
Total foreign currency exposure on net monetary items	-	29	(1,271)	-	411
Investments at fair value through profit or loss	4,252	34,350	46,090	14,493	46,101
Total net foreign currency exposure	4,252	34,379	44,819	14,493	46,512
	AUS$	HK$	Yen	SG$	Other
2015	£'000	£'000	£'000	£'000	£'000
Debtors (due from brokers, dividends and other income receivable)	-	-	475	3	398
Cash at bank and in hand	-	-	-	-	5
Creditors (due to brokers, accruals and other creditors)	-	(73)	(433)	(315)	-
Total foreign currency exposure on net monetary items	-	(73)	42	(312)	403
Investments at fair value through profit or loss	6,462	34,968	42,272	20,703	50,683
Total net foreign currency exposure	6,462	34,895	42,314	20,391	51,086

Foreign currency sensitivity

The sensitivity of the total return after tax for the year and the net assets in regard to the movements in the Company's foreign currency financial assets and financial liabilities and the exchange relates for the top 4 risk currencies are set out in the table below:

It assumes the following changes in exchange rates:

£/US$ +/- 15% (2015: no disclosure)

£/AUS$ +/- no disclosure (2015: 15%)

£/HK$ +/- 15% (2015: 15%)

£/Japanese Yen +/- 15% (2015: 15%)

£/SG$ +/- 15% (2015: 15%)

£/Other +/- 15% (2015: 15%)

These percentages have been determined based on the average market volatility in exchange rates in the previous five years and using the Company's foreign currency financial assets and financial liabilities held at each year end date.

If sterling had strengthened against the currencies shown, this would have had the following effect:

			2016					2015
	US$	HK$	Yen	SG$	Other	AUS$	HK$	Yen	SG$	Other
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Income statement - return after tax
Revenue return	(83)	(104)	(84)	(70)	(130)	(33)	(100)	(90)	(71)	(188)
Capital return	(2,147)	(4,480)	(6,012)	(1,890)	(4,421)	(843)	(4,561)	(5,514)	(2,700)	(6,611)
Impact on total return after tax for the year
and net assets	(2,230)	(4,584)	(6,096)	(1,960)	(4551)	(876)	(4,661)	(5,604)	(2,771)	(6,799)

If sterling had weakened against the currencies shown, this would have had the following effect:

			2016					2015
	US$	HK$	Yen	SG$	Other	AUS$	HK$	Yen	SG$	Other
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Income statement - return after tax
Revenue return	112	141	114	95	175	44	135	122	96	254
Capital return	2,905	6,062	8,134	2,558	5,980	1,140	6,171	7,460	3,653	8,944
Impact on total return after tax for the year
and net assets	3,017	6,203	8,248	2,653	6,155	1,184	6,306	7,582	3,749	9,198

In the opinion of the Directors, the above sensitivity analyses are not representative of the year as a whole, since the level of exposure changes frequently.

(d) Interest rate risk

Interest rate movements may affect the interest payable on the Company's variable rate borrowings where applicable.

Management of the risk

The majority of the Company's financial assets are non-interest bearing. As a result, the Company's financial assets are not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account when making investment decisions.

Interest rate exposure

The exposure at 31 January of financial assets and financial liabilities to interest rate risk is shown by reference to floating interest rates - when the interest rate is due to be reset.

	2016		2015
	Within	2016	Within	2015
	one year	Total	one year	Total
	£'000	£'000	£'000	£'000
Exposure to floating interest rates:
Cash at bank and in hand	5,412	5,412	5,893	5,893
Total net exposure to interest rates	5,412	5,412	5,893	5,893

The Company does not have any fixed interest rate exposure at 31 January 2016 (2015: nil). Interest receivable, and finance costs are at the following rates:

· Interest received on cash balances, or paid on bank overdrafts, is at a margin under LIBOR or its foreign currency equivalent (2015: same).

Interest rate sensitivity

The Company is not materially, directly exposed to changes in interest rates as the majority of financial assets are equity shares which do not pay interest. Therefore, the Company's total return and net assets are not materially affected by changes in interest rates.

(e) Liquidity risk

This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities.

Management of the risk

Liquidity risk is not significant as the majority of the Company's assets are investments in quoted equities that are readily realisable.

The Board gives guidance to the portfolio managers as to the maximum amount of the Company's resources that should be invested in one company.

Liquidity risk exposure

The remaining contractual maturities of the financial liabilities at 31 January 2016, based on the earliest date on which payment can be required are as follows:


		More than,				More than
	3 months	3 months				3 months
	3 months	not more than	More than	2016	3 months	not more than	More than	2015
	or less	one year	one year	Total	or less	one year	one year	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Creditors: amounts falling due within one year
Amounts due to brokers and accruals	2,012	-	-	2,012	1,219	-	-	1,219
	2,012	-	-	2,012	1,219	-	-	1,219

(f) Credit risk

The failure of the counterparty to a transaction to discharge its obligations under that transaction could result in the Company suffering a loss.

Management of the risk

The risk is not significant, and is managed as follows:

· investment transactions are carried out with a large number of brokers, whose credit-standing is reviewed periodically by the portfolio managers;

· Cash at bank and in hand are held only with reputable banks with high quality external credit ratings. None of the Company's financial assets have been pledged as collateral.

(g) Fair values of financial assets and financial liabilities

Investments are held at fair value through profit or loss. All liabilities are held in the Statement of Financial Position at a reasonable approximation of fair value.

Financial assets and financial liabilities are either carried in the Statement of Financial Position at their fair value (investments) or the Statement of Financial Position amount is a reasonable approximation of fair value (due from brokers, dividends and interest receivable, due to brokers, accruals, cash at bank and amounts due under the loan facility).

Fair value hierarchy disclosures

FRS 104 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy shall have the following classifications:

· Class A: quoted prices for identical instruments in active markets;

· Class B: prices of recent transactions for identical instruments; and

· Class C: valuation techniques using observable and unobservable market data.

The financial assets and liabilities measured at fair value in the Statement of Financial Position are grouped into the fair value hierarchy at the reporting date as follows:

				Class C
Financial assets and financial liabilities at fair value through profit or loss At 31 January 2016	Class A £'000	Class B £'000	Observable Inputs £'000	Unobservable Inputs £'000	Total £'000
Equity investments	141,375	24,876	-	-	166,251
Total	141,375	24,876	-	-	166,251
			Class C
Financial assets and financial liabilities	Class A	Class B	Observable	Unobservable	Total
at fair value through profit or loss	£'000	£'000	Inputs	Inputs	£'000
At 31 January 2015			£'000	£'000
At 31 January 2015
Equity investments	151,349	27,271	-	-	178,620
Total	151,349	27,271	-	-	178,620

The valuation techniques used by the Company are explained in the accounting policies in note 1(b).

There were no transfers during the year between Class A and Class B.

Investments classified as Class B are Gavekal Asian Opportunities Fund and Aberdeen Global Indian Equity Fund.

(h) Capital Management policies and procedures

The Company's capital management objectives are:

· to ensure that it will be able to continue as a going concern; and

· to maximise the income and capital return to its equity shareholders through equity capital funds.

The Company's capital at 31 January 2016 comprises its equity share capital and reserves that are shown in the Statement of Financial Position at a total of £170,388,000 (2015: £184,280,000).

The Board with assistance of the Executive Manager monitors and reviews the broad structure of the Company's capital on an ongoing basis. This review includes:

· the need to buy-back equity shares, either for cancellation or to hold in treasury, which takes account of the difference between the Net Asset Value per share and the share price (i.e. the level of share price discount or premium);

· the need for new issues of equity shares, including issues from treasury; and

· the extent to which revenue in excess of that which is required to be distributed should be retained.

The Company's objectives, policies and processes for managing capital are unchanged from the preceding accounting period. The Company is subject to several externally imposed capital requirements:

· As a public company, the Company has a minimum share capital of £50,000; and

· In order to be able to pay dividends out of profits available for distribution by way of dividends, the Company has to be able to meet one of the two capital restriction tests imposed on investment companies by company law. These requirements are unchanged since last year, and the Company has complied with them.

18 Transactions with the Manager

On 27 May 2005, the Company appointed Witan Investment Services Limited as Executive Manager and Aberdeen Asset Managers Limited and Nomura Asset Management U.K. Limited as portfolio managers. In April 2012, the Company appointed Matthews International Capital Management LLC and Gavekal capital Limited to replace Nomura. Each Management Agreement can be terminated at one month's notice in writing. Each portfolio manager is entitled to a base management fee, at rates between 0.20% and 0.75% per annum, calculated according to the value of the assets under their management; Aberdeen is also entitled to a performance fee based on relative outperformance against the MSCI AC Asia Pacific Index (sterling adjusted total return). The performance fee is calculated according to investment performance over a three year rolling period and is payable at a rate of 15% of the calculated outperformance relative to the benchmark (subject to a cap).

Any provisions included in the Statement of Comprehensive Income at 31 January 2016, are calculated on the actual performance of Aberdeen relative to the benchmark index. The provision assumes that both the benchmark index remains unchanged and that Aberdeen's assets under management perform in line with the benchmark index to 31 May 2016, being the date the next performance period ends. In addition, provisions have been made for the performance periods ending 31 May 2017 and 31 May 2018, on the assumption that Aberdeen performs in line with the benchmark to each period end. The total of these provisions amounts to £nil.

19 Subsequent events

Since the year end the Company has bought back 224,739 Ordinary shares at a cost of £517,157.30.

Ten year record (unaudited)

Asset at 31 January (£'000)

	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
Total assets less current liabilities
(excluding loans and Yen
convertible bonds)	158,591	135,595	130,626	104,096	137,866	170,182	163,411	182,346	168,246	184,280	170,388
Deferred taxation/provision
for liabilities and charges	(38)	(46)	(43)	(30)	-	-	(359)	(212)	-	-	-
Loans	(3,000)	(3,000)	(3,000)	(3,000)	(5,900)	(5,900)	(7,000)	(8,500)	(8,500)	-	-
Available for Ordinary shares	155,553	132,549	127,583	101,066	131,966	164,282	156,052	173,634	159,746	184,280	170,388

Net Asset Value at 31 January

	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
NAV per share	179.2p	181.9p	188.9p	152.3p	199.0p	248.0p	235.6p	262.9p	241.9p	279.5p	259.3p

Share Price at 31 January

	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
Mid-market price per share	168.0p	161.5p	161.8p	122.8p	165.0p	212.0p	193.6p	229.3p	213.5p	244.0p	231.0p
Discount to NAV (%)	6.3	11.2	14.4	19.4	17.1	14.5	17.8	12.8	11.7	12.7	10.9
Share price High	169.3p	177.5p	188.0p	176.0p	177.0p	221.6p	221.5p	231.0p	265.0p	248.0p	274.0p
Share price Low	113.4p	138.5p	156.0p	110.0p	106.2p	163.0p	174.9p	183.3p	213.0p	208.0p	209.5p

Total Returns (per AIC)

1 year to 31 January 2016

5 years to 31 January 2016

10 years to 31 January 2016

Total shareholder return

-3.5

20.5

61.1

Net asset value

-5.6

14.1

66.2

Revenue for the year ended 31 January

	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
Available for Ordinary
shares (£'000)	1,445	1,430	1,407	2,344	1,654	2,421	3,015	3,162	2,910	2,628	2,836
Earnings per share	1.33p	1.75p	2.00p	3.50p^*	2.49p	3.65p	4.55p	4.78p	4.41p	3.98p	4.31p
Dividends per share	1.33p	1.50p	1.65p	2.85p^†	2.10p	2.80p	4.00p	4.30p	4.45p	4.55p	4.65p

* Includes management fee rebate.

^†A special dividend of 1.00p per share was paid in the year ended 31 January 2009.

Performance (rebased at 31 January 2006)

	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
NAV per share¹	100.0	102.1	106.9	86.0	115.3	145.0	138.5	160.0	149.5	175.8	165.9
Benchmark¹	100.0	100.4	103.0	84.6	109.6	131.5	123.6	137.3	137.7	161.2	151.6
Mid-market price per share	100.0	96.9	97.9	75.0	102.9	133.8	123.8	151.4	143.5	167.3	161.4
Earnings per share	100.0	131.6	150.4	263.2	187.2	274.4	342.1	359.4	331.6	299.2	324.1
Dividends per share	100.0	112.8	124.1	214.3²	157.9	210.5	300.8	323.3	334.6	342.1	349.6
RPI	100.0	104.2	108.5	108.6	112.7	118.4	123.1	127.1	130.6	132.1	133.8

¹ Source: Datastream NAV per share, Benchmark and Shareprice are Total Returns including reinvested dividends.

² A special dividend of 1.00 per share was paid in the year ended 31 January 2009.

Cost of running the Company (Ongoing Charge) for the year ended 31 January (formally known as the Total Expense Ratio)

	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
Ongoing Charge/TER¹ as a
percentage of average net assets:
- excluding performance fees	0.9	0.8	0.7	0.8	0.8	0.7	0.8	1.0	1.0	1.1	1.1
- including performance fees	1.0	0.9	0.8	1.1	1.3	1.2	1.5	1.3	0.9	1.1	1.1

¹ TER (total expenses ratio) figures shown for 2006 to 2011.

Gearing at 31 January

	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
Gearing	(1.2)	0.6	0.9	(1.6)	1.0	2.7	3.4	4.2	3.2	Nil¹	Nil¹

¹ Since repayment of the loan on 28 March 2014, the Company has had no borrowings.

Definitions

Prior charges	All convertible bonds, loans, overdrafts, etc., used for investment purposes.
Operating costs	All costs charged to revenue and capital, except performance related management fees, all taxation and taxation relief, finance charges, the costs of purchase of share capital and the costs of buying and selling investments.
Gearing	Calculated as the difference between the market value of investments and net assets as a percentage of net assets. (Equivalent to AIC definition of net gearing).
Total assets	Total assets less current liabilities before deducting prior charges.
NAV	Net Asset Value (assuming prior charges at balance sheet value).
RPI	All-items Retail Price Index.
Average net assets	Average of net assets at end of each quarter.
Average total assets	Average of total assets at end of each quarter.
NAV total return	Return on net assets per share assuming that all dividends paid to shareholders were reinvested.
Share price total return	Return to the investor on mid-market prices assuming that all dividends received were reinvested.
AIC	Association of Investment Companies.
TER/Ongoing charges	Total expense ratio/The total of the recurring operating and investment management costs expressed as a percentage of net assets.

The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 January 2016. The statutory accounts for the year ended 31 January 2016 have been finalised and audited but have not yet been delivered to the Registrar of Companies. The statutory accounts for the year ended 31 January 2016 have been finalised on the basis of the information presented by the directors in this Annual Financial Report announcement and will be delivered to the Registrar of Companies shortly.

The audited annual financial report will be available to shareholders shortly. Copies may be obtained during normal business hours from the Company's Registered Office via the Company Secretary, Capita Company Secretarial Services Limited, 1^st Floor, 40 Dukes Place, London EC3A 7NH and are available on the Company's website at www.witanpacific.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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