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 22 August 2011 was 122.71p (ex income) 125.34p (cum income). For and on behalf of the Board Frostrow Capital LLP Secretary 23 August 2011
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