Directorate Change

24 June 2015

PACIFIC ASSETS TRUST plc

(the “Company”)

Notification of Board Changes

The Company hereby announces that Mr David Nichol has retired as a non-executive Director and Chairman of the Company on 24 June 2015. Mr James Williams has taken over as Chairman of the Company with effect from the same date.

It is further announced that Ms Charlotta Ginman has taken over from Mr Nigel Rich as Chairman of the Company’s Audit Committee. Mr Rich continues to act as the Company’s Senior Independent Director.

There is no further information to be disclosed under Listing Rule 9.6.11R to 9.6.15G.