Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 30 April 2011

This data will be available on the Company's website, 
http://www.pacific-assets.co.uk from 23 May 2011.

Top Ten Equity Holdings                        %        
                                                        
E.Sun Financial Holding                       5.6       
                                                        
DBS Group                                     4.8       
                                                        
Taiwan Semiconductor Manufacturing            4.8       
                                                        
Singapore Post                                4.5       
                                                        
Manila Water                                  4.1       
                                                        
Daegu Bank                                    4.0       
                                                        
Samsung Fire & Marine Insurance               3.5       
                                                        
Kasikornbank                                  3.4       
                                                        
Singapore Telecommunications                  3.4       
                                                        
Hong Kong & China Gas                         3.3       
                                                        
Total                                        41.4       
                                                        
Geographical breakdown                         %        
                                                        
Taiwan                                       17.8       
                                                        
Singapore                                    17.4       
                                                        
Hong Kong                                    16.9       
                                                        
South Korea                                  12.8       
                                                        
India                                         9.6       
                                                        
Liquidity                                     8.9       
                                                        
Thailand                                      6.6       
                                                        
Philippines                                   6.4       
                                                        
China                                         2.4       
                                                        
Indonesia                                     0.5       
                                                        
Sri Lanka                                     0.5       
                                                        
Malaysia                                      0.2       
                                                        
Total                                        100.0      
                                                        
Actual Gearing                               100.0      

Note: All percentages are based on Gross Assets.

                                    - ENDS-                                    

20 May 2011

Frostrow Capital LLP

Secretary