Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 31 October 2010

This data will be available on the Company's website, 
http://www.pacific-assets.co.uk from 10 November 2010.

Top Ten Equity Holdings                      %        
                                                      
Kasikornbank                                4.6       
                                                      
E.Sun Financial Holding                     4.4       
                                                      
Manila Water                                4.4       
                                                      
MTR                                         4.1       
                                                      
Singapore Post                              4.0       
                                                      
Taiwan Semiconductor Manufacturing          4.0       
                                                      
Oil Search                                  3.4       
                                                      
Marico                                      3.4       
                                                      
Swire Pacific                               3.4       
                                                      
Transport International Holdings            3.3       
                                                      
Total                                       39.0      
                                                      
Geographical breakdown                       %        
                                                      
Hong Kong                                   16.4      
                                                      
Taiwan                                      16.1      
                                                      
Singapore                                   13.4      
                                                      
India                                       11.9      
                                                      
South Korea                                 10.6      
                                                      
Philippines                                 7.8       
                                                      
Thailand                                    7.6       
                                                      
China                                       5.4       
                                                      
Liquidity                                   5.3       
                                                      
Papua N.Guinea                              3.3       
                                                      
Malaysia                                    2.2       
                                                      
Total                                      100.0      
                                                      
Actual Gearing                             100.0      

Note: All percentages are based on Gross Assets.

                                    - ENDS-                                    

9 November 2010

Frostrow Capital LLP

Secretary