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 to which voting rights are attached: ii

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

3. Full name of person(s) subject to the notification obligation: iii	Lazard Asset Management LLC
4. Full name of shareholder(s)  (if different from 3.):iv	MELLON TRUST 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 which the threshold is crossed or reached: v	16 November 2015
6. Date on which issuer notified:	17 November 2015
7. Threshold(s) that is/are crossed or reached: vi, vii	Decrease From 10% to 9%

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

Class/type of shares if possible using the ISIN CODE	Situation previous to the triggering transaction		Resulting situation after the triggering transaction
	Number of Shares	Number of Voting Rights	Number of shares	Number of voting rights		% of voting rightsx
			Direct	Direct xi	Indirect xii	Direct	Indirect
Ordinary GB0006674385		12,004,817			11,922,817		9.982%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

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

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

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

Total (A+B+C)

Number of voting rights	Percentage of voting rights
11,922,817	9.982%

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:	n/a
12. Date on which proxy holder will cease to hold voting rights:	n/a

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