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 25 August
2011 was 124.41p (ex income) 127.18p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

26 August 2011