Alternative Investment Fund Managers Directive

NEWS RELEASE

                                                                     7 May 2014

                    PACIFIC ASSETS TRUST plc (the "Company")

            Alternative Investment Fund Managers Directive (AIFMD)             

The Company announces that it has been entered by the FCA on the register of
small registered UK AIFMs. The Company's investment policy provides that the
Board, in conjunction with the Company's investment manager, First State
Investment Management (UK) Limited, shall keep the possibility of borrowings
under review, but that the use of borrowings is not envisaged except in
exceptional circumstances. For so long as the Company remains on the register
of small registered UK AIFMs, however, the Company shall be precluded from
incurring borrowings.

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For further information please contact:

Mark Pope, Company Secretary
Frostrow Capital LLP
Telephone [phone]