Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 31October 2011

This data will be available on the Company's website, http://
www.pacific-assets.co.uk from 30 November 2011.

Top Ten Equity Holdings                     %        
                                                     
Taiwan Semiconductor Manufacturing         5.6       
                                                     
Manila Water                               4.9       
                                                     
DBS Group                                  4.6       
                                                     
Hong Kong & China Gas                      4.5       
                                                     
Singapore Telecommunications               4.3       
                                                     
Samsung Fire & Marine Insurance            3.9       
                                                     
DGB Financial Group                        3.5       
                                                     
Kasikornbank                               3.4       
                                                     
Towngas China                              3.3       
                                                     
Singapore Post                             3.2       
                                                     
Total                                      41.2      
                                                     
Geographical breakdown                      %        
                                                     
Singapore                                  17.1      
                                                     
Hong Kong                                  16.2      
                                                     
Taiwan                                     16.1      
                                                     
India                                      12.6      
                                                     
South Korea                                11.6      
                                                     
Philippines                                8.2       
                                                     
Liquidity                                  7.0       
                                                     
Thailand                                   6.6       
                                                     
Malaysia                                   2.7       
                                                     
China                                      0.9       
                                                     
Indonesia                                  0.6       
                                                     
Sri Lanka                                  0.4       
                                                     
Total                                     100.0      
                                                     
Actual Gearing                             0.0       

Note: All percentages are based on Gross Assets.

                                    - ENDS-                                    

30 November 2011

Frostrow Capital LLP

Secretary