Directorate Change

20 September 2013

                   PACIFIC ASSETS TRUST plc (the "Company")                    

                              Board of Directors                               

The Board of Pacific Assets Trust plc is pleased to announce the appointment of
Mr James Williams as an independent non-executive Director of the Company, with
effect from 1 October 2013.

An experienced investor, Mr Williams brings a wealth of experience to the Board
having held a number of senior roles at Baring Asset Management, including
Chief Investment Officer and Head of International Business (Asia, Europe,
Middle East and US). He is currently a non-executive Director of Investors
Capital Trust PLC and JPMorgan American Investment Trust PLC and was formerly a
non-executive Director of Close Brothers Group PLC and Royal London Growth &
Income Trust PLC.

A resolution proposing the election of Mr Williams as a non-executive Director
will be considered by shareholders at the Annual General Meeting of the Company
to be held on 24 June 2014.

Mr Williams currently holds no ordinary shares in the Company.

There is no further information to be disclosed under Listing Rule 9.6.13R(2)
to (6).

- ENDS-

For further information please contact:

Mark Pope       Frostrow Capital LLP                         020 3 008 4913