Director Declaration

30 July 2012

                           PACIFIC ASSETS TRUST plc                            

                                (the "Company")                                

             Notification of Board changes and Directors' details              

Announcement is made in respect of paragraph 9.6.14R of the Listing Rules on
behalf of Terence Mahony, non executive Director.

The Company hereby announces that Terence Mahony, non-executive Director, was
appointed as a non-executive Director of Tau Capital plc with effect from 24
July 2012.

                                    - END -                                    

Contact information:

Mark Pope - 020 3 008 4913

Frostrow Capital LLP

Company Secretary