Holding(s) in Company

For filings with the FSA 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                               x    
                                                                               
An acquisition or disposal of qualifying financial instruments which           
may result in the acquisition of shares already issued to which voting         
rights are attached                                                            
                                                                               
An acquisition or disposal of instruments with similar economic effect         
to qualifying financial instruments                                            
                                                                               
An event changing the breakdown of voting rights                               
                                                                               
Other (please                                                                  
specify):                                                                      
                                                                               
3. Full name of person(s) subject to Lazard Asset Management LLC               
the                                                                            
notification obligation: iii                                                   
                                                                               
4. Full name of shareholder(s)       Bank of New York, Inc - Global Custody    
(if different from 3.):iv                                                      
                                     CIBC - Mellon Canadian Office             
                                                                               
                                     Comerica Bank                             
                                                                               
                                     Mellon Trust                              
                                                                               
                                     Morgan Stanley Prime Brokerage            
                                                                               
                                     Northern Trust Co                         
                                                                               
                                     State Street Bank - Custodian - ETC       
                                                                               
                                     State Street Bank - Custody Master Trust  
                                                                               
                                     State Street Bank - Master Tr - ETC       
                                                                               
5. Date of the transaction and date  7 August 2012                             
on                                                                             
which the threshold is crossed or                                              
reached: v                                                                     
                                                                               
6. Date on which issuer notified:    9 August 2012                             
                                                                               
7. Threshold(s) that is/are crossed  Increase from 15% to 16%                  
or                                                                             
reached: vi, vii                                                               



8. Notified details:                                                               
                                                                                   
A: Voting rights attached to shares viii, ix                                       
                                                                                   
Class/type   Situation previous to Resulting situation after the triggering        
of           the triggering        transaction                                     
shares                                                                             
             transaction                                                           
                                                                                   
if possible  Number of    Number of   Number of Number of voting   % of voting rights 
using        Shares       Voting      shares    rights             x                  
the ISIN                  Rights                                                      
CODE                                  Direct    Direct  Indirect   Direct    Indirect 
                                                xi      xii                           
                                                                                   
GB0006674385   18,495,485 18,495,485                    18,889,885           16.166%  
                                                                                   
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       Exercise Expiration Exercise/  Number of voting     % of voting      
financial     price    date xvii  Conversion rights instrument    rights xix, xx   
instrument                        period     refers to                             
                                  xviii                                            
                                                                                   
                                                                  Nominal    Delta 
                                                                                   
Total (A+B+C)                                                                      
                                                                                   
Number of voting rights                 Percentage of voting rights                
                                                                                   
18,889,885                              16.166%                                    

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 will                                  
cease                                                                          
to hold:                                                                       
                                                                               
12. Date on which proxy holder will cease to hold                              
voting rights:                                                                 
                                                                               
                                                                               
13. Additional information:                                                    
                                                                               
14. Contact name:                      Legal & Compliance Department           
                                                                               
15. Contact telephone number:          0207 448 2666