Transaction in Own Shares

For immediate release

                                                                   13 July 2010

                           PACIFIC ASSETS TRUST plc                            

                                (the "Company")                                

                    MARKET PURCHASE OF COMPANY'S OWN SHARES                    

This notification is given, pursuant to the authority granted at the Annual
General Meeting of the Company held on 29 June 2010 to make market purchases of
the Company's own shares up to an aggregate maximum of 17,740,423.

The Company has purchased a market total of 1,500,000 Ordinary shares of 25p
each in the capital of the Company today at a price of 109.25p per share. These
shares will be cancelled.

Following this transaction and in conformity with the provisions of the
Transparency Directive, the Company hereby notifies the market that the
resultant number of Ordinary shares that the Company has in issue is
116,848,386, so that the total number of voting rights in the Company following
the repurchase is 116,848,386. The Company holds no Ordinary shares in
treasury.

The figure of 116,848,386 may be used by shareholders as the denominator for
the calculation by which they may determine if they are required to notify
their interest in, or change to their interest in, the Company under the FSA's
Disclosure and Transparency Rules.

For and on behalf of

Frostrow Capital LLP

Company Secretary

For further information, please contact:

Mark Pope

Frostrow Capital LLP

Tel: [phone]