Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 31 March 2012

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

17 April 2012.

Pacific Assets Trust plc as at 31 March 2012                      

Top Ten Equity Holdings                     %        
                                                     
Taiwan Semiconductor Manufacturing         6.5       
                                                     
Manila Water                               5.3       
                                                     
Hongkong & China Gas                       5.0       
                                                     
DBS Group                                  4.8       
                                                     
Towngas China                              4.8       
                                                     
Singapore Telecommunications               4.2       
                                                     
Kasikornbank                               4.2       
                                                     
Philippine Long Distance Telephone         3.4       
                                                     
Samsung Fire & Marine Insurance            3.4       
                                                     
Marico                                     3.4       
                                                     
Total                                      45.0      
                                                     
Geographical breakdown                      %        
                                                     
Hong Kong                                  17.6      
                                                     
Singapore                                  17.1      
                                                     
Taiwan                                     15.4      
                                                     
Philippines                                10.7      
                                                     
South Korea                                9.7       
                                                     
India                                      9.6       
                                                     
Liquidity                                  7.2       
                                                     
Thailand                                   6.7       
                                                     
Malaysia                                   3.5       
                                                     
China                                      1.5       
                                                     
Indonesia                                  0.6       
                                                     
Sri Lanka                                  0.4       
                                                     
Total                                     100.0      
                                                     
Actual Gearing                             0.0       

Note: All percentages are based on Gross Assets.

                                    - ENDS-                                    

17 April 2012

Frostrow Capital LLP

Secretary