PACIFIC ASSETS TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value, calculated in accordance with the
guidelines of the Association of Investment Companies, for Pacific Assets Trust
plc at the close of business on 2 January 2014 was 160.09p (ex income) 162.57p
(cum income).

For and on behalf of the Board
Frostrow Capital LLP
Secretary

3 January 2014