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 3 January 2014 was 159.60p (ex income) 162.08p
(cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

6 January 2014