Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 30 November 2010

This data will be available on the Company's website, http://
www.pacific-assets.co.uk from 14 December 2010.

Top Ten Equity Holdings           %                 
                                                    
E.Sun Financial Holding          4.5                
                                                    
Manila Water                     4.4                
                                                    
Taiwan Semiconductor             4.0                
Manufacturing                                       
                                                    
MTR                              3.9                
                                                    
Kasikornbank                     3.9                
                                                    
Singapore Post                   3.8                
                                                    
Swire Pacific                    3.7                
                                                    
Transport International          3.4                
Holdings                                            
                                                    
Hong Kong & China Gas            3.4                
                                                    
SMRT                             3.2                
                                                    
Total                           38.2                
                                                    
Geographical breakdown            %                 
                                                    
Hong Kong                       20.5                
                                                    
Taiwan                          15.8                
                                                    
Singapore                       14.8                
                                                    
India                           10.4                
                                                    
South Korea                     10.4                
                                                    
Philippines                      7.4                
                                                    
Thailand                         7.4                
                                                    
Liquidity                        4.4                
                                                    
China                            4.0                
                                                    
Papua N.Guinea                   2.9                
                                                    
Malaysia                         2.0                
                                                    
Total                           100.0               
                                                    
Actual Gearing                  100.0               
                                                    

Note: All percentages are based on Gross Assets.

                                    - ENDS-                                    

13 December 2010

Frostrow Capital LLP

Secretary