Dividend Declaration

NEWS RELEASE

27 March 2012

                           PACIFIC ASSETS TRUST plc                            

                            Proposed Final Dividend                            

The Board has recommended a proposed final dividend of 2.6p per share in
respect of the year ended 31 January 2012. The proposed dividend will be
ratified by shareholders at the Annual General Meeting to be held on 19 June
2012. Following shareholder approval, the dividend will be paid on 29 June 2012
to shareholders on the register on 1 June 2012.

The associated ex-dividend date will be 30 May 2012.

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For further information please contact:

Mark Pope, Company Secretary

Frostrow Capital LLP

Telephone [phone]

27 March 2012