Martin Currie Pacific Trust plc

Interim Management Statement

1 March 2012 - 31 May 2012

Manager's commentary

The Trust's benchmark fell 8.8% over the three months under review, in the face of weakening economic data from China and concerns over European debt.  The Trust performed slightly worse than the index, declining 9.4%.

Many cyclicals were hit hard as investors looked for perceived 'safe havens', such as US Treasuries.  The Trust's materials stocks were particularly weak performers: Australian miner Rio Tinto suffered as commodity prices fell, and mining-services firm Boart Longyear came under pressure as large miners discussed delaying or reducing capex.  Stocks related to mining were also affected, such as rail freight operator QR National.  Chinese oil firm CNOOC and Japanese consumer-electronics giant Sony were the other chief detractors from relative returns.

The Trust's top contributor was Korean snack-foods maker Orion, which continued to benefit from its expansion into other emerging markets.  Chinese gas distributor ENN Energy bounced strongly after management refused to raise its bid for competitor China Gas Holdings, demonstrating capital discipline and fuelling speculation that the takeover would fail.  Meanwhile, Chinese brewer and prominent defensive stock Tsingtao provided robust returns, as did convenience-store operator Seven & I Holding in Japan, and Samsung Electronics in Korea.

Andrew Graham

Profile as at 31 May 2012

Objective To achieve long-term returns by investment in the mature and developing markets of Asia and the Pacific Basin.

Benchmark MSCI All Countries Asia Pacific index (Japan fixed at 25%)

Sector Far East including Japan

Launch 1985

Portfolio

Asset class     29 Feb             31 May

Equities             97.3%                  96.9%

Cash                    2.7%                   3.1%

Equity allocation      29 Feb            31 May

Japan                           26.3%              25.0%

China                          16.0%              15.9%

Korea                          11.6%              12.2%

Australia                     12.6%              11.0%

Hong Kong                   9.3%              10.1%

Other areas                   7.8%                7.3%

Taiwan                          5.2%                6.3%

Malaysia                        4.1%                5.1%

Thailand                        4.8%                5.1%

India                              2.3%                2.0%

Top 10 equity holdings (28.1% of total portfolio)

Samsung Electronics                                      5.2%

Toyota Motor                                                3.7%

Taiwan Semiconductor                                  3.5%

CNOOC                                                         2.7%

AIA                                                                 2.5%

Commonwealth Bank of Australia                2.2%

Genting Berhad                                              2.2%

China Construction Bank                              2.1%

Nippon Telegraph & Telephone                    2.0%

QR National                                                    2.0%

Number of holdings                                      71

Number of countries                                      12

Key facts

Net assets £128.0m

Share price (p) 248.5

Net asset value per share (p) 301.5

Discount (premium) 17.6%

Estimated net yield 1.8%

The NAV stated in our reporting is inclusive of current year revenue.

Performance

Discrete performance over 12 months to 31 May

 Cumulative performance over periods to 31 May 2012

Source: Martin Currie and Morningstar. Bid to bid basis with net income reinvested over the periods shown in sterling terms. These figures do not include the costs of buying and selling shares in an investment trust. If these were included, performance figures would be reduced.

On 30 June 2008, The Trust's benchmark changed from MSCI All Countries Asia Pacific Free (Japan fixed at 40%) index to MSCI All Countries Asia Pacific index.  On 1 July 2011 it changed to the MSCI All Countries Asia Pacific (Japan fixed at 25%) index.

Past performance is not a guide to future returns.

*Please note that 1.1p of the 5.5p dividend for the financial year ending 29 February 2012 was paid from reserves.

Capital structure

Ordinary shares 42,439,188*

*Source: Martin Currie as at 31 May 2012

Board of directors

Patrick Gifford (chairman)

John Scott

Michael Thomas

Harry Wells

Gregory Shenkman

Peter Edwards

Key information

Year end - 28 February

Annual general meeting  - June

Dividend paid (April in 2010)  - July

Annual management fee as at 29 February 2012† - 1.0%

(0.85% on assets between £150m and £225m and 0.75% on assets over £225m)

Total expense ratio 29 February 2012*  - 1.3%

Epic code - MCP

Reuters code - MCP.L

†Percentage of net assets.

*Percentage of shareholders' funds. Includes annual management fee.

Website

The Trust has its own website at www.martincurriepacific.com. There you will find further details about the Trust, information on Martin Currie, daily share prices (and associated risks), and you can access regular webcasts by the manager.

Net asset value and dividend history

*This is the diluted net asset value until 30 June 2000 when the warrants expired. From 2001 the net asset value is represented.  Past performance is not a guide to future returns.

Material events

The results for the year ended 29 February 2012 were announced on 3 May 2012

The directors have recommended a final divided of 5.5p per share in respect of the year ended 29 February 2012, subject to approval by shareholders at the Annual General Meeting.  The AGM will be held in London on 27 June 2012.