Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 31 March 2013

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

Pacific Assets Trust plc as at 31 March 2013

Top Ten Equity Holdings                        %        
                                                        
Taiwan Semiconductor Manufacturing            5.6       
                                                        
Marico                                        5.0       
                                                        
Towngas China                                 5.0       
                                                        
AmorePacific                                  4.9       
                                                        
DBS Group                                     4.4       
                                                        
Manila Water                                  4.2       
                                                        
Satyam Computer Services                      4.0       
                                                        
Singapore Telecommunications                  3.4       
                                                        
Public Bank                                   3.1       
                                                        
Kasikornbank                                  3.1       
                                                        
Total                                        42.7       
                                                        
Geographical breakdown                         %        
                                                        
India                                        19.2       
                                                        
Taiwan                                       15.8       
                                                        
Singapore                                    13.7       
                                                        
South Korea                                  12.4       
                                                        
Hong Kong                                    10.0       
                                                        
Philippines                                   8.2       
                                                        
Malaysia                                      6.0       
                                                        
Thailand                                      5.7       
                                                        
Liquidity                                     5.4       
                                                        
China                                         2.8       
                                                        
Indonesia                                     0.4       
                                                        
Sri Lanka                                     0.2       
                                                        
Bangladesh                                    0.2       
                                                        
Total                                        100.0      
                                                        
Actual Gearing                                0.0       

Note: All percentages are based on total assets less current liabilities

                                    - ENDS-                                    

22 April 2013

Frostrow Capital LLP

Secretary