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 May 2011 was 136.83p (ex income) 137.57p (cum income). For and on behalf of the Board Frostrow Capital LLP Secretary 4 May 2011
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