Final Results

Pacific Assets Trust PLC
19 March 2008



PACIFIC ASSETS TRUST PLC


UNAUDITED RESULTS FOR YEAR ENDED 31 JANUARY 2008


DATE: 19 March 2008


Financial Highlights
     
•    Net asset value per share increased by 23.6 per cent
•    Share price increased by 23.5 per cent
•    Final dividend of 1.12 pence per share


Chairman's Statement


Chairman David Nichol said:

'Despite a more volatile period for stockmarkets in the Asia Pacific region, it
is pleasing to be able to report a fifth consecutive year of growth.  The
Company's net asset value per share was 128.52 pence as at 31 January 2008,
representing an increase of 23.6 per cent for the year. It is also pleasing to
report improved performance relative to the peer group.

The net asset value total return for the year was 24.7 per cent ranking the
Company third in its peer group of eight companies. For comparison purposes, the
total return from the MSCI All Country Far East ex Japan Index was 18.1 per
cent.

For the three years to 31 January 2008, the Company's net asset value total
return was 88.8 per cent, also ranking it third in the peer group. Over this
period, the total return from the MSCI All Country Far East ex Japan Index was
78.8 per cent.

For much of the year, stockmarkets in the region benefited from positive
economic indicators, strong investor sentiment and an abundance of local
liquidity. In August, markets fell sharply in response to concerns over the US
sub-prime debt market, but recovered quickly and by the end of October had risen
to levels which, with a backdrop of slowing global economic growth, were
vulnerable to a correction.

This followed in the final quarter of the financial year with a fall of nearly
20 per cent in the MSCI All Country Far East ex Japan Index. Slowing global
growth, tightening credit markets and declining risk appetite led to the sell
off in equity markets.  Furthermore, within the Asia Pacific region, investors
became concerned about the implications of monetary tightening in China
following a year of significant GDP growth which had caused inflationary
pressures to build up in the economy.

The Company's portfolio has continued to favour investments which benefit from
domestic reflation.  There has been less emphasis on companies which are reliant
on exports.  This strategy has yielded positive returns over the year.

Rising infrastructure expenditure across Asia and the Middle East has encouraged
the Manager to invest in the industrials sector.  This approach worked  well
throughout the year until the final quarter when indiscriminate profit taking
diminished total annual returns.  Given strong earnings visibility from large
and growing order books the Company retains a positive bias towards these
investment opportunities.

The Manager's positive stance to soft commodities over the year assisted returns
for the Company.  This supported overweight positions in many of the ASEAN
countries, such as Malaysia, Indonesia and the Philippines which are
beneficiaries of price appreciation in commodities such as palm oil, sugar,
rice, rubber, and coconuts.

The Indian weighting was selectively added to over the year as a broader
economic base supported the sustainability of corporate earnings growth.

Shareholder Value

The Company's share price increased by 23.5 per cent during the year to 115.5
pence per share. The share price discount to net asset value, which remained
fairly stable throughout the year, was 10.1 per cent at 31 January 2008.

During the year the Company bought back 500,000 shares for cancellation,
equivalent to 0.4 per cent of the shares in issue at the previous year end. The
shares were bought back at a discount of 11.7 per cent to the net asset value
per share,  providing a modest enhancement to the net asset value of 0.1 pence
per share.

The Board believes it is important to have a share buy back facility in place
and will therefore seek to renew the authority at the forthcoming Annual General
Meeting.


Earnings and Dividends

The Company's revenue earnings per share for the year were 1.24 pence, which
compares to 1.29 pence for the previous year. The Board recommends a final
dividend of 1.12 pence per share which is the same as last year.  This will be
paid on 20 June 2008 to shareholders on the register on 23 May 2008.


Gearing

In view of his cautious view of markets towards the end of the year, the Manager
reduced the level of the Company's borrowings. Gearing, net of cash, as at 31
January 2008 was 5.9 per cent, which compares to 7.7 per cent at the end of the
previous year and 11.2 per cent at the interim stage.

The Company's borrowings comprise two flexible US dollar denominated facilities.


VAT on Management Fees

As the Company invests outwith the EU it is able to reclaim all of the VAT
incurred on expenses paid. It is therefore not expecting to benefit from the
recent rulings in favour of investment trusts, whereby investment management
fees are now exempt from VAT. The Board has, however, taken the necessary steps
to ensure that the Company's position is protected and will keep this matter
under close review.


Outlook

It is likely that there will be continuing volatility in the region's
stockmarkets in the months ahead as investors remain concerned over the
implications of the credit crisis and the prospects for the US economy. However,
over the longer term the Board believes the Company is well placed to benefit
from continuing expansion within the Asia Pacific region.'



PACIFIC ASSETS TRUST PLC
Unaudited Income Statement
For the year ended 31 January 2008

                                                                              Revenue    Capital        Total
                                                                                £'000      £'000        £'000

Gains on investments                                                                -     30,025       30,025
Exchange differences                                                                -        153          153
Income                                                                          3,306          -        3,306
Investment management fee                                                       (389)    (1,166)      (1,555)
Other expenses                                                                  (569)          -        (569)

Net return before finance
costs and taxation                                                              2,348     29,012       31,360

Interest payable                                                                (243)      (730)        (973)

Return on ordinary activities
before tax                                                                      2,105     28,282       30,387

Tax on ordinary activities                                                      (642)        559         (83)

Return attributable to
equity shareholders                                                             1,463     28,841       30,304

Return per Ordinary Share (p):                                                   1.24      24.35        25.59


The total column of this statement represents the profit and loss account of the
Company.  A statement of Total Recognised Gains and Losses has not been prepared
as all gains and losses are recognised in the Income Statement.

All revenue and capital items in the Income Statement derive from continuing
operations.

No operations were acquired or discontinued in the year.

The accompanying notes are an integral part of the above statement.


PACIFIC ASSETS TRUST PLC
Income Statement
For the year ended 31 January 2007
                                                                             Revenue     Capital       Total
                                                                               £'000       £'000       £'000

Gains on investments                                                               -      13,727      13,727
Exchange differences                                                               -         236         236
Income                                                                         3,193           -       3,193
Investment management fee                                                      (275)       (826)     (1,101)
Other expenses                                                                 (565)           -       (565)

Net return before finance
costs and taxation                                                             2,353      13,137      15,490

Interest payable                                                               (135)       (405)       (540)

Return on ordinary activities
before tax                                                                     2,218      12,732      14,950

Tax on ordinary activities                                                     (659)         556       (103)

Return attributable to
equity shareholders                                                            1,559      13,288      14,847

Return per Ordinary Share (p):                                                  1.29       10.97       12.26


PACIFIC ASSETS TRUST PLC
Unaudited Reconciliation of Movements in Shareholders' Funds
For the year ended 31 January
                                                                                              2008         2007
                                                                                             £'000        £'000

Opening shareholders' funds                                                                123,616      113,049
Return for the year                                                                         30,304       14,847
Dividends paid                                                                             (1,326)      (1,282)
Share buy backs                                                                              (489)      (2,998)

Closing shareholders' funds                                                                152,105      123,616



PACIFIC ASSETS TRUST PLC
Unaudited Balance sheet
As at 31 January
                                                                                            2008         2007
                                                                                           £'000        £'000
Fixed assets
Investments                                                                              161,098      133,126

Current assets

Debtors                                                                                    3,627        1,271
Cash at bank and on deposit                                                                    -          536
                                                                                           3,627        1,807

Creditors: amounts falling due within one year                                          (12,620)     (11,317)

Net current liabilities                                                                  (8,993)      (9,510)

Net assets                                                                               152,105      123,616

Capital and reserves
Called-up share capital                                                                   14,794       14,856
Share premium account                                                                          4            4
Capital redemption reserve                                                                 1,460        1,398
Special reserve                                                                           16,222       16,711
Other reserves -
  Capital reserve - realised                                                             116,550       60,589
  Capital reserve - unrealised                                                             (476)       26,644
Revenue reserve                                                                            3,551        3,414

Equity shareholders' funds                                                               152,105      123,616

Net asset value per Ordinary Share (p):                                                   128.52       104.01



PACIFIC ASSETS TRUST PLC
Unaudited Cash Flow Statement
For the year ended 31 January
                                                                                            2008         2007
                                                                                           £'000        £'000
Operating activities
Investment income received                                                                 3,234        2,930
Deposit interest received                                                                     24          140
Investment management fee paid                                                           (1,668)      (1,114)
Other cash payments                                                                        (524)        (568)

Net cash inflow from operating activities                                                  1,066        1,388

Servicing of finance
Interest paid on bank loans and overdrafts                                                 (994)        (528)

Net cash outflow from servicing of finance                                                 (994)        (528)

Capital expenditure and financial investment
Purchase of investments                                                                 (88,739)     (92,044)
Disposal of investments                                                                   89,940       81,746

Net cash inflow/(outflow) from investing activities                                        1,201     (10,298)

Equity dividends paid                                                                    (1,326)      (1,282)

Net cash outflow before financing                                                           (53)     (10,720)

Financing
Loans drawn down                                                                          10,033        5,432
Loans repaid                                                                            (10,162)      (4,020)
Own shares acquired                                                                        (489)      (2,998)

Net cash outflow from financing                                                            (618)      (1,586)

Decrease in cash                                                                           (671)     (12,306)

Reconciliation of net cash flow to movement in net (debt)/funds
Decrease in cash in the year                                                               (671)     (12,306)
Loans drawn down                                                                        (10,033)      (5,432)
Loans repaid                                                                              10,162        4,020

Change in net funds resulting from cash flows                                              (542)     (13,718)
Currency gains                                                                               153          236

Movement in net debt                                                                       (389)     (13,482)

Net (debt)/funds at 1 February                                                           (9,682)        3,800

Net debt at 31 January                                                                  (10,071)      (9,682)


Notes:
     
1.   The results, which were approved by the Board on 19 March 2008, have been 
     prepared in accordance with applicable accounting standards and the AIC's 
     Statement of Recommended Practice 'Financial Statements of Investment
     Trust Companies' issued in December 2005.

     The accounting policies adopted in the preparation of the annual report and
     financial statements are consistent with those followed in the previous 
     year.

2.   Return per share is stated on a weighted average number of Ordinary
     Shares in issue during the year of 118,423,728 (2007 - 121,118,139).

3.   The Board has proposed a final dividend of 1.12p (2007 - 1.12p) per 
     Ordinary Share payable on 20 June 2008 to shareholders on the Register on 
     23 May 2008.

4.   There were 118,348,386 Ordinary Shares in issue at 31 January 2008
     (2007 - 118,848,386).

5.   These are not statutory accounts in terms of Section 240 of the Companies 
     Act 1985.  Statutory accounts for the year to 31 January 2007, which were 
     unqualified, have been lodged with the Registrar of Companies.  The
     statutory accounts for the year to 31 January 2008 will be delivered to the
     Registrar of Companies following the Company's Annual General Meeting which 
     will be held at the offices of F&C Asset Management plc, Exchange House, 
     Primrose Street, London EC2A 2NY, on Monday 9 June 2008 at 12 noon.
          
6.   The report and accounts for the year will be sent to shareholders and will 
     be available for inspection at the Company's registered office, 
     80 George Street, Edinburgh EH2 3BU.


For further information contact:
                         
Peter Dalgliesh            ) F&C Investment Business Limited  0207 628 8000
Gordon Hay Smith           )


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