PACIFIC ASSETS TRUST PLC — Fund Information / Factsheet 2018

May 31, 2018

Pacific Assets Investment Trust

Shareholder Update

31 May 2018

Investment Objective and Manager Profile

The Pacific Assets Trust Plc (the 'Trust') investment objective is 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% of the Trust's total assets (at the time of investment) may be invested in companies incorporated and/or listed outside the Asia Pacific Region (as defined); at least 25% of their economic activities (at the time of investment) are within the Asia Pacific Region and this proportion is expected to grow significantly over the long term.

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.

Trust Information

Trust Launch Date	1984
Total Net Assets (£M)	329.6
Benchmark	MSCI AC Asia ex Japan Index
Number of holdings	58
Share Price (p)	258.00
NAV - cum income	274.98
(Discount) Premium %	(6.2)
Sedol	0667438
ISIN	GB0006674385
Annual Management Fee	0.90%
Ongoing Charges+	1.30%

+Calculated at the financial year end, includes management fees and all other operating expenses but excludes transaction, and certain other, costs. Please see Key Investor Document for full costs and charges information.

Annual Performance (% in GBP) to 31 May 2018

Period	May 17 to May 18	May 16 to May 17	May 15 to May 16	May 14 to May 15	May 13 to May 14
NAV	11.2	27.7	-3.5	23.5	1.5
Share Price	2.4	34.0	-6.2	31.7	-0.1
Benchmark	13.8	44.4	-13.5	21.3	-3.1
Peer Group	16.3	49.6	-7.7	19.2	-2.1

Cumulative Performance (% in GBP) to 31 May 2018

Period	Since Inception1	5 yrs	3 yrs	1 yr	6 mths	3 mths
NAV	151.4	71.9	37.2	11.2	5.6	4.6
Share Price	160.3	69.4	28.7	2.4	5.1	2.2
Benchmark	107.3	67.1	42.2	13.8	4.5	1.3
Peer Group	147.6	86.6	60.3	16.3	5.4	3.6

1Performance since inception, Stewart Investors was appointed as Investment Manager with effect from the 01 Jul 2010.

Ten Largest Holdings

Stock name	% Stock name	%
Vitasoy International Holdings	7.6 Manila Water Co. Inc.	2.7
Tech Mahindra Limited	6.4 Kotak Mahindra Bank Limited	2.7
Marico Limited	3.1 Housing Development Finance Corporation Limited	2.6
Unicharm Corporation	3.1 Standard Foods Corporation	2.6
Mahindra & Mahindra Ltd.	2.7 Chroma Ate Inc.	2.5

*Index Allocation

Country Breakdown

*Index Allocation

These figures refer to the past. Past performance is not a reliable indicator of future results.

All performance data is as at 31 May 2018. The NAV performance data is on a net basis after deducting all fees (e.g. investment management fee) and costs (e.g. transaction and custody costs) incurred by the Trust. The NAV includes dividends reinvested on a net of tax basis. The benchmark shown is the MSCI All Countries Asia ex Japan Index, on an income reinvested gross of tax basis. The peer group is a subset of the Association of Investment Companies peer group, considered by the board as those whose investment policies are substantially similar to those of the Trust. Peer group performance is determined on a simple average share price basis by measuring percentage growth over the period using bid prices, on the basis that net income is reinvested in Sterling. Sources: i) Lipper for Trust and peer group share prices returns; ii) Trust Administrator and Bloomberg for NAV performance data.

Pacific Assets Investment Trust

Shareholder Update

31 May 2018

Risk Indicator

The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets. The Trust has classified itself as a level 4 risk, which is a medium-high risk class. The risk indicator assumes you hold your shares in the Trust for at least 5 years. This rates the potential losses from future performance at a medium level and poor market conditions could impact the amount you get back. Investing includes certain risks including:

• • The value of investments and any income from them may go down as well as up and are not guaranteed. Investors may get back significantly less than the original amount invested.
• emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets.
• currency risk: the Trust invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Trust.
• Investment trust share prices may not fully reflect net asset value.

Reference to specific securities if any is included for the purpose of illustration only and should not be construed as a recommendation to buy or sell. Reference to the names of any company is merely to explain the investment strategy and should not be construed as investment advice or a recommendation to invest in any of those companies. For an overview of the terms of investment, risks and costs and charges please refer to the Key Information Document from which the risk indicator is taken.

If you are in any doubt as to the suitability of the Trust for your investment needs please seek investment advice.

The MSCI information may only be used for your internal use, may not be reproduced or disseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non- infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. . (www.msci.com)

For further information
Client Services Team (UK):	0800 085 3880	Email:	info@stewartinvestors.com
Client Services Team (overseas):	+44 131 525 8873	Website:	www.pacific-assets.co.uk

Important Information

This factsheet is a financial promotion.

Pacific Assets Trust plc (the "Trust") 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 Trust 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 Trust is registered as a small registered UK AIFM. The Trust has delegated certain portfolio management responsibilities to First State Investment Management (UK) Limited.

This report has been prepared and issued by Stewart Investors. Stewart Investors is a trading name of First State Investment Management (UK) Limited (company number SC47708) which is authorised and regulated in the United Kingdom by the Financial Conduct Authority. For more information please visit www.stewartinvestors.com. Telephone calls with Stewart Investors may be recorded.

The information contained in this document has been prepared by Stewart Investors for the use of those people who are United Kingdom residents for tax and investment purposes.

First State Investment Management (UK) Limited is part of Colonial First State Asset Management ("CFSGAM") which is the consolidated asset management division of the Commonwealth Bank of Australia ABN 48 123 123 124. CFSGAM includes a number of entities in different jurisdictions, operating in Australia as CFSGAM and as First State Investments elsewhere. The Commonwealth Bank of Australia ("Bank") and its subsidiaries do not guarantee the performance of the Trust or the repayment of capital by the Trust. Investments in the Trust are not deposits or other liabilities of the Bank or its subsidiaries, and investmenttype products are subject to investment risk including loss of income and capital invested.