Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 30 November 2011

This data will be available on the Company's website, http://
www.pacific-assets.co.uk from 16 December 2011.

Top Ten Equity Holdings                        %        
                                                        
Taiwan Semiconductor Manufacturing            6.1       
                                                        
Manila Water                                  5.1       
                                                        
DBS Group                                     4.9       
                                                        
Hong Kong & China Gas                         4.9       
                                                        
Singapore Telecommunications                  4.4       
                                                        
Towngas China                                 4.1       
                                                        
Samsung Fire & Marine Insurance               3.8       
                                                        
DGB Financial Group                           3.5       
                                                        
Kasikornbank                                  3.4       
                                                        
Philippine Long Distance Telephone            3.3       
                                                        
Total                                        43.5       
                                                        
Geographical breakdown                         %        
                                                        
Hong Kong                                    17.0       
                                                        
Singapore                                    15.9       
                                                        
Taiwan                                       13.7       
                                                        
India                                        12.2       
                                                        
South Korea                                  10.9       
                                                        
Liquidity                                    10.4       
                                                        
Philippines                                   9.2       
                                                        
Thailand                                      5.5       
                                                        
Malaysia                                      3.3       
                                                        
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-                                    

16 December 2011

Frostrow Capital LLP

Secretary