Director/PDMR Shareholding

Annex DTR3

Notification of Transactions of Directors/Persons Discharging

Managerial Responsibility and Connected Persons

Please complete all relevant boxes should in block capital letters.

1.	Name of theissuer PACIFIC ASSETS TRUST plc	2.	State whether the notification relates to (i) a transaction notified in accordance withDTR 3.1.2 R, (ii) a disclosure made in accordance with section 793 of the Companies Act 2006, or (iii) in accordance with paragraph 26 of the Model Code NOTIFICATION RELATES TO (i)
3.	Name of person discharging managerial responsibilities/director MR JAMES WILLIAMS (DIRECTOR)	4.	State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person PURCHASE BY DIRECTOR AND HIS WIFE
5.	Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest1 AS IN 4.	6.	Description of shares (including class), debentures or derivatives or financial instruments relating to shares ORDINARY 12.5p SHARES
7.	Name of registered shareholders(s) and, if more than one, the number of shares held by each of them NOT STATED		State the nature of the transaction PURCHASE
9.	Number of shares, debentures or financial instruments relating to shares acquired 20,000 ORDINARY SHARES	10.	Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage) 0.02%
11.	Number of shares, debentures or financial instruments relating to shares disposed NOT APPLICABLE	12.	Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage) NOT APPLICABLE
13.	Price per share or value of transaction 189.5p PER SHARE	14.	Date and place of transaction 21 DECEMBER 2015, LONDON
15.	Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) 40,000 ORDINARY SHARES (0.03%)	16.	Date issuer informed of transaction 21 DECEMBER 2015

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17	Date of grant _____	18.	Period during which or date on which exercisable _____
19.	Total amount paid (if any) for grant of the option _____	20.	Description of shares or debentures involved (class and number) _____
21.	Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise _____	22.	Total number of shares or debentures over which options held following notification _____
23.	Any additional information	24.	Name of contact and telephone number for queries MARK POPE 020 3 008 4913

Name of authorised officer of issuer responsible for making notification

    MARK POPE, FOR AND ON BEHALF OF FROSTROW CAPITAL LLP, COMPANY SECRETARY

Date of notification:  21 December 2015

This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1).

(1)        An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2)        An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.

(3)        An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.

(4)        An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and

24.