PACIFIC ASSETS TRUST PLC — Fund Information / Factsheet 2014

Jun 23, 2014

Finsbury Worldwide Pacific Assets Trust plc

plc

Managed by Close Investments Limited Information as at 31 May 2014 www.pacific-assets.co.uk

Investment Objective and Benchmark Index

To achieve long term capital growth through investment in selected companies in the Asia Pacific region and the Indian sub-continent, but excluding Japan, Australia and New Zealand (the 'Asia Pacific Region'). Up to a maximum of 20 per cent of the Company's total assets (at the time of investment) may be invested in companies incorporated and/or listed outside the Asia Pacific Region, including Japan, Australia and New Zealand, but whose economic activities are predominantly within the Asia Pacific Region. The benchmark index is the MSCI All Country Asia ex Japan Index (total return; sterling adjusted).

Cumulative Performance (%)

Trust: Pacific Assets Trust plc – NAV (ex income, total return) Trust: Pacific Assets Trust plc – Share Price (total return) Index: MSCI All Country Asia ex Japan (total return; £ adjusted)

Discrete Performance – Calendar Years (%)

Percentage Growth	2009	2010	2011	2012	2013	YTD	First State*
NAV	57.2	19.1	-13.3	27.2	7.7	7.2	48.4
Share Price	62.3	19.1	-15.1	25.6	14.2	4.9	53.5
Index	53.6	23.7	-16.4	17.3	1.4	2.9	21.6
Peergroup	63.2	24.4	-15.2	15.6	2.1	4.1	27.4

Standardised Discrete Performance (%)

Percentage Growth 12 Month Return	May 09- May 10	May 10- May 11	May 11- May 12	May 12- May 13	May 13- May 14
NAV	29.5	10.7	0.5	29.8	1.5
Share Price	23.6	13.1	-3.4	41.4	-0.1
Index	33.0	15.8	-11.9	21.1	-2.7
Peergroup	29.9	20.7	-10.2	22.2	-2.4

Source: Morningstar. Past performance is not a guide to future performance. Peergroup performance basis: share price, percentage growth, bid to bid, net income reinvested in Sterling. *Performance since First State was appointed as Investment Manager with effect from the 1st July 2010

Monthly Performance Summary

During May, on a total return basis the NAV was up 6.7%, the share price was up 4.4%, the index was up 4.9%. The Peergroup was up 3.2%.

Commentary

First State Stewart now produces comprehensive quarterly updates instead of short monthly commentaries. The latest of these dated March 2014 can be found on the Company's website www.pacific-assets.co.uk.

Investment Manager

Portfolio Manager: David Gait

Investment Manager Profile

First State Investment Management (UK) Limited was appointed as Investment Manager with effect from 1 July 2010. First State is 100 per cent owned by the Commonwealth Bank of Australia and is headquartered in Edinburgh. Its Asia Pacific, Global Emerging Markets team is responsible for the portfolio and has 30 investment professionals, almost half of whom are located in Hong Kong and Singapore. The team rebranded itself as First State Stewart in 2012 and manages over £33bn.

Investment Policy

To invest in companies with the aim of generating long term growth for shareholders. The Company invests principally in listed equities but may invest in other securities, including preference shares, debt instruments, convertible securities and warrants. In addition, the Company may invest in open and closedended investment funds and companies, up to a limit of 10 per cent of total assets, or in some cases 15 per cent. The Company is able to invest in unlisted securities but these will be limited to those which are expected to be listed on a stock exchange or which cease to be listed and which may be appropriate to continue to hold. Risk is diversified by investing in different countries, sectors and stocks within the Asia Pacific Region. Up to a maximum of 20 per cent of the Company's total assets (at the time of investment) may be invested in companies incorporated and/or listed outside the Asia Pacific Region, including Japan, Australia and New Zealand, but whose economic activities are predominantly within the Asia Pacific Region. The Board has set a current limit for single investments of 7.5 per cent of total assets at the time of investment. There is currently no gearing.

Sustainable Investment

• First State Stewart look to invest clients' capital in quality companies that have sound growth prospects, then actively engages with them over the long-term

• Determining the quality of a company involves assessing the management, the franchise and the financials; it also entails assessing the sustainability performance and positioning of a company

• Sustainability is the degree to which a company will benefit from and contribute to achieving higher levels of human development by using the fewest possible resources

• First State Stewart have a strong conviction that the sustainability of companies defines their quality and plays an important role in determining their future growth.

www.pacific-assets.co.uk Pacific Assets Trust plc conducts its affairs so that its shares can be recommended by independent financial advisers ("IFAs") to retail private investors. The shares are excluded from the Financial Conduct Authority's ("FCA's") restrictions which apply to non-mainstream investment products because they are shares in a UK-listed investment trust.

Pacific Assets Trust plc

Ten Largest Equity Holdings as at 31 May 2014 (% of total assets less current liabilities)

Name	Country	Total
Marico	India	6.0
Tech Mahindra	India	5.6
Taiwan Semiconductor Manufacturing	Taiwan	4.0
Dabur India	India	3.7
Public Bank	Malaysia	3.6
Standard Foods	Taiwan	3.4
AmorePacific	South Korea	3.4
E.Sun Financial Holding	Taiwan	3.3
Samsung Fire & Marine Insurance	South Korea	3.3
Delta Electronics (Thailand)	Thailand	3.2
Total		39.5

Fast Facts as at 31 May 2014

Launch Date 1985

Annual Management Fee

0.75% of net assets plus 0.20% of market cap (payable by the Company)

Performance Fee

The performance fee is 12.5% of that portion of the
NAV outperformance over the MSCI All Country Asia ex Japan Index, which exceeds a 1.75% hurdle, measured over a rolling three year period. See
Annual Report for more details
1.3% Ongoing charges Calculated at the financial year end, includes management fees and all other operating expenses,
excludes performance fees.
Year / Half Year	31 January / 31 July
Capital Structure	116,848,386 Ordinary Shares

Portfolio Allocation as at 31 May 2014 (% of total assets less current liabilities)

India	28.6%
Taiwan	17.0%
South Korea	9.1%
Singapore	8.5%
Philippines	7.0%
Thailand	6.2%
Malaysia	5.5%
Hong Kong	5.0%
China	3.4%
Indonesia	2.4%
Bangladesh	0.8%
Sri Lanka	0.3%
Liquidity	6.2%
Total:	100.0%

Source: All portfolio information sourced from Frostrow Capital LLP.

Share Price Total Return on £100 (£) as at 31 May 2014

1 year	99.9
3 years	136.4
5 years	190.7

Source: Morningstar. Past performance is not a guide to future performance.

Important Information

Pacific Assets Trust plc (the "Company") is a UK investment trust listed on the London Stock Exchange and is a member of the Association of Investment Companies. As this Company may implement a gearing policy investors should be aware that the share price movement may be more volatile than movements in the price of underlying investments. Past performance is not a guide to future performance. The value of investments and the income from them may fall as well as rise and is not guaranteed. An investor may not get back the original amount invested. Changes in the rates of exchange between currencies may cause the value of investments to fluctuate. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Shares in companies in the Asia Pacific Region can prove volatile and above average price movements can be expected. There can be no assurance that the Company's investment objective will be achieved and investment results may vary substantially over time. This document is for information purposes only and does not constitute an offer or invitation to purchase shares in the Company and has not been prepared in connection with any such offer or invitation. Investment trust share prices may not fully reflect underlying net asset values. There may be a difference between the prices at which you may purchase ("the offer price") or sell ("the bid price") a share on the stock market which is known as "bid-offer" or "dealing" spread. This is set by the market makers and varies from share to share. This spread typically averages 1-2% each way on the mid-market price (the price halfway between the bid and offer prices), and can fluctuate and at times be higher than average. Net Asset Value per share is calculated in accordance with the guidelines of the Association of Investment Companies in that income received by the Company in the period since the last annual accounts is excluded. Total net assets are stated inclusive of income received. Any opinions on individual stocks are those of the Company's Investment Manager and no reliance should be given on any such views. Any research in this document has been procured and may have been acted upon by First State Investment Management (UK) Limited ("First State") for its own purposes. The results are being made available to you only incidentally. The views expressed herein do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of Frostrow Capital LLP and no assurances are made as to their accuracy.

Trust Characteristics

Number of Holdings	53
Total Net Assets (£m)	£198.7
Market Capitalisation (£m)	£185.8
Dividend	June
Current Net Yield	1.6%
Gearing (AIC basis)	0%
Share Price (p)	159.00
NAV (p) (ex income)	169.14
(Discount) / Premium	(6.0%)

Codes

Sedol – Shares	0667438
ISIN – Shares	GB0006674385
Bloomberg – Shares	PAC LN
Epic – Shares	PAC

How to Contact Us

Frostrow Capital LLP

25 Southampton Buildings, London, WC2A 1AL Tel.: 0203 0084910 Fax: 0203 0438889 Website: www.frostrow.com

Grant Challis

Tel.: 0203 0084912 grant.challis@frostrow.com

This financial promotion is issued by Frostrow Capital LLP which is authorised and regulated by the Financial Conduct Authority ("FCA").