Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 28 February 2011

This data will be available on the Company's website, 
http://www.pacific-assets.co.uk from 14 March 2011.

Top Ten Equity Holdings                     %        
                                                     
E.Sun Financial Holding                    5.2       
                                                     
Taiwan Semiconductor Manufacturing         4.7       
                                                     
Singapore Post                             4.0       
                                                     
Kasikornbank                               3.9       
                                                     
DBS Group                                  3.9       
                                                     
Manila Water                               3.9       
                                                     
Samsung Fire & Marine Insurance            3.5       
                                                     
Daegu Bank                                 3.4       
                                                     
SMRT                                       3.2       
                                                     
MTR                                        3.2       
                                                     
Total                                      38.9      
                                                     
Geographical breakdown                      %        
                                                     
Singapore                                  18.1      
                                                     
Taiwan                                     17.7      
                                                     
Hong Kong                                  17.1      
                                                     
South Korea                                13.4      
                                                     
India                                      9.7       
                                                     
Liquidity                                  7.8       
                                                     
Thailand                                   6.7       
                                                     
Philippines                                6.4       
                                                     
China                                      2.6       
                                                     
Malaysia                                   0.2       
                                                     
Sri Lanka                                  0.2       
                                                     
Indonesia                                  0.1       
                                                     
Total                                     100.0      
                                                     
Actual Gearing                            100.0      

Note: All percentages are based on Gross Assets.

                                    - ENDS-                                    

14 March 2011

Frostrow Capital LLP

Secretary