PAC Pacific Assets Trust Plc

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 17 December 2014 was 186.63p (ex income)
188.91p (cum income).

For and on behalf of the Board
Frostrow Capital LLP
Secretary

18 December 2014