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 9 January 2014 was 159.38p (ex income) 161.84p
(cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

10 January 2014