Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 31 March 2015

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

Pacific Assets Trust plc as at 31 March 2015

Top Ten Equity Holdings                     %        
                                                     
Tech Mahindra                              5.2       
                                                     
Vitasoy International Holdings             4.9       
                                                     
Marico                                     4.7       
                                                     
Taiwan Semiconductor Manufacturing         4.2       
                                                     
Delta Electronics (Thailand)               3.8       
                                                     
Standard Foods                             3.6       
                                                     
Idea Cellular                              3.5       
                                                     
Kotak Mahindra Bank                        3.1       
                                                     
E.Sun Financial Holding                    3.0       
                                                     
Dr Reddy's Laboratories                    2.9       
                                                     
Total                                      38.9      
                                             
        
Geographical breakdown                      %        
                                                     
India                                      30.8      
                                                     
Taiwan                                     16.5      
                                                     
Philippines                                9.2       
                                                     
Hong Kong                                  6.4       
                                                     
China                                      5.7       
                                                     
Thailand                                   5.3       
                                                     
Singapore                                  4.1       
                                                     
Malaysia                                   3.1       
                                                     
South Korea                                2.7       
                                                     
Indonesia                                  2.6       
                                                     
Sri Lanka                                  1.3       
                                                     
Bangladesh                                 1.2       
                                                     
United States*                             0.6       
                                                     
Net Current Assets                         10.5      
                                                     
Total                                     100.0      
                                                     
Actual Gearing                             0.0       

*Represented by a company listed in the United States but whose economic
activities are predominantly within the Asia Pacific region.

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

                                    - ENDS-                                    

23 April 2015
Frostrow Capital LLP
Secretary