Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 31 December 2011

This data will be available on the Company's website, http://
www.pacific-assets.co.uk from 16 January 2012.

Pacific Assets Trust plc as at 31 December 2011                   
                                                                  
Top Ten Equity Holdings                                %          
                                                                  
Taiwan Semiconductor Manufacturing                    6.2         
                                                                  
Manila Water                                          5.2         
                                                                  
Hong Kong & China Gas                                 5.0         
                                                                  
DBS Group                                             4.5         
                                                                  
Singapore Telecommunications                          4.4         
                                                                  
Towngas China                                         3.9         
                                                                  
Samsung Fire & Marine Insurance                       3.6         
                                                                  
Kasikornbank                                          3.5         
                                                                  
Philippine Long Distance Telephone                    3.5         
                                                                  
DGB Financial Group                                   3.4         
                                                                  
Total                                                 43.2        
                                                                  
Geographical breakdown                                 %          
                                                                  
Hong Kong                                             16.7        
                                                                  
Singapore                                             16.0        
                                                                  
Taiwan                                                14.0        
                                                                  
India                                                 11.6        
                                                                  
South Korea                                           10.6        
                                                                  
Liquidity                                             9.9         
                                                                  
Philippines                                           9.8         
                                                                  
Thailand                                              5.9         
                                                                  
Malaysia                                              3.5         
                                                                  
China                                                 0.9         
                                                                  
Indonesia                                             0.6         
                                                                  
Sri Lanka                                             0.5         
                                                                  
Total                                                100.0        
                                                                  
Actual Gearing                                        0.0         
                                                                  

Note: All percentages are based on Gross Assets.

                                    - ENDS-                                    

13 January 2012

Frostrow Capital LLP

Secretary