Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 31 May 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 May 2012                        
                                                                  
Top Ten Equity Holdings                                %          
                                                                  
Taiwan Semiconductor Manufacturing                    6.6         
                                                                  
Manila Water                                          5.8         
                                                                  
AmorePacific                                          4.8         
                                                                  
DBS Group                                             4.5         
                                                                  
Kasikornbank                                          4.2         
                                                                  
Towngas China                                         4.2         
                                                                  
Hongkong & China Gas                                  4.2         
                                                                  
Singapore Telecommunications                          4.2         
                                                                  
Samsung Fire & Marine Insurance                       3.3         
                                                                  
Marico                                                3.2         
                                                                  
Total                                                 45.0        
                                                                  
Geographical breakdown                                 %          
                                                                  
Singapore                                             16.1        
                                                                  
Taiwan                                                16.1        
                                                                  
Hong Kong                                             14.1        
                                                                  
South Korea                                           13.2        
                                                                  
India                                                 12.0        
                                                                  
Philippines                                           11.3        
                                                                  
Thailand                                              6.1         
                                                                  
Malaysia                                              5.5         
                                                                  
Liquidity                                             3.0         
                                                                  
China                                                 1.6         
                                                                  
Indonesia                                             0.7         
                                                                  
Sri Lanka                                             0.3         
                                                                  
Total                                                100.0        
                                                                  
Actual Gearing                                        0.0         

Note: All percentages are based on Gross Assets.

                                    - ENDS-                                    

15 June 2012

Frostrow Capital LLP

Secretary