Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 31 October 2012

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

Pacific Assets Trust plc as at 31 October 2012

Top Ten Equity Holdings                     %        
                                                     
AmorePacific                               6.4       
                                                     
Taiwan Semiconductor Manufacturing         6.3       
                                                     
Marico                                     5.6       
                                                     
DBS Group                                  4.5       
                                                     
Manila Water                               4.5       
                                                     
Towngas China                              4.3       
                                                     
Satyam Computer Services                   4.0       
                                                     
Samsung Fire & Marine Insurance            3.6       
                                                     
Singapore Telecommunications               3.6       
                                                     
Public Bank                                3.5       
                                                     
Total                                      46.3      
                                                  
   
Geographical breakdown                      %        
                                                     
Singapore                                  15.9      
                                                     
India                                      15.4      
                                                     
Taiwan                                     14.4      
                                                     
South Korea                                14.1      
                                                     
Hong Kong                                  8.8       
                                                     
Philippines                                8.7       
                                                     
Liquidity                                  8.1       
                                                     
Malaysia                                   6.3       
                                                     
Thailand                                   4.8       
                                                     
China                                      1.8       
                                                     
Indonesia                                  0.7       
                                                     
Japan                                      0.4       
                                                     
Sri Lanka                                  0.4       
                                                     
Bangladesh                                 0.2       
                                                     
Total                                     100.0      
                                                     
Actual Gearing                             0.0       

Note: All percentages are based on Gross Assets.

                                    - ENDS-                                    

19 November 2012

Frostrow Capital LLP

Secretary