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, for Pacific Assets Trust plc at the close of business on 6 January 2014 was 159.32p (ex income) 161.79p (cum income). For and on behalf of the Board Frostrow Capital LLP Secretary 7 January 2014
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