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 issuer of existing shares    Pacific Assets 
to which voting rights are attached:ii                                     Trust plc    


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 specify):                                                              No 


3. Full name of person(s) subject to the notification             Investec Wealth &     
obligation:iii                                                    Investment Limited    
                                                                                        
4. Full name of shareholder(s)  (if different from 3.):iv                N/A            
                                                                                        
5. Date of the transaction and date on which the threshold is        2 March 2015       
crossed or reached: v                                                                   
                                                                                        
6. Date on which issuer notified:                                    3 March 2015       
                                                                                        
7. Threshold(s) that is/are crossed or reached: vi, vii             From 3% to 4%       
                                                                                        


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 using               Number                   Number            % of voting  
the ISIN CODE        Number       of     Number            of               rights x    
                       of       Voting     of            voting                         
                     Shares     Rights   shares          rights                         
                                                                                        
                                         Direct Direct xi  Indirect xii  Direct Indirect
     Ordinary                                                                           
                   4,666,923  4,666,923                      4,684,423           4.01%  
GB000667438                                                                             


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 xiv    rights that may be      rights   
                                                        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 xviii      refers to                     
                                                                         Nominal  Delta 
                                                                                        
                                                                                        
                                                                                        

Total (A+B+C)                                                                           

        Number of voting rights                 Percentage of voting rights          
                                                                                        
              4,684,423                                   4.01%                     
                                                                                        


9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable: xxi                          
                                                                                        
Client holdings registered in the name of Nominee companies 100% owned by               
Investec  Wealth & Investment Limited                                                   
                                                                                        
                                                                                        
                                                                                        

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:        Voting rights based on 116,848,386 shares in issue   
                                                                                        
                                              Phil Beardwell Chartered FCSI             
14. Contact name:                                                                       
                                                Senior Compliance Manager               
                                                                                        
15. Contact telephone number:                         020 7597 1356