Holding(s) in Company

Pacific Assets Trust PLC
21 January 2008


TR-1:               Notification of major interests in shares


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

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights                                             Yes

An acquisition or disposal of financial instruments which may result in the acquisition
of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):______________

3. Full name of person(s) subject to the notification               Lazard Asset Management LLC
obligation:

4. Full name of shareholder(s) (if different from 3.):            Citibank N.A. Employee Benefit Fund

                                                                          Northern Trust Co.

                                                                             PFPC Trust Co

                                                                  State Street Bank - Custody Master
                                                                               Trust
5. Date of the transaction (and date on which the threshold is                16/01/2008
crossed or reached if different):

6. Date on which issuer notified:                                             17/01/2008

7. Threshold(s) that is/are crossed or reached:                                   12%


8. Notified details:


A: Voting rights attached to shares
Class/type of  Situation previous to   Resulting situation after the triggering transaction
shares         the Triggering
               transaction
 if possible   Number of   Number of   Number of    Number of voting rights   % of voting rights
using the ISIN Shares      Voting      shares
CODE                       Rights      Direct       Direct       Indirect     Direct       Indirect
GB0006674385               14304500                 14191600                  11.99%
Ord 12.5p


B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial    Expiration date Exercise/ Conversion      Number of voting rights    % of voting
instrument                           Period/ Date              that may be acquired if    rights
                                                               the instrument is
                                                               exercised/ converted.



Total (A+B)
Number of voting rights                            % of voting rights
   14,191,600                                             11.99%



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



Proxy Voting:

10. Name of the proxy holder:                                                       N/A

11. Number of voting rights proxy holder will cease to hold:                        N/A

12. Date on which proxy holder will cease to hold voting rights:                    N/A


13. Additional information:

14. Contact name:                                                      Steven Ross

15. Contact telephone number:                                         0207 628 8000




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