Interim Management Statement

PACIFIC ASSETS TRUST plc                            

     Interim Management Statement - 3 months to 30 April 2012 (unaudited)      

  Pacific Assets Trust plc seeks to achieve long term capital growth through   
  investment in selected companies in the Asia Pacific region and the Indian   
        sub-continent, but excluding Japan, Australia and New Zealand.         

Despite continued market turbulence during the 3 month period ended 30 April
2012, the Company's net asset value and share price total returns were +3.0%
and +6.0% respectively both significantly outperforming the Company's
benchmark, the MSCI All Country Asia ex Japan Index measured in sterling terms
on a total return basis, which fell by 0.15%. The Company also significantly
outperformed its peers both in terms of its net asset value and share price
performance during the period. The discount of the Company's share price to its
net asset value per share narrowed to 8.2% at 30 April 2012 from 10.3% at 31
January 2012.

During the three-month period and to the date of this report none of the
Company's shares were repurchased for cancellation.

In the period from 30 April 2012 to 18 June 2012 (the latest practicable date
prior to the issue of this document), the Company's net asset value total
return was +2.1% compared to a fall of 3.5% in the Company's benchmark. The
Company's share price total return was +0.5% during the same period.

All of the resolutions proposed at the Company's Annual General Meeting, held
on 19 June 2012, were passed. Details of the level of proxy votes received can
be found on the Company's website at www.pacific-assets.co.uk

The final dividend for the year of 2.60 pence per ordinary share will be paid
on 29 June 2012 to shareholders on the register on 1 June 2012.

Trust Characteristics

                                 30 April 2012       31 January 2012          
                                                                              
Number of Holdings               55                  55                       
                                                                              
Total Assets (£m)                159.8               153.9                    
                                                                              
Share Price (p)                  122.13              115.25                   
                                                                              
NAV per share (p)                133.00              128.53                   
                                                                              
Discount of share price to NAV   8.2%                10.3%                    
per share                                                                     

Source: Frostrow Capital LLP

Geographical Analysis

                          % of portfolio            % of portfolio            
                          at 30 April 2012          at 31 January 2012        
                                                                              
Singapore                 16.0                      17.4                      
                                                                              
Taiwan                    15.6                      14.9                      
                                                                              
Hong Kong                 15.5                      17.2                      
                                                                              
South Korea               11.3                      11.3                      
                                                                              
Philippines               11.1                      10.5                      
                                                                              
India                     9.1                       12.7                      
                                                                              
Liquidity                 7.7                       4.5                       
                                                                              
Thailand                  6.5                       6.0                       
                                                                              
Malaysia                  4.6                       3.4                       
                                                                              
China                     1.7                       1.0                       
                                                                              
Indonesia                 0.6                       0.6                       
                                                                              
Sri Lanka                 0.3                       0.5                       
                                                                              
Total                     100.0                     100.0                     

Source: Frostrow Capital LLP

10 Largest Investments

Name                           % of portfolio        % of portfolio           
                               at 30 April 2012      at 31 January 2012       
                                                                              
Taiwan Semiconductor           6.7                   6.2                      
Manufacturing                                                                 
                                                                              
Manila Water                   5.8                   5.0                      
                                                                              
Hongkong & China Gas           5.0                   4.8                      
                                                                              
DBS Group                      4.8                   4.8                      
                                                                              
Kasikornbank                   4.4                   3.7                      
                                                                              
Singapore Telecommunications   4.2                   4.3                      
                                                                              
Towngas China                  4.2                   3.9                      
                                                                              
AmorePacific                   3.4                   -                        
                                                                              
Samsung Fire & Marine          3.4                   3.6                      
Insurance                                                                     
                                                                              
Philippine Long Distance       3.4                   3.6                      
Telephone                                                                     
                                                                              
DGB Financial Group            -                     3.7                      
                                                                              
Total                          45.3                  43.6                     

Source: Frostrow Capital LLP

Total Return Performance to 30 April 2012 (%)

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     +5.97           -1.7           +53.1           +22.9          
                                                                              
NAV per share   +3.02           -1.3           +56.7           +20.3          
                                                                              
Benchmark*      -0.15           -7.7           +51.6           +53.0          

Source: Bloomberg & Morningstar

* Benchmark - MSCI All Country Asia ex Japan Index (total return in sterling)

Past performance is not a guide to future performance.

This Interim Management Statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.

This Interim Management Statement is available on the Company's website 
www.pacific-assets.co.uk

The Company's net asset value per share is announced daily and is available,
together with the share price, on the TrustNet website at www.trustnet.com

SEDOL Code:

Ordinary shares - 0667438

ISIN :

Ordinary Shares GB0006674385

For further information contact: Mark Pope on 0203 008 4913
Frostrow Capital LLP
Company Secretary
19 June 2012