Half-yearly Report

LONDON STOCK EXCHANGE ANNOUNCEMENT Pacific Assets Trust plc Unaudited Half Year Results For The Six Months Ended 31 July 2014 Company Summary As at As at % 31 July 31 change 2014 January 2014 Share price 171.0p 145.6p +17.5 Net asset value per share 179.2p 159.4p +12.4 Discount of share price to net asset value per share 4.6% 8.7% - Shareholders' funds £209.4m £186.3m +12.4 Market capitalisation £199.8m £170.1m +17.5 Six One year months to to 31 31 July January 2014 2014 Share price (total return)* +19.4% +0.3% Net asset value per share (total return)* +15.1% +0.9% MSCI All Country Asia ex Japan Index (total return, +13.4% -6.8% sterling adjusted)* *Source: Morningstar Dividends Year Year ended ended 31 31 January January 2014 2013 Final dividend per share 2.60p 2.60p - Half Year's Highs/Lows High Low Net asset value per share 179.4 158.1 Share price 173.0 145.6 Premium/(discount) of share price to net asset value 1.0% (7.5)% per share† †(Discount)/premium high - Narrowest (discount)/widest premium in period (Discount) low - Widest (discount) in period Chairman's Statement Performance I am pleased to report that your Company continues to perform well. During the six month period ended 31 July 2014, the Company's share price total return was +19.4% and the net asset value total return was +15.1%. This compares to a total return from the sterling adjusted MSCI All Country Asia ex Japan Index of +13.4%. The Company was the second best performing member of its peer group during the period under review. This strong performance has been reflected in the share price and has resulted in a narrowing of the share price discount to net asset value per share from 8.7% as at 31 January 2014 to 4.6% as at 31 July 2014. These results are part of a longer term picture which started in July 2010 when First State was appointed as Investment Manager. Since that date your Company has been the best performer within its peer group. I urge you to read the investment Manager's Review which provides an insight into the strategy which has been employed since First State's appointment. Revenue Account and Dividend The net revenue generated during the period fell when compared to the same period last year due to a reduction in the overall yield from portfolio investments. The Company's earnings per share for the period were 1.5p compared to 1.8p in the previous period. The Board reminds shareholders that it remains the Company's policy to pursue capital growth for shareholders with income being a secondary consideration. The Board As mentioned at the year-end Richard Horlick retired from the Board in June. The recruitment of a new Director is underway and an announcement will be made in due course. Alternative Investment Fund Managers Directive ("AIFMD") I reported in my year end statement that it in order to gain access to a lighter touch regulatory regime and hence save costs, it had been decided to register your Company as a small UK Alternative Investment Fund Manager with the Financial Conduct Authority ("FCA"). I am pleased to confirm that the Company was entered by the FCA on the register of small registered UK AIFMs with effect from 30 April 2014. This will be kept under review in the future. It remains the Company's policy to adhere to best practice in complying with all applicable regulations; the Board regards this as an important part of delivering returns to shareholders and also safeguarding the Company's assets. The Company's investment policy provides that the Board, in conjunction with the Company's Investment Manager, will keep the possibility of borrowings under review. However, shareholders should note that for so long as the Company remains on the register of small registered UK AIFMs it will be precluded from incurring borrowings. Outlook Increasingly high valuations in Asia have contributed to the strong performance over the past six months and your Board is mindful that this has been achieved against a backdrop of loose global monetary policy which we do not expect to continue on the same scale. Despite these concerns, your Board believes that your Investment Manager's approach in its efforts to identify well-managed companies which embrace a sustainable approach to business will provide superior returns over the longer term. David Nichol Chairman 22 September 2014 Investment Manager's Review In the short term Asian asset prices continue to be driven ever higher by lax global monetary policy. As a result, we are becoming ever more concerned about the risk of a serious market collapse in the region. Valuations of many good quality Asian companies have reached extreme levels. To give one example of many, our favourite Korean consumer company, Amorepacific, has re-rated dramatically and unjustifiably over recent years. When we first met the company in 2001, it was trading on a price to earnings ratio of less than five times. The shares now trade on a price to earnings ratio of over thirty times. While the company has worked hard to improve its corporate governance and long-term sustainability positioning, it is hard to argue that its long-term prospects are very different from what they were thirteen years ago. As a result of this re-rating, we have been left with no choice but to sell all the shares in the company. As bottom-up stock pickers, selling our favourite companies on valuation grounds is an uncomfortable but necessary decision. Whenever we buy shares in an Asian company, our hope and expectation is that we will remain on the share register for years if not decades to come. We aim to become long-term equity partners in each business and to establish healthy, long-term relationships with the management teams and board of directors of the companies to which we allocate capital. This is particularly important in terms of earning the right to engage with companies on a wide range of sustainability issues. Many if not most of the companies within your Company's portfolio complain about the challenges of having fickle, short-term shareholders on their registers. We tend to agree. Yet, whenever we sell for valuation reasons, we can't help but feel we are part of this problem. On the other hand, if we don't sell once the shares have become overvalued, we will be aiding and abetting the misallocation of capital. Equity bubbles are not good for society. Balancing the desire to be long-term shareholders with the desire to adhere to a sensible valuation discipline is not something we find easy to do. We have no proprietary valuation techniques that enable us to precisely measure the true value of each share your Company owns. In part this is because we have no crystal ball to be able to predict with certainty the cashflow profiles of our companies over the coming decades. Even if we could, there are still a number of other heroic assumptions we would be required to make in order to land on a definitive, precise calculation of a share's true value. Instead, we think about share values from as many different perspectives as possible in order to develop a broad-based assessment of whether the shares owned by your Company are overvalued, fairly valued or undervalued. We use earnings yields and discounted cash flows, comparisons to a company's accounting book value and guesstimates of the real replacement cost of a company's assets in order to help us make a subjective judgment as to where on the valuation spectrum a share is currently priced relative to its true worth. While it is easy enough to spot extreme over and under-valuation, most shares sit somewhere nearer the middle of this spectrum. For us, valuing companies is much more of an art than a science. The same is true for most, if not all, aspects of how we invest. As the saying goes, "Economists put decimal points in their forecasts to show they have a sense of humour." The same could be said of analysts' earnings forecasts and valuations. Your Company's cash levels have slowly edged up as we have trimmed or completely sold the most expensive companies within the portfolio. While we are certain we have little, if any, ability to time markets, we are prepared to be patient and wait for better entry prices before allocating your Company's capital to our favourite companies. We have a relatively long shopping list of well-managed Asian companies with strong sustainability positioning which we would love your Company to own at lower prices. We are optimistic that the opportunity will present itself sooner rather than later! Performance As always we find it hard to comment on six monthly performance. The table below illustrates the worst and best contributors to performance since January. In terms of worst performers, Standard Foods' profits have come under pressure from a combination of rising raw material prices, increased competition and slowing consumer demand in mainland China and Taiwan. Despite this short-term setback, we remain confident that the company is well-positioned for shifting consumer preferences in China and Taiwan towards healthy, safe, high quality food products. Uni-President China and Vitasoy have suffered in the short term for similar reasons. Elsewhere, Infosys continues to struggle to convince the market that is has solved its management succession problems while Weifu High Tech has experienced slower growth as a result of weakening industrial activity in China. Meanwhile, there are no convincing reasons we can identify as to why the share prices of Towngas China, Sabana, Airtac, Nations Trust Bank or Bank Nisp fell over the period, other than the short-term ebb and flow of share prices! The top performers list includes a number of companies who, like Amorepacific have seen their valuations significantly re-rate over recent years. In particular the valuations of Dabur and Marico have reached the upper end of what we can tolerate, regardless of our belief in the companies and their management teams. Investment Manager's Review Continued Top Ten Contributors to Net Asset Value Performance % Country Sector Contribution Amorepacific South Consumer 1.87% Korea Staples Marico India Consumer 1.42% Staples Tech Mahindra India Information 1.32% Technology Kasikornbank Thailand Financials 0.83% Delta Electronics (Thailand) Thailand Information 0.83% Technology Dabur India India Consumer 0.81% Staples Tube Investments of India India Industrials 0.76% Taiwan Semiconductor Manufacturing Taiwan Information 0.69% Technology Chroma ATE Taiwan Information 0.63% Technology Singapore Post Singapore Information 0.60% Technology 9.76% Bottom Ten Contributors to Net Asset Value Performance % Country Sector Contribution Standard Foods Taiwan Consumer (0.22)% Staples Infosys India Software (0.18)% Services Uni-President China China Consumer (0.09)% Staples Towngas China China Utilities (0.08)% Vitasoy International Holdings Hong Kong Consumer (0.05)% Staples Weifu High-Technology Group China Consumer (0.04)% Discretionary Sabana Shari'ah Compliant REIT Singapore Property (0.03)% AirTac International Taiwan Industrials (0.03)% Nations Trust Bank Sri Lanka Financials (0.03)% Bank OCBC NISP Indonesia Financials (0.02)% (0.77)% Source: First State Investment Management (UK) Limited Investment Manager's Review Continued Portfolio Changes During the period we initiated a position in Elgi Equipments, an Indian family business that specialises in manufacturing energy-efficient air compressors. We believe it is a strong domestic franchise that has proved it can successfully compete with multi-national peers. We also bought shares in Container Corp of India, a well-run logistics operation that is likely to be a beneficiary of a cyclical recovery in India, and Housing Development Finance, India's largest housing finance company. We believe all three companies are well positioned to benefit from India's infrastructure development and all three serve to improve the overall quality of the portfolio. We also added to Kansai Nerolac India and Idea Cellular on compelling valuations. We sold out of Uni-President China having lost conviction in the sustainability positioning of the company's products and our ability to influence change, as well as Infosys on the basis that we increasingly prefer Tech Mahindra. We also sold out of Nations Trust Bank due to the rising political influence in banks in Sri Lanka. We reduced our ownership in Singapore Telecom in the belief that Globe Telecom is a stronger franchise, in Tech Mahindra in order to control position size and in Delta Electronics on its expensive valuation. Engagement As long-term investors, we seek to be active shareholders in the companies in which your Company invests and believe it is our obligation to engage with companies where we have concerns over their approach to sustainability and governance issues. We acknowledge that there is no such thing as the perfect company and therefore for us engagement is an on-going process. Typically we engage through regular dialogue, meetings or by writing a personal letter. Examples of engagement issues identified and undertaken during the period include: - Dr Reddy's Laboratories (an Indian pharmaceutical company): We highlighted the opportunity to take the lead in improving global marketing practices amongst healthcare companies, an area we believe faces intense scrutiny from regulators globally in the coming years. - Kotak Mahindra Bank (an Indian bank): Following the floods in Uttarakhand, exacerbated by the excessive damming of rivers in the region, we have encouraged Kotak Mahindra Bank to take the lead in incorporating environmental and social parameters into its responsible lending process. While we appreciate that over damming raises questions around regulation and central planning, we also believe that these development risks come back to capital allocators either through defaults or reputation risks. - Sheng Siong (a Singaporean supermarket chain): Improved Board independence and clearer transparency on the actual dollar worth of their legal services. - Samsung Fire and Marine Insurance (a South Korean multinational insurance business): Following a share buyback programme where the shares were re-issued to a related party; we struggle to understand the logic in this transaction and how it will add value to our clients capital over a mid-long term investment. Engagement is ongoing. One of the engagement issues we are considering is increasing our efforts on diversity in India. Following the rulings of the new Indian Companies Act, that states companies must have one female director on their boards by 1 October 2014 (something we are delighted to see implemented); it has come to our attention that some companies are complaining of the paucity of suitable candidates and it is suggested are planning to simply appoint the wife of the promoter, or do as others have done and appoint a computer algorithm onto its board. We would be very disappointed if any of the Indian companies held within the portfolio took this approach and we will be actively engaging and informing the companies held within the strategy of our views on this. Outlook In short, we remain concerned that the worst is not yet behind us. The global economy remains artificially supported. Such support cannot last indefinitely, and as and when it is pulled away, the implications will be profound. As stockpickers all we can do in such times is keep our heads down and focus on identifying good quality Asian companies which are well positioned to contribute to and benefit from a shift towards a more genuinely sustainable development path. We continue to believe these companies are particularly well positioned to deliver long-term absolute returns to investors in the Asia Pacific Region. David Gait Senior Investment Manager First State Investment Management (UK) Limited 22 September 2014 Portfolio as at 31 July 2014 Investment Sector* Market % of total Country of valuation assets less incorporation £'000 current liabilities Marico Consumer Staples 12,044 5.8 India Tech Mahindra Information 12,002 5.7 India Technology Taiwan Semiconductor Information 7,994 3.8 Taiwan Manufacturing Technology Dabur India Consumer Staples 7,873 3.8 India Public Bank Financials 7,180 3.4 Malaysia Standard Foods Consumer Staples 7,074 3.4 Taiwan Delta Electronics Information 7,046 3.4 Thailand (Thailand) Technology Idea Cellular Telecom Services 6,858 3.3 India Kasikornbank Financials 6,828 3.2 Thailand E.Sun Financial Holdings Financials 6,678 3.2 Taiwan Ten largest investments 81,577 39.0 Towngas China† Utilities 6,392 3.1 Cayman Islands Samsung Fire & Marine Financials 6,080 2.9 South Korea Insurance Dr Reddy's Laboratories Healthcare 5,322 2.5 India DGB Financial Financials 5,199 2.5 South Korea Chroma ATE Information 5,164 2.5 Taiwan Technology Kotak Mahindra Bank Financials 5,138 2.4 India Globe Telecom Telecom Services 4,855 2.3 Philippines Manila Water Utilities 4,526 2.2 Philippines XL Axiata Telecom Services 4,279 2.0 Indonesia Singapore Post Industrials 3,852 1.8 Singapore Twenty largest 132,384 63.2 investments Uni-President Enterprise Consumer Staples 3,714 1.8 Taiwan Axiata Group Telecom Services 3,701 1.8 Malaysia SembCorp Industries Industrials 3,443 1.6 Singapore Housing Development Financials 3,365 1.6 India Finance Linde India Industrials 3,261 1.6 India Tube Investments of Industrials 3,027 1.4 India India Bank of the Philippine Financials 2,979 1.4 Philippines Islands Singapore Telecom Services 2,945 1.4 Singapore Telecommunications Ayala Corporation Financials 2,862 1.4 Philippines Weifu High-Technology Consumer 2,706 1.3 China Group Discretionary Thirty largest 164,387 78.5 investments Sheng Siong Consumer Staples 2,392 1.1 Singapore MTR Industrials 2,337 1.1 Hong Kong ENN Energy† Utilities 2,326 1.1 Cayman Islands China Mengniu Dairy† Consumer Staples 2,267 1.1 Cayman Islands AirTac International^ Industrials 1,993 0.9 Cayman Islands Giant Manufacturing Consumer 1,850 0.9 Taiwan Discretionary Shinhan Financial Financials 1,627 0.8 South Korea Pidilite Industries Materials 1,497 0.7 India Marico Bangladesh Consumer Staples 1,414 0.7 Bangladesh Kansai Nerolac Paints Materials 1,375 0.7 India Forty largest 183,465 87.6 investments *MSCI sector classifications †Economic activity takes place principally in China ^Economic activity takes place principally in Taiwan Portfolio as at 31 July 2014 Continued Investment Sector* Market % of total Country of valuation assets less incorporation £'000 current liabilities Delta Electronics Information 1,180 0.6 Taiwan (Taiwan) Technology Info Edge (India) Information 1,024 0.5 India Technology Mahindra Lifespace Industrials 873 0.4 India Developers Cholamandalam Investment Financials 862 0.4 India & Finance Container Corp of India Industrials 855 0.4 India Vitasoy International Consumer Staples 838 0.4 Hong Kong Holdings Hemas Holdings Industrials 680 0.3 Sri Lanka Swire Properties Financials 530 0.3 Hong Kong EID Parry (India) Materials 510 0.2 India Godrej Consumer Products Consumer Staples 448 0.2 India Fifty largest 191,265 91.3 investments Bank OCBC NISP Financials 446 0.2 Indonesia Marico Kaya Enterprises Consumer 167 0.1 India Discretionary DBS Group Financials 106 0.1 Singapore Elgi Equipments Industrials 44 0.0 India Total portfolio 192,028 91.7 Net current assets 17,375 8.3 Total assets less 209,403 100.0 current liabilities *MSCI sector classifications Income Statement for the six months ended 31 July 2014 (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31 July 2014 31 July 2013 31 January 2014 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on - 26,434 26,434 - 11,820 11,820 - 1,792 1,792 investments held at fair value through profit or loss Exchange - (125) (125) - 61 61 - (204) (204) differences on currency balances Income (note 2) 2.416 - 2,416 2,829 - 2,829 4,195 - 4,195 Investment (233) (1,941) (2,174) (232) (2,021) (2,253) (455) (2,711) (3,166) management, management and performance fees (note 3) Other expenses (233) - (233) (259) (2) (261) (567) (29) (596) Return/(loss) on 1,950 24,368 26,318 2,338 9,858 12,196 3,173 (1,152) 2,021 ordinary activities before taxation Taxation on (164) - (164) (229) - (229) (298) - (298) ordinary activities Return/(loss) 1,786 24,368 26,154 2,109 9,858 11,967 2,875 (1,152) 1,723 after taxation attributable to equity shareholders Return/(loss) per 1.5 20.9 22.4 1.8 8.4 10.2 2.5 (1.0) 1.5 ordinary share (p) (note 4) The Total column of this statement represents the Company's Income Statement. The Revenue and Capital columns are supplementary to this and are both prepared under guidance published by the Association of Investment Companies (AIC). All revenue and capital items in the Income Statement derive from continuing operations. The Company had no recognised gains or losses other than those declared in the Income Statement. Reconciliation of Movements in Shareholders' Funds for the six months ended 31 July 2014 (Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 31 July 31 July 31 2014 2013 January £'000 £'000 2014 £'000 Opening shareholders' funds 186,287 187,602 187,602 Return for the period 26,154 11,967 1,723 Dividends paid (3,038) (3,038) (3,038) Closing shareholders' funds 209,403 196,531 186,287 Balance Sheet as at 31 July 2014 (Unaudited) (Unaudited) (Audited) As at As at As at 31 July 31 July 31 2014 2013 January £'000 £'000 2014 £'000 Fixed assets Investments held at fair value through profit 192,028 183,046 175,532 or loss Current assets Debtors 843 485 561 Cash at bank 18,425 14,878 13,052 19,268 15,363 13,613 Creditors (amounts falling due within one (1,893) (1,878) (2,858) year) Net current assets 17,375 13,485 10,755 Net assets 209,403 196,531 186,287 Capital and reserves Share capital 14,606 14,606 14,606 Share premium account 4 4 4 Capital redemption reserve 1,648 1,648 1,648 Special reserve 14,572 14,572 14,572 Capital reserve 173,704 160,346 149,336 Revenue reserve 4,869 5,355 6,121 Equity shareholders' funds 209,403 196,531 186,287 Net asset value per ordinary share (p) (note 179.2 168.2 159.4 5) Cash Flow Statement for the six months ended 31 July 2014 (Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 31 July 31 July 31 2014 2013 January £'000 £'000 2014 £'000 Net cash (outflow)/inflow from operating (380) 566 589 activities Financial investment Purchases of investments (16,382) (21,251) (47,009) Sales of investments 25,298 23,416 47,590 Net cash inflow from financial investment 8,916 2,165 581 Equity dividends paid (3,038) (3,038) (3,038) Increase/(decrease) in cash 5,498 (307) (1,868) Reconciliation of net cash flow to movement in net funds Increase/(decrease) in cash resulting from 5,498 (307) (1,868) cash flows Exchange differences on currency balances (125) 61 (204) Movement in net funds 5,373 (246) (2,072) Net funds at beginning of period 13,052 15,124 15,124 Net funds at period end 18,425 14,878 13,052 Reconciliation of net return before finance costs and taxation to net cash flow from operating activities Net return before finance costs and taxation 26,318 12,196 2,021 Gains on investments (26,434) (11,820) (1,792) Exchange differences on currency balances 125 (61) 204 Irrecoverable withholding tax on investment (133) (213) (236) income Changes in working capital and other non-cash (256) 464 392 items Net cash (outflow)/inflow from operating (380) 566 589 activities Notes to the Accounts 1. Basis of preparation The condensed financial statements have been prepared under the historical cost convention, except for the measurement of investments which are valued at fair value, and in accordance with applicable accounting standards, the Statement of Recommended Practice `Financial Statements of Investment Trust Companies and Venture Capital Trusts' dated January 2009 and the UK Accounting Standards Board's Statement `Half Yearly Financial Reports'. The same accounting policies that were used for the year ended 31 January 2014 have been applied in these financial statements. 2. Income (Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 31 July 31 July 31 2014 2013 January £'000 £'000 2014 £'000 Investment income 2,416 2,829 4,195 Total income 2,416 2,829 4,195 3. Investment Management fee, Management and Performance fees (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31 July 2014 31 July 2013 31 January 2014 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Investment 185 555 740 185 556 741 364 1,090 1,454 management fee - First State Investment Management Performance fee - 1,243 1,243 - 1,325 1,325 - 1,346 1,346 accrual* - First State Management fee - 48 143 191 47 140 187 91 275 366 Frostrow 233 1,941 2,174 232 2,021 2,253 455 2,711 3,166 *Details of the performance fee basis can be found in the Report of the Directors on page 23 of the Company's Annual Report for the year ended 31 January 2014. 4. Return/(loss) per ordinary share The total return per ordinary share price is based on the total return attributable to Shareholders of £26,154,000 (six months ended 31 July 2013: £ 11,967,000; year ended 31 January 2014: £1,723,000) and on 116,848,386 shares (six months ended 31 July 2013: 116,848,386; year ended 31 January 2014: 116,848,386), being the weighted average number of shares in issue. The revenue return per ordinary share price is calculated by dividing the net revenue return attributable to Shareholders of £1,786,000 (six months ended 31 July 2013: £2,109,000; year ended 31 January 2014: £2,875,000) by the weighted average number of shares in issue as above. The capital return/(loss) per ordinary share price is calculated by dividing the net capital return attributable to Shareholders of £24,368,000 (six months ended 31 July 2013: £9,858,000; year ended 31 January 2014: net capital loss £ 1,152,000) by the weighted average number of shares in issue as above. Notes to the Accounts Continued 5. Net asset value per ordinary share The net asset value per ordinary share is based on the net assets attributable to Shareholders of £209,403,000 (31 July 2013: £196,531,000; 31 January 2014: £ 186,287,000) and on 116,848,386 shares in issue (six months ended 31 July 2013: 116,848,386; year ended 31 January 2013: 116,848,386). 6. 2014 accounts These are not statutory accounts in terms of Section 434 of the Companies Act 2006 and are unaudited. Statutory accounts for the year to 31 January 2014, which received an unqualified audit report, have been lodged with the Registrar of Companies. No statutory accounts in respect of any period after 31 January 2014 have been reported on by the Company's auditor or delivered to the Registrar of Companies. Earnings for the first six months should not be taken as a guide to the results for the full year. Interim Management Report Principal Risks and Uncertainties The Company's principal area of risk relates to its investment activity and also its strategy. The Company is also exposed to currency risk in respect of the markets in which it invests. Other risks faced by the Company include financial, operational, accounting, legal and regulatory and also risks related to shareholder relations and corporate governance. These risks, and the way in which they are managed, are described in more detail under the heading Risk Management within the Strategic Report in the Company's Annual Report for the year ended 31 January 2014. The Company's principal risks and uncertainties have not changed materially since the date of that report and are not expected to change materially for the remaining six months of the Company's financial year. Related Party Transactions During the first six months of the current financial year no material transactions with related parties have taken place which have affected the financial position or the performance of the Company during the period. Going Concern The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, and the nature of the portfolio and its expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts. Directors' Responsibilities The Board of Directors confirms that, to the best of its knowledge: (i) the condensed set of financial statements contained within the half year financial report has been prepared in accordance with the Accounting Standards Board's Statement `Half Yearly Financial Reports' and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 31 July 2014, as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and (ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules. In order to provide these confirmations, and in preparing these financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgments and accounting estimates that are reasonable and prudent; • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and the Directors confirm that they have done so. The Half Year Report has not been reviewed or audited by the Company's auditor. David Nichol Chairman 22 September 2014 Frostrow Capital LLP Company Secretary 22 September 2014 0203 008 4913 www.frostrow.com A copy of the Half Year Report has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do The Half Year Report will also shortly be available on the Company's website at www.pacific-assets.co.uk where up to date information on the Company, including daily NAV, share prices and fact sheets, can also be found. END

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