Top Ten Equity Holdings Disclosure

PACIFIC ASSETS TRUST plc (the "Company")                    

All data as at 30 April 2012

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

Pacific Assets Trust plc as at 30 April 2012                      

Top Ten Equity Holdings                     %        
                                                     
Taiwan Semiconductor Manufacturing         6.7       
                                                     
Manila Water                               5.8       
                                                     
Hongkong & China Gas                       5.0       
                                                     
DBS Group                                  4.8       
                                                     
Kasikornbank                               4.4       
                                                     
Singapore Telecommunications               4.2       
                                                     
Towngas China                              4.2       
                                                     
AmorePacific                               3.4       
                                                     
Samsung Fire & Marine Insurance            3.4       
                                                     
Philippine Long Distance Telephone         3.4       
                                                     
Total                                      45.3      
                                                     
Geographical breakdown                      %        
                                                     
Singapore                                  16.0      
                                                     
Taiwan                                     15.6      
                                                     
Hong Kong                                  15.5      
                                                     
South Korea                                11.3      
                                                     
Philippines                                11.1      
                                                     
India                                      9.1       
                                                     
Liquidity                                  7.7       
                                                     
Thailand                                   6.5       
                                                     
Malaysia                                   4.6       
                                                     
China                                      1.7       
                                                     
Indonesia                                  0.6       
                                                     
Sri Lanka                                  0.3       
                                                     
Total                                     100.0      
                                                     
Actual Gearing                             0.0       

Note: All percentages are based on Gross Assets.

                                    - ENDS-                                    

14 May 2012

Frostrow Capital LLP

Secretary