Management Fee Arrangements

Date: 28 January 2015

PACIFIC ASSETS TRUST PLC

Management fee arrangements

The Board of Pacific Assets Trust plc (the "Company") announces that with
effect from 1 February 2015 the annual management fee payable to the Company's
investment manager, First State Investment Management (UK) Limited (the
"Investment Manager"), will be changed to 0.90 per cent. per annum of the
Company's net assets, payable quarterly in arrears, and the arrangements under
which the Investment Manager could earn a performance fee will be deleted.

Previously the investment management fee was calculated as a base fee of 0.75
per cent. of the Company's net assets plus a performance fee of 12.5 per cent.
of the monetary amount by which the Company's total return exceeds the rate of
total return on the MSCI All Country Asia ex Japan Index plus a hurdle of 1.75
per cent. per annum, measured over a rolling three year period. The Board had
capped the total management fee payable at 1.75 per cent. of the Company's net
assets per annum.

The Board also announces that with effect from 1 February 2015 the annual fee
payable to Frostrow Capital LLP ("Frostrow") which provides the Company with
management, administrative and secretarial support will change from being 0.20
per cent. per annum of the Company's market capitalisation to being 0.15 per
cent. per annum of the amount of the Company's net asset value, which is lower
than or equal to £275 million, and 0.10 per cent. per annum of the amount of
the Company's net asset value in excess of £275 million.

As part of the new fee arrangements with the Investment Manager and Frostrow,
responsibility for the Company's marketing activities will be transferred from
Frostrow to the Investment Manager.

The Board is of the opinion that this simplification of the fee arrangements,
and the removal of the volatility created by the performance fee payable to the
Investment Manager, is in the interests of shareholders.

The amendment of the fee payable to the Investment Manager, who is a related
party of the Company under the Listing Rules, amounts to a smaller related
party transaction as defined in Listing Rule 11.1.10.

All enquiries:

Mark Pope
Frostrow Capital LLP
Company Secretary
Telephone: [phone]

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