Interim Management Statement

PACIFIC ASSETS TRUST plc                            

    Interim Management Statement - 3 months to 31 October 2013 (unaudited)     

Investment Objective

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 31 October 2013, the Company's net asset value
and share price total returns were

-1.7% and -0.9% respectively both underperforming the Company's benchmark, the
MSCI All Country Asia ex Japan Index measured in sterling terms on a total
return basis, which rose by 2.3%. With regard to its peers, the Company was
ranked last in terms of net asset value total return performance and sixth (out
of eight) in terms of share price total return performance during the period.
The discount of the Company's share price to its net asset value per share
narrowed slightly to 1.3% at 31 October 2013 from 2.0% at 31 July 2013. Poor
returns in the period were due, in large part, to weak performances from Manila
Water and Marico, two of the Company's largest holdings. Manila Water's share
price fell as the market became more concerned about an extended period of
regulatory uncertainty. Marico's share price fell following a period of slow
overseas sales. The Company's Investment Manager regards both of these setbacks
as temporary and remains convinced that both companies are well-positioned to
perform well in the future.  

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 2013 to 5 December 2013 (the latest practicable
date prior to the issue of this document), the Company's net asset value total
return was -2.3%, in line with the Company's benchmark. The Company's share
price total return was -8.4% during the same period.

Mr James Williams joined the Board on 1 October 2013 as an independent
non-executive Director. Mr Williams brings a wealth of experience to the Board
having held a number of senior non-executive positions; he was formerly Chief
Investment Officer and Head of International Business at Baring Asset
Management.

Trust Characteristics

                                     31 October 2013              31 July 2013
                                                                              
Number of Holdings                                50                        53
                                                                              
Total Assets (£m)                             194.0m                    196.5m
                                                                              
Gearing (AIC basis)                               0%                        0%
                                                                              
Share Price (p)                               161.50                    163.00
                                                                              
Ex Income NAV per share (p)                   163.58                    166.38
                                                                              
Discount of share price to the                  1.3%                      2.0%
ex income NAV per share                                                       

Source: Frostrow Capital LLP


Geographical Analysis (by Country of Primary Listing)

                                      % of portfolio            % of portfolio
                                  at 31 October 2013           at 31 July 2013
                                                                              
India                                           23.5                      21.2
                                                                              
Taiwan                                          15.9                      13.9
                                                                              
Singapore                                       11.6                      12.8
                                                                              
South Korea                                      8.7                      10.5
                                                                              
Philippines                                      8.4                       8.1
                                                                              
Hong Kong                                        7.1                       9.3
                                                                              
Thailand                                         6.5                       6.4
                                                                              
Malaysia                                         5.7                       6.0
                                                                              
China                                            4.0                       3.5
                                                                              
Indonesia                                        1.0                       0.4
                                                                              
Sri Lanka                                        0.7                       0.7
                                                                              
Bangladesh                                       0.4                       0.3
                                                                              
Liquidity                                        6.5                       6.9
                                                                              
Total                                          100.0                     100.0

Source: Frostrow Capital LLP


10 Largest Investments

Name

                                      % of portfolio            % of portfolio
                                  at 31 October 2013           at 31 July 2013
                                                                              
Tech Mahindra                                    5.5                       4.7
                                                                              
Towngas China                                    5.2                       5.3
                                                                              
Marico                                           4.8                       4.4
                                                                              
Taiwan Semiconductor                             4.0                       3.8
                                                                              
Manufacturing                                                                 
                                                                              
DBS Group                                        4.0                       4.5
                                                                              
Kasikornbank                                     3.5                       3.5
                                                                              
Public Bank                                      3.3                       3.2
                                                                              
Samsung Fire & Marine                            3.2                       3.1
Insurance                                                                     
                                                                              
Manila Water                                     3.1                       3.5
                                                                              
Delta Electronics (Thailand)                     3.0                       2.9
                                                                              
Total                                           39.6                      38.9

Source: Frostrow Capital LLP


Total Return Performance to 31 October 2013

                3 Months      1 Year      3 Years      5 Years    First State**
                                                                               
Share Price      -0.9%        +23.9%       +35.6%      +202.7%       +53.4%    
                                                                               
NAV per share    -1.7%        +12.7%       +31.0%      +164.2%       +41.4%    
                                                                               
Benchmark*       +2.3%        +10.8%       +9.8%       +128.3%       +23.0%    
                                                                               

Source: Bloomberg & Morningstar

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

** Performance since First State was appointed as Investment Manager with
effect from 1 July 2010.

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

11 December 2013