Interim Management Statement

PACIFIC ASSETS TRUST plc                            

     Interim Management Statement - 3 months to 30 April 2014 (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 2014, the Company's net asset value
and share price total returns were +2.7% and +6.3% respectively both
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 2.5%. With
regard to its peer group, the Company ranked sixth (out of eight) in terms of
its net asset value total return performance in the period and fifth in terms
of its share price total return performance. The discount of the Company's
share price to its net asset value per share narrowed to 3.9% at 30 April 2014
from 7.2% at 31 January 2014.

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 2014 to 17 June 2014 (the latest practicable date
prior to the issue of this document), the Company's net asset value total
return was 6.6% compared to a rise of 5.0% in the Company's benchmark. The
Company's share price total return was 8.9% during the same period.

Richard Horlick will be retiring from the Board at the conclusion of the
Company's Annual General Meeting, to be held at 10.00am at Skinners' Hall, 8
Dowgate Hill, London EC4R 2SP on Tuesday, 24 June 2014.

An unchanged final dividend for the year of 2.60 pence per ordinary share will
be paid on 27 June 2014 to shareholders on the register on 30 May 2014. The
associated ex-dividend date was 28 May 2014. Last year the dividend was paid on
28 June 2013 to shareholders on the register on 31 May 2013. The associated ex
dividend date was 29 May 2013.

The Company has been entered by the FCA on the register of small registered UK
AIFMs and for so long as the Company remains on the register the Company shall
be precluded from incurring borrowings. The Company's investment policy
provides that the Board, in conjunction with the Company's investment manager,
First State Investment Management (UK) Limited, shall keep the possibility of
borrowings under review, but the use of borrowings is not envisaged except in
exceptional circumstances.

Trust Characteristics

                                 30 April 2014       31 January 2014          
                                                                              
Number of Holdings               53                  52                       
                                                                              
Total Assets (£m)                191.9               186.3                    
                                                                              
Share Price (p)                  154.75              145.63                   
                                                                              
NAV per share (p)                161.04              156.97                   
                                                                              
Discount of share price to NAV   3.9%                7.2%                     
per share                                                                     

Source: Frostrow Capital LLP

Geographical Analysis (by Country of Primary Listing)

                          % of portfolio            % of portfolio            
                                                                              
                          at 30 April 2014          at 31 January 2014        
                                                                              
India                     26.0                      26.8                      
                                                                              
Taiwan                    16.9                      18.0                      
                                                                              
Singapore                 9.7                       9.8                       
                                                                              
South Korea               8.3                       8.5                       
                                                                              
Philippines               7.2                       7.0                       
                                                                              
Thailand                  6.6                       6.2                       
                                                                              
Malaysia                  5.2                       5.1                       
                                                                              
Hong Kong                 5.1                       5.3                       
                                                                              
China                     4.2                       4.4                       
                                                                              
Indonesia                 2.4                       1.7                       
                                                                              
Bangladesh                0.9                       0.6                       
                                                                              
Sri Lanka                 0.3                       0.8                       
                                                                              
Liquidity                 7.2                       5.8                       
                                                                              
Total                     100.0                     100.0                     

Source: Frostrow Capital LLP

10 Largest Investments

Name                           % of portfolio        % of portfolio           
                                                                              
                               at 30 April 2014      at 31 January 2014       
                                                                              
Tech Mahindra                  5.3                   6.3                      
                                                                              
Marico                         5.0                   5.3                      
                                                                              
Taiwan Semiconductor           4.0                   3.8                      
Manufacturing                                                                 
                                                                              
Dabur India                    3.6                   3.5                      
                                                                              
Standard Foods                 3.5                   4.0                      
                                                                              
Public Bank                    3.4                   3.3                      
                                                                              
Delta Electronics (Thailand)   3.3                   3.2                      
                                                                              
Kasikornbank                   3.3                   3.0                      
                                                                              
Towngas China                  3.3                   3.5                      
                                                                              
Samsung Fire & Marine          3.1                   3.3                      
Insurance                                                                     
                                                                              
Total                          37.8                  39.2                     

Source: Frostrow Capital LLP

Total Return Performance (%) to 30 April 2014 (%)

               3 Months     1 Year       3 Years      5 Years      First State*
                                                                   *           
                                                                               
Share Price    +2.70        +0.48        +29.5        +101.5       +47.0       
                                                                               
NAV per share  +6.27        -1.77        +23.8        +96.4        +39.2       
                                                                               
Benchmark*     +2.48        -5.97        -1.1         +62.5        +16.0       

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.

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
20 June 2014