Portfolio Update

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 31 December 2014

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

Pacific Assets Trust plc as at 31 December 2014

Top Ten Equity Holdings                     %        
                                                     
Tech Mahindra                              5.9       
                                                     
Marico                                     4.6       
                                                     
Taiwan Semiconductor Manufacturing         4.2       
                                                     
Vitasoy International Holdings             4.0       
                                                     
Delta Electronics (Thailand)               3.7       
                                                     
E.Sun Financial Holding                    3.2       
                                                     
Standard Foods                             3.2       
                                                     
Manila Water                               3.2       
                                                     
Kotak Mahindra Bank                        3.1       
                                                     
Idea Cellular                              3.1       
                                                     
Total                                      38.2      
                                                     
Geographical breakdown                      %        
                                                     
India                                      29.5      
                                                     
Taiwan                                     17.0      
                                                     
Philippines                                9.1       
                                                     
Singapore                                  6.5       
                                                     
China                                      5.5       
                                                     
Hong Kong                                  5.4       
                                                     
Thailand                                   5.2       
                                                     
Malaysia                                   3.3       
                                                     
South Korea                                3.1       
                                                     
Indonesia                                  2.4       
                                                     
Sri Lanka                                  1.0       
                                                     
Bangladesh                                 1.0       
                                                     
Liquidity                                  11.0      
                                                     
Total                                     100.0      
                                                     
Actual Gearing                             0.0       

Note: All percentages are based on total assets less current liabilities

                                    - ENDS-                                    

15 January 2015

Frostrow Capital LLP
Secretary