Holding(s) in Company

For filings with the FCA include the annex                                              
                                                                                        
For filings with issuer exclude the annex                                               

   

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                         

   

1. Identity of the issuer or the underlying              Pacific Assets Trust plc        
issuer of existing shares to which voting rights                                         
are attached: ii                                                                         

   

2 Reason for the notification (please tick the appropriate box or boxes):               

   

An acquisition or disposal of voting rights                                         Yes   
                                                                                          
An acquisition or disposal of qualifying financial instruments which may result     No    
in the acquisition of shares already issued to which voting rights are attached           
                                                                                          
An acquisition or disposal of instruments with similar economic effect to           No    
qualifying financial instruments                                                          
                                                                                          
An event changing the breakdown of voting rights                                    No    
                                                                                          
Other (please                                                                       No    
specify):                                                                                 
                                                                                          

   

3. Full name of person(s) subject to the            Lazard Asset Management LLC          
notification obligation: iii                                                             
                                                                                         
4. Full name of shareholder(s)  (if                         MELLON TRUST                 
different from 3.):iv                              MORGAN STANLEY PRIME BROKERAGE        
                                                         NORTHERN TRUST CO               
                                               STATE STREET BANK - CUSTODY MASTER TST    
                                                 STATE STREET BANK - MASTER TR-ETC       
                                                STATE STREET BANK - CUSTODIAN - ETC      
                                               BANK OF NEW YORK, INC - GLOBAL CUSTODY    
                                                      JP MORGAN CHASE - SWIFT            
                                                                                         
5. Date of the transaction and date on                      28 May 2015                  
which the threshold is crossed or reached:                                               
v                                                                                        
                                                                                         
6. Date on which issuer notified:                           29 May 2015                  
                                                                                         
7. Threshold(s) that is/are crossed or                Decrease From 13% to 12%           
reached: vi, vii                                                                         

8. Notified details:
A: Voting rights attached to shares viii, ix

Class/type of     Situation previous                 Resulting situation after              
shares             to the triggering                      the triggering                    
                      transaction                           transaction                     
                                                                                            
if possible                   Number                     Number             % of voting     
using              Number       of       Number            of                 rights x      
the ISIN CODE        of       Voting       of            voting                             
                   Shares     Rights     shares          rights                             
                                                                                            
                                         Direct   Direct xi   Indirect   Direct    Indirect 
                                                                xii                         
                                                                                            
     Ordinary               15,199,025                       15,099,025            12.922%  
GB0006674385                                                                                

   

B: Qualifying Financial Instruments                                                     
                                                                                        
Resulting situation after the triggering transaction                                    

   

  Type of financial   Expiration      Exercise/        Number of voting      % of voting   
     instrument       date xiii   Conversion Period   rights that may be        rights     
                                         xiv            acquired if the                    
                                                         instrument is                     
                                                     exercised/ converted.                 
                                                                                           

   

C: Financial Instruments with similar economic effect to Qualifying Financial           
Instruments xv, xvi                                                                     
                                                                                        
Resulting situation after the triggering transaction                                    

   

Type of financial  Exercise  Expiration  Exercise/     Number of voting        % of voting    
   instrument       price    date xvii  Conversion    rights instrument      rights xix, xx   
                                          period          refers to                           
                                           xviii                                              
                                                                                              
                                                                            Nominal    Delta  
                                                                                              
                                                                                              

   

Total (A+B+C)                                                                           

   

          Number of voting rights                    Percentage of voting rights         
                                                                                         
                   15,099,025                                  12.922%                   

   

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable: xxi                          
                                                                                        
Lazard Asset Management LLC controls all the voting rights held of this issuer.         

   

Proxy Voting:                                                                            
                                                                                         
10. Name of the proxy holder:                                    n/a                     
                                                                                         
11. Number of voting rights proxy holder                         n/a                     
will cease to hold:                                                                      
                                                                                         
12. Date on which proxy holder will cease                        n/a                     
to hold voting rights:                                                                   

   

13. Additional information:                                      n/a                     
                                                                                         
14. Contact name:                                             Mark Pope                  
                                              For and on behalf of Frostrow Capital LLP  
                                                          Company Secretary              
                                                                                         
15. Contact telephone number:                               0203 008 4913