Interim Management Statement

PACIFIC ASSETS TRUST plc                            

    Interim Management Statement - 3 months to 31 October 2011 (unaudited)     

  Pacific Assets Trust plc seeks to achieve long term capital growth through   
  investment in selected companies in the Asia Pacific region and the Indian   
        sub-continent, but excluding Japan, Australia and New Zealand.         

Despite a recent but brief improvement in equity markets, the 3 month period
ended 31 October 2011 was a difficult one for the region and this was reflected
in the performance of the Company's benchmark, the MSCI All Country Asia ex
Japan Index measured in sterling terms on a total return basis, which fell by
10.8% in the period. The Company performed marginally better with a net asset
value per share total return of -10.5% and a share price total return of -8.0%.
Relative to the Company's peer group, the Company was third out of eight in
terms of share price performance and sixth out of eight in terms of net asset
value per share performance. The discount of the Company's share price to its
cum income net asset value per share narrowed to 9.2% at 31 October 2011 from
10.9% at 31 July 2011, in line with the movement in the discounts within the
peer group. Asian shares have struggled against a backdrop of weakening credit
markets, with investors still nervous despite the formation of a new Greek
unity government who are intent on avoiding a default on the country's debt.
Attention has also fallen on Italy and Spain who, in addition to their own debt
burdens, have both recently undergone changes in their political leadership.
The spectre of a global recession is again looming where export-dependent Asian
markets would be badly affected.

Over the period the level of cash in the portfolio was increased slightly as
was exposure to Hong Kong, India and the Philippines while exposure to China,
Singapore, South Korea and Thailand was reduced.

During the three-month period and to the date of this report none of the
Company's shares were repurchased for cancellation.

In the period from 1 November 2011 to 28 November 2011 (the latest practicable
date prior to the issue of this document), the Company's net asset value per
share total return was -1.9% and the share price total return -2.3% compared to
a fall of 5.6% in the Company's benchmark.

Trust Characteristics

                                   31 October 2011         31 July 2011       
                                                                              
Number of Holdings                       54                     55            
                                                                              
Total Assets (£m)                      146.9m                 162.6m          
                                                                              
Gearing (AIC basis)                      100                    100           
                                                                              
Share Price (p)                        114.13                 124.00          
                                                                              
Cum Income NAV per share (p)           125.71                 139.12          
                                                                              
Discount of share price to NAV          9.2%                   10.9%          
per share                                                                     

Source: Frostrow Capital LLP

Geographical Analysis

                                % of portfolio            % of portfolio      
                                                                              
                              at 31 October 2011          at 31 July 2011     
                                                                              
Singapore                            17.1                      17.6           
                                                                              
Hong Kong                            16.2                      15.6           
                                                                              
Taiwan                               16.0                      16.6           
                                                                              
India                                12.6                      11.3           
                                                                              
South Korea                          11.6                      12.7           
                                                                              
Philippines                          8.3                        7.5           
                                                                              
Thailand                             6.6                        7.6           
                                                                              
Malaysia                             2.7                        1.2           
                                                                              
China                                0.9                        2.5           
                                                                              
Indonesia                            0.6                        0.5           
                                                                              
Sri Lanka                            0.4                        0.5           
                                                                              
Liquidity                            7.0                        6.4           
                                                                              
Total                               100.0                      100.0          

Source: Frostrow Capital LLP

10 Largest Investments

Name

                                  % of portfolio          % of portfolio      
                                                                              
                                at 31 October 2011        at 31 July 2011     
                                                                              
Taiwan Semiconductor                    5.6                     5.0           
Manufacturing                                                                 
                                                                              
Manila Water                            4.9                     4.5           
                                                                              
DBS Group                               4.6                     5.3           
                                                                              
Hong Kong & China Gas                   4.5                     4.3           
                                                                              
Singapore Telecommunications            4.3                     4.2           
                                                                              
Samsung Fire & Marine                   3.9                     3.6           
Insurance                                                                     
                                                                              
DGB Financial Group                     3.5                     3.6           
                                                                              
Kasikornbank                            3.4                     3.6           
                                                                              
Towngas China                           3.3                     2.5           
                                                                              
Singapore Post                          3.2                     3.2           
                                                                              
Total                                  41.2                    39.8           

Source: Frostrow Capital LLP

Total Return Performance to 31 October 2011

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     -8.0%           -7.8%          +105.9%         +40.7%         
                                                                              
NAV per share   -10.5%          -5.0%          +91.6%          +38.9%         
                                                                              
Benchmark*      -10.8%          -7.4%          +92.6%          +65.7%         

Source: Bloomberg & Morningstar

* Benchmark - MSCI All Country Asia ex Japan Index (total return: sterling
adjusted)

Past performance is not a guide to future performance.

This Interim Management Statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.

This Interim Management Statement is available on the Company's website 
www.pacific-assets.co.uk

The Company's net asset value per share is announced daily and is available,
together with the share price, on the TrustNet website at www.trustnet.com

SEDOL Code:

Ordinary shares - 0667438

ISIN -

Ordinary Shares GB0006674385

For further information contact: Mark Pope on 0203 008 4913

Frostrow Capital LLP

Company Secretary

29 November 2011