Interim Management Statement

PACIFIC ASSETS TRUST plc                            

     Interim Management Statement - 3 months to 30 April 2013 (unaudited)      

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 `Asia Pacific Region'). Up to a maximum of 20%
of the Company's total assets (at the time of investment) may be invested in
companies incorporated and/or listed outside the Asia Pacific Region, including
Japan, Australia and New Zealand, but whose economic activities are
predominantly within the Asia Pacific Region.

During the 3 month period ended 30 April 2013, the Company's net asset value
and share price total returns were +5.3% and +6.1% respectively both
significantly outperforming the Company's benchmark, the MSCI All Country Asia
ex Japan Index measured in sterling terms on a total return basis, which rose
by 1.5%. The Company also outperformed its peers in terms of its share price
total return performance and ranked second in terms of its net asset value
total return performance during the period. The discount of the Company's share
price to its net asset value per share narrowed to 6.0% at 30 April 2013 from
6.7% at 31 January 2013.

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 2013 to 21 June 2013 (the latest practicable date
prior to the issue of this document), the Company's net asset value total
return was -6.0% compared to a fall of 9.1% in the Company's benchmark. The
Company's share price total return was -4.9% during the same period.

All of the resolutions proposed at the Company's Annual General Meeting, held
on 25 June 2013, were passed. Details of the level of proxy votes received can
be found on the Company's website at www.pacific-assets.co.uk. Mr Stuart Leckie
retired from the Board at the conclusion of the Annual General Meeting.

The final dividend for the year of 2.60 pence per ordinary share will be paid
on 28 June 2013 to shareholders on the register on 31 May 2013.

Trust Characteristics

                                 30 April 2013       31 January 2013          
                                                                              
Number of Holdings               54                  53                       
                                                                              
Total Assets (£m)                198.3               187.6                    
                                                                              
Share Price (p)                  156.50              147.50                   
                                                                              
NAV per share (p)                166.42              158.01                   
                                                                              
Discount of share price to NAV   6.0%                6.7%                     
per share                                                                     

Source: Frostrow Capital LLP



Geographical Analysis

                          % of portfolio            % of portfolio            
                          at 30 April 2013          at 31 January 2013        
                                                                              
India                     18.8                      18.6                      
                                                                              
Taiwan                    16.0                      13.8                      
                                                                              
Singapore                 14.1                      14.8                      
                                                                              
South Korea               11.7                      12.6                      
                                                                              
Hong Kong                 10.2                      9.0                       
                                                                              
Philippines               8.3                       9.9                       
                                                                              
Malaysia                  6.0                       5.8                       
                                                                              
Thailand                  5.6                       5.4                       
                                                                              
Liquidity                 5.1                       7.3                       
                                                                              
China                     3.2                       1.8                       
                                                                              
Indonesia                 0.5                       0.5                       
                                                                              
Sri Lanka                 0.3                       0.2                       
                                                                              
Bangladesh                0.2                       0.2                       
                                                                              
Japan                     -                         0.1                       
                                                                              
Total                     100.0                     100.0                     

Source: Frostrow Capital LLP



10 Largest Investments

Name                           % of portfolio        % of portfolio           
                               at 30 April 2013      at 31 January 2013       
                                                                              
Taiwan Semiconductor           6.0                   5.7                      
Manufacturing                                                                 
                                                                              
Marico                         5.2                   5.3                      
                                                                              
Towngas China                  5.1                   4.1                      
                                                                              
AmorePacific                   4.7                   4.9                      
                                                                              
DBS Group                      4.5                   4.2                      
                                                                              
Manila Water                   4.1                   4.9                      
                                                                              
Singapore Telecommunications   3.6                   3.4                      
                                                                              
Satyam Computer Services       3.4                   3.8                      
                                                                              
Public Bank                    3.1                   3.0                      
                                                                              
Kasikornbank                   3.1                   2.9                      
                                                                              
Total                          42.8                  42.2                     

Source: Frostrow Capital LLP


Total Return Performance to 30 April 2013 (%)

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     +6.1            +31.0          +36.6           +33.7          
                                                                              
NAV per share   +5.3            +27.6          +33.5           +31.4          
                                                                              
Benchmark*      +1.5            +14.0          +17.6           +40.0          

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

25 June 2013