Notification and public disclosure of transactions by persons discharging
    managerial responsibilities and persons closely associated with them

    1   Details of the person discharging managerial responsibilities / person
        closely associated                                                    
                                                                              
    a)  Name                      Sian Hansen                                 
                                                                              
                                                                              
    2   Reason for the notification                                           
                                                                              
    a)  Position/status           Non-executive Director                      
                                                                              
                                                                              
    b)  Initial notification /    Initial notification                        
        Amendment                                                             
                                                                              
                                                                              
    3   Details of the issuer, emission allowance market participant, auction 
        platform, auctioneer or auction monitor                               
                                                                              
    a)  Name                      Pacific Assets Trust plc                    
                                                                              
                                                                              
    b)  LEI                       2138008U8QPGAESFYA48                        
                                                                              
                                                                              
    4   Details of the transaction(s): section to be repeated for (i) each    
        type of instrument; (ii) each type of transaction; (iii) each date;   
        and (iv) each place where transactions have been conducted            
                                                                              
                                                                              
    a)  Description of the        Ordinary 12.5p shares                       
        financial instrument,                                                 
        type of instrument                                                    
                                  GB0006674385                                
        Identification code                                                   
                                                                              
                                                                              
    b)  Nature of the transaction Acquisition for own account                 
                                                                              
                                                                              
    c)  Price(s) and volume(s)    Price(s)             Volume(s)              
                                                                              
                                  235.076 pence per    2,126                  
                                  share                                       
                                                                              
    d)  Aggregated information                                                
                                                                              
                                                                              
        - Aggregated volume       2,126 ordinary 12.5p shares                 
                                                                              
                                                                              
        - Price                   235.076 pence per share                     
                                                                              
                                                                              
    e)  Date of the transaction   17 January 2017                             
                                                                              
                                                                              
    f)  Place of the transaction  London Stock Exchange (XLON)                
                                                                              

    Name of authorised official of issuer responsible for making notification:

    Mark Pope, for and on behalf of Frostrow Capital LLP

    Company Secretary to PACIFIC ASSETS TRUST plc