Directorate Change

21 January 2015

                   PACIFIC ASSETS TRUST plc (the "Company")                    

                              Board of Directors                               

It is announced that Mr David Nichol will retire as a Director and Chairman of
the Company with effect from the conclusion of the Company's Annual General
Meeting to be held on Wednesday, 24 June 2015. Mr James Williams will take over
as Chairman of the Company with effect from that date.

It is further announced that Ms Charlotta Ginman will take over from Mr Nigel
Rich as Chairman of the Company's Audit Committee with effect from the
conclusion of the Company's Annual General Meeting to be held on Wednesday, 24
June 2015.

Mr Rich will continue to act as the Company's Senior Independent Director.

Biographies of all of the Company's Directors can be found on the Company's
website at www.pacific-assets.co.uk

- ENDS-

For further information please contact:

Mark Pope       Frostrow Capital LLP                         020 3 008 4913