Interim Management Statement

PACIFIC ASSETS TRUST plc                            

     Interim Management Statement - 3 months to 30 April 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.         

The 3 month period ended 30 April 2011 provided mixed returns for the region
due, in part, to the devastating earthquake in Japan, concerns over inflation
and increasing instability in the Middle East and North Africa. The Company's
investment manager remains concerned about the continued optimism of markets
and disregard of risks and maintains a defensive stance, focussing on company
attributes such as pricing power, sustainable cash flows and growing dividend
yields. The Company's net asset value total return in the period was 0.2%
compared to a rise of 1.9% in the Company's benchmark, the MSCI All Country
Asia ex Japan Index measured in sterling terms on a total return basis. The
Company's share price total return for the period was -4.6%. The Company
remained at the bottom of its peer group both in terms of its net asset value
and share price performance during the period. The discount of the Company's
share price to its net asset value per share widened to 7.7% at 30 April 2011
from 4.0% at 31 January 2011. Despite unease over events both within and
outside the region, Asian equity markets were aided by strong economic growth
and robust corporate earnings during a period which saw a number of central
banks in the region raise interest rates and China report an unexpected trade
deficit.

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 30 April 2011 to 16 June 2011 (the latest practicable date
prior to the issue of this document), the Company's net asset value total
return was -1.2% compared to a fall of 3.7% in the Company's benchmark. The
Company's share price total return was -2.9% during the same period.

The Company's loan facility, which had been provided by ING Bank N.V., was
cancelled by the Board on 6 May 2011 as First State Investment Management (UK)
Limited, the Company's investment manager, rarely uses gearing.

The Company's Annual General Meeting will be held at the City of London Club,
19 Old Broad Street, London EC2N 1DS on Tuesday 28 June 2011, commencing at 12
noon. If approved by shareholders at the Annual General Meeting, the Company
will pay an unchanged final dividend of 1.29p per share on 30 June 2011 to
shareholders on the register on 3 June 2011.

Trust Characteristics

                                    30 April 2011         31 January 2011     
                                                                              
Number of Holdings                       51                     54            
                                                                              
Net Assets (£m)                         159.7                  160.1          
                                                                              
Share Price (p)                        125.50                 131.50          
                                                                              
NAV per share (p)                      135.96                 137.00          
                                                                              
Discount of share price to NAV          7.7%                   4.0%           
per share                                                                     

Source: Frostrow Capital LLP

Geographical Analysis

                               % of portfolio             % of portfolio      
                                                                              
                              at 30 April 2011          at 31 January 2011    
                                                                              
Taiwan                              17.8                       18.5           
                                                                              
Singapore                           17.4                       18.2           
                                                                              
Hong Kong                           16.9                       17.8           
                                                                              
South Korea                         12.8                       12.8           
                                                                              
India                                9.6                       9.7            
                                                                              
Thailand                             6.6                       6.0            
                                                                              
Philippines                          6.4                       6.8            
                                                                              
China                                2.4                       2.5            
                                                                              
Indonesia                            0.5                        -             
                                                                              
Sri Lanka                            0.5                        -             
                                                                              
Malaysia                             0.2                       1.4            
                                                                              
Papua N. Guinea                       -                        1.0            
                                                                              
Liquidity                            8.9                       5.3            
                                                                              
Total                               100.0                     100.0           

Source: Frostrow Capital LLP

10 Largest Investments

Name

                                  % of portfolio          % of portfolio      
                                                                              
                                 at 30 April 2011       at 31 January 2011    
                                                                              
E.Sun Financial Holding                 5.6                     5.4           
                                                                              
DBS Group                               4.8                     3.8           
                                                                              
Taiwan Semiconductor                    4.8                     4.9           
Manufacturing                                                                 
                                                                              
Singapore Post                          4.5                     3.9           
                                                                              
Manila Water                            4.1                     4.0           
                                                                              
Daegu Bank                              4.0                     3.3           
                                                                              
Samsung Fire & Marine                   3.5                     3.4           
Insurance                                                                     
                                                                              
Kasikornbank                            3.4                     3.5           
                                                                              
Singapore Telecommunications            3.4                     2.4           
                                                                              
Hong Kong & China Gas                   3.3                     3.0           
                                                                              
Total                                  41.4                    37.6           

Source: Frostrow Capital LLP

Total Return Performance to 30 April 2011

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     -4.6%           +6.0%          +3.8%           +50.3%         
                                                                              
NAV per share   +0.2%           +6.0%          +4.3%           +48.1%         
                                                                              
Benchmark*      +1.9%           +11.8%         +33.1%          +82.1%         

Source: Bloomberg & Morningstar

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

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

17 June 2011