Net Asset Value(s)

PACIFIC ASSETS TRUST PLC NET ASSET VALUE The estimated un-audited net asset value, calculated in accordance with the guidelines of the Association of Investment Companies and applicable accounting standards, for Pacific Assets Trust plc at the close of business on 3 November 2010 was 132.94p (ex income) 134.22p (cum income). For and on behalf of the Board Frostrow Capital LLP Secretary 4 November 2010
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