Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 30 November 2014

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

Pacific Assets Trust plc as at 30 November 2014

Top Ten Equity Holdings                     %        
                                                     
Tech Mahindra                              6.0       
                                                     
Marico                                     4.9       
                                                     
Taiwan Semiconductor Manufacturing         4.2       
                                                     
Delta Electronics (Thailand)               3.9       
                                                     
Vitasoy International Holdings             3.9       
                                                     
Standard Foods                             3.3       
                                                     
E.Sun Financial Holdings                   3.2       
                                                     
Idea Cellular                              3.1       
                                                     
Dr. Reddy's Laboratories                   3.1       
                                                     
Kotak Mahindra Bank                        2.9       
                                                     
Total                                      38.5      
                                                     
Geographical breakdown                      %        
                                                     
India                                      30.0      
                                                     
Taiwan                                     16.9      
                                                     
Philippines                                8.0       
                                                     
Singapore                                  6.5       
                                                     
China                                      6.4       
                                                     
Thailand                                   5.4       
                                                     
Hong Kong                                  5.2       
                                                     
Malaysia                                   3.4       
                                                     
South Korea                                3.3       
                                                     
Indonesia                                  2.4       
                                                     
Bangladesh                                 0.9       
                                                     
Sri Lanka                                  0.8       
                                                     
Liquidity                                  10.8      
                                                     
Total                                     100.0      
                                                     
Actual Gearing                             0.0       

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

                                    - ENDS-                                    

17 December 2014

Frostrow Capital LLP

Secretary