Interim Management Statement

PACIFIC ASSETS TRUST plc                            

    Interim Management Statement - 3 months to 31 October 2010 (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.         

The 3 month period ending 31 October 2010 was a positive one for the region and
this was reflected in the Company's performance. The Company's net asset value
per share rose by 9.6% and the share price by 16.0%, compared to a rise of
10.4% in the Company's benchmark, the MSCI All Country Asia ex Japan Index
measured in sterling terms on a total return basis. The discount of the
Company's share price to its net asset value per share narrowed to 4.2% at 31
October 2010 from 10.0% at 31 July 2010. The Philippines and Thailand
outperformed particularly during the period with India and Malaysia also
posting strong returns while China and South Korea lagged. Resources shares
lead the way as Asian stocks rose to twenty six-month highs as sentiment
improved on positive data from the US service sector and on expectations for
additional easing measures from the world's central banks.

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 31 October 2010 to 13 December 2010, the Company's net asset
value per share rose by 3.4% and the share price by 3.6% compared to a rise of
the 3.0% in the Company's benchmark (all on a total return basis).

Trust Characteristics

                                   31 October 2010         31 July 2010       
                                                                              
Number of Holdings                       48                     47            
                                                                              
Net Assets (£m)                        153.9m                 140.0m          
                                                                              
Gearing (AIC basis)                      100                    100           
                                                                              
Share Price (p)                        125.00                 107.75          
                                                                              
NAV (p)                                130.51                 119.78          
                                                                              
Discount of share price to NAV          4.2%                   10.0%          
per share                                                                     

Source: Frostrow Capital LLP

Geographical Analysis

                                % of portfolio            % of portfolio      
                                                                              
                              at 31 October 2010          at 31 July 2010     
                                                                              
Hong Kong                            16.4                      16.9           
                                                                              
Taiwan                               16.1                      15.5           
                                                                              
Singapore                            13.4                      14.2           
                                                                              
India                                11.9                      13.6           
                                                                              
South Korea                          10.6                      11.8           
                                                                              
Philippines                          7.8                        8.4           
                                                                              
Thailand                             7.6                        5.9           
                                                                              
China                                5.4                        3.2           
                                                                              
Liquidity                            5.3                        5.3           
                                                                              
Papua N. Guinea                      3.3                        3.1           
                                                                              
Malaysia                             2.2                        0.9           
                                                                              
Japan                                 -                         1.2           
                                                                              
Total                               100.0                      100.0          

Source: Frostrow Capital LLP

10 Largest Investments

Name

                                  % of portfolio          % of portfolio      
                                                                              
                                at 31 October 2010        at 31 July 2010     
                                                                              
Kasikornbank                            4.6                     3.7           
                                                                              
E.Sun Financial Holding                 4.4                     4.1           
                                                                              
Manila Water                            4.4                     4.0           
                                                                              
MTR                                     4.1                     5.4           
                                                                              
Singapore Post                          4.0                     3.9           
                                                                              
Taiwan Semiconductor                    4.0                     4.5           
Manufacturing                                                                 
                                                                              
Oil Search                              3.4                     3.1           
                                                                              
Marico                                  3.4                     2.6           
                                                                              
Swire Pacific                           3.4                     3.1           
                                                                              
Transport International                 3.3                     3.4           
Holdings                                                                      
                                                                              
Total                                  39.0                    37.8           

Source: Frostrow Capital LLP

Total Return Performance to 31 October 2010

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     +16.0%          +26.5%         -18.7%          +103.8%        
                                                                              
NAV per share   +9.6%           +21.5%         -21.2%          +87.3%         
                                                                              
Benchmark*      +10.4%          +27.1%         +12.2%          +125.0%        

Source: Bloomberg & Morningstar

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

Past performance is not a guide to future performance.

First State Investment Management (UK Limited) were appointed as the Company's
Investment Manager with effect from 1 July 2010. Prior to this date F&C
Investment Business Limited acted as the Company's Investment Manager.

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

17 December 2010