Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 31 December 2010

This data will be available on the Company's website, 
http://www.pacific-assets.co.uk from 11 January 2011.

Top Ten Equity Holdings                                              
                                                                     
                          %                                          
                                                                     
E.Sun Financial Holding                                              
                                                                     
                         5.7                                         
                                                                     
Taiwan Semiconductor Manufacturing                                   
                                                                     
                         4.5                                         
                                                                     
Manila Water                                                         
                                                                     
                         4.2                                         
                                                                     
Kasikornbank                                                         
                                                                     
                         4.0                                         
                                                                     
Singapore Post                                                       
                                                                     
                         3.9                                         
                                                                     
Swire Pacific                                                        
                                                                     
                         3.7                                         
                                                                     
MTR                                                                  
                                                                     
                         3.7                                         
                                                                     
Daegu Bank                                                           
                                                                     
                         3.3                                         
                                                                     
Samsung Fire & Marine Insurance                                      
                                                                     
                         3.2                                         
                                                                     
Transport International Holdings                                     
                                                                     
                         3.2                                         
                                                                     
Total                                                                
                                                                     
                         39.4                                        
                                                                     
Geographical breakdown                                               
                                                                     
                          %                                          
                                                                     
Hong Kong                                                            
                                                                     
                         19.2                                        
                                                                     
Taiwan                                                               
                                                                     
                         17.6                                        
                                                                     
Singapore                                                            
                                                                     
                         15.8                                        
                                                                     
South Korea                                                          
                                                                     
                         11.1                                        
                                                                     
India                                                                
                                                                     
                         10.5                                        
                                                                     
Philippines                                                          
                                                                     
                         7.2                                         
                                                                     
Thailand                                                             
                                                                     
                         6.8                                         
                                                                     
Liquidity                                                            
                                                                     
                         6.0                                         
                                                                     
China                                                                
                                                                     
                         2.2                                         
                                                                     
Malaysia                                                             
                                                                     
                         2.1                                         
                                                                     
Papua N.Guinea                                                       
                                                                     
                         1.5                                         
                                                                     
Total                                                                
                                                                     
                        100.0                                        
                                                                     
Actual Gearing                                                       
                                                                     
                        100.0                                        
                                                                     

Note: All percentages are based on Gross Assets.

                                    - ENDS-                                    

10 January 2011

Frostrow Capital LLP

Secretary