PACIFIC ASSETS TRUST PLC — Fund Information / Factsheet 2015

Jul 31, 2015

Pacific Assets Trust Plc

Client Update

31 July 2015

Investment Objective and Manager Profile

The investment objective of Pacific Assets Trust plc (the Trust) is to achieve long-term capital growth through investment in selected companies based in the Asia Pacific region and the Indian sub-continent, excluding Japan, Australia and New Zealand.

Stewart Investors*, which has been the Trust's Investment Manager since 1 July 2010, adopts a sustainable investment strategy in selecting the investments that make up the Trust's investment portfolio. Each investment is a decision to purchase part of a real business with all the rights and responsibilities that go with this 'share' of the ownership of the company.

The Trust invests in shares of companies which are positioned to benefit from, and contribute to, the sustainable development of the economies in which they operate. Investment decisions are based on identifying companies that manage risks and opportunities and contribute towards global human development without exceeding their ecological footprint.

*Stewart investors formerly operated as First State Stewart. On 1st July 2015, The First State Stewart team split to form two new teams, one primarily based in Edinburgh (Stewart Investors) and the other based in Hong Kong (First State Stewart Asia) The Pacific Assets Trust is now managed by Stewart Investors. Branding will change subject to regulatory approval. There is no change to the investment philosophy or primary fund management

Fund Information

Trust Launch Date	1984
Total Net Assets (£M)	231.6
Benchmark	MSCI All Country Asia ex Japan
Number of Holdings	55
Share price (p)	198.00
NAV – cum income	195.76
Premium (Discount)%	1.1%
Sedol	0667438
ISIN	GB0006674385
Annual Management Fee	0.9%
Ongoing Charges*	1.3%

Ten Largest Holdings

Stock name		% Stock name	%
Vitasoy International	5.6	Dr Reddy's Laboratories	3.4
Tech Mahindra	5.5	E.Sun Financial Holdings	3.3
Marico	5.4	Idea Cellular	3.3
Standard Food Corp	4.3	Manila Water	3.1
Delta Electronics	3.6	Taiwan Semiconductor	3.1
Total			40.6

Sector Breakdown

Country Breakdown

^*Index Allocation

All non-performance related information shown above is sourced from Stewart Investors own records.

*Calculated at the financial year end, includes management fees and all other operating expenses. Following simplifications to the fee structure proposed by Stewart Investors*performance fee is no longer charged.

Cumulative Performance (% in GBP) to 31 July 2015

		5	3	1	6	3
Period	Since Inception*	yrs	yrs	yr	mths	mths
NAV	72.6	74.2	45.1	11.0	-4.1	-4.5
Share Price	93.6	98.5	63.4	17.2	2.1	-5.3
Benchmark return	30.4	29.0	21.5	1.7	-7.1	-13.4
Peer Group return	44.5	42.6	32.2	5.7	-5.3	-9.9

*Performance since inception, Stewart Investors was appointed as Investment Manager with effect from the 1st July 2010.

Standardised Discrete Performance to 31 July 2015

	July 10 to July 11	July 11 to July 12	July 12 to July 13	July 13 to July 14	July 14 to July 15
NAV	15.7	3.8	20.9	8.1	11.0
Share Price	16.3	4.5	30.7	6.6	17.2
Index	15.0	-7.7	11.9	6.8	1.7
Peer Group	16.7	-7.6	18.4	5.7	5.7

Source: Bloomberg and Lipper. Past performance is not a guide to future performance. Peer group performance basis: share price, percentage growth, bid to bid, net income reinvested in Sterling.

Pacific Assets Trust Plc

Client Update

31 July 2015

For further information
Client Services Team (UK):	0800 587 4141	Email:	enquiries@firststate.co.uk
Client Services Team (Overseas):	+44 131 525 8870	Website:	www.pacific-assets.co.uk

Pacific Assets Trust plc (the "Company") is an investment trust, incorporated in Scotland with registered number SC091052, whose shares have been admitted to the Official List of the London Stock Exchange plc. The Company is an alternative investment fund for the purposes of the Alternative Investment Fund Managers Directive (AIFMD) and acts as its own alternative investment fund manager (AIFM). The Company is registered as a small registered UK AIFM. The Company has delegated certain portfolio management responsibilities to First State Investment Management (UK) Limited ("First State Investments").

The information contained in this Factsheet has been prepared by First State Investments for the use of those people who are United Kingdom residents for tax and investment purposes. First State Investments believes that the information provided is accurate as at the date of its publication, but no representation or warranty of accuracy is given by First State Investments or the Company and therefore no liability in respect of any error or omission by a third party is accepted by First State Investments, the Company or their affiliates or any of their directors, employees, consultants or agents.

This Factsheet and its contents have been issued and approved by First State Investments. Any comments expressed reflect the views of First State Investments and should not be taken as any kind of recommendation or advice. Telephone calls with First State Investments may be recorded.

Please remember that the value of investments and the income from them may go down as well as up and that you may not get back the amount you originally invested. Past performance is not necessarily a guide to future performance. 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 Factsheet 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.

If you are in any doubt about any of the information in this Factsheet, please consult your independent financial or other such adviser authorised to give investment advice under the Financial Services and Markets Act 2000.

First State Investment Management (UK) Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (registration number 119367). Registered office 23 St. Andrew Square, Edinburgh, EH2 1BB. Registered in Scotland with company number SCO47708.