Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 31 January 2011

This data will be available on the Company's website, 
http://www.pacific-assets.co.uk from 11 February 2011.

Top Ten Equity Holdings                                              
                                                                     
                          %                                          
                                                                     
E.Sun Financial                                                      
                                                                     
                         5.4                                         
                                                                     
Taiwan Semiconductor Manufacturing                                   
                                                                     
                         4.9                                         
                                                                     
Manila Water                                                         
                                                                     
                         4.0                                         
                                                                     
Singapore Post                                                       
                                                                     
                         3.9                                         
                                                                     
DBS                                                                  
                                                                     
                         3.8                                         
                                                                     
Kasikornbank                                                         
                                                                     
                         3.5                                         
                                                                     
Samsung Fire & Marine Insurance                                      
                                                                     
                         3.4                                         
                                                                     
Daegu Bank                                                           
                                                                     
                         3.3                                         
                                                                     
MTR                                                                  
                                                                     
                         3.2                                         
                                                                     
Transport International                                              
                                                                     
                         3.2                                         
                                                                     
Total                                                                
                                                                     
                         38.6                                        
                                                                     
Geographical breakdown                                               
                                                                     
                          %                                          
                                                                     
Taiwan                                                               
                                                                     
                         18.5                                        
                                                                     
Singapore                                                            
                                                                     
                         18.2                                        
                                                                     
Hong Kong                                                            
                                                                     
                         17.8                                        
                                                                     
South Korea                                                          
                                                                     
                         12.8                                        
                                                                     
India                                                                
                                                                     
                         9.7                                         
                                                                     
Philippines                                                          
                                                                     
                         6.8                                         
                                                                     
Thailand                                                             
                                                                     
                         6.0                                         
                                                                     
Liquidity                                                            
                                                                     
                         5.3                                         
                                                                     
China                                                                
                                                                     
                         2.5                                         
                                                                     
Malaysia                                                             
                                                                     
                         1.4                                         
                                                                     
Papua N.Guinea                                                       
                                                                     
                         1.0                                         
                                                                     
Sri Lanka                                                            
                                                                     
                         0.0                                         
                                                                     
Total                                                                
                                                                     
                        100.0                                        
                                                                     
Actual Gearing                                                       
                                                                     
                        100.0                                        
                                                                     

Note: All percentages are based on Gross Assets.

                                    - ENDS-                                    

10 February 2011

Frostrow Capital LLP

Secretary