Pacific Assets Regulatory News (PAC)

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 Brewin Dolphin Limited
the
notification obligation: iii

4. Full name of shareholder(s)
(if different from 3.):iv

5. Date of the transaction and date 16 January 2012
on
which the threshold is crossed or
reached: v

6. Date on which issuer notified: 17 January 2012

7. Threshold(s) that is/are crossed 5%
or
reached: vi, vii
5,852,2795,852,279
8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type Situation previous Resulting situation after the triggering of

to the triggering transaction
shares transaction

Number Number Number Number of voting % of voting rights
if possible of of of shares rights x
using Shares Voting
the ISIN Rights Direct Direct Indirect Direct Indirect
CODE xi xii

ORD GBP N/A N/A 5,795,455 N/A 4.9598%
0.125

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 rights
xiv be
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

5,795,455 4.9598%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi

Indirect - Brewin Nominees Limited - 907,539 -0.7767%

Indrect - Brewin Nominees (Channel Islands) Limited - 121,430 - 0.1039%

Indirect - Giltspur Nominees Limited - 3,059,365 - 2.6182%

Indirect - Brewin Nominees Limited - 1,144,171 - 0.9792%

Indirect - Brewin Nominees Limited A/c Charity - 164,050 - 0.1404%

Indirect - Brewin Nominees Limited A/c Offbond - 398,900 - 0.3414%

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:

Figures based on shares in issue of
13. Additional information: 116,848,386. The indirect voting rights
under (9) relate to shares held in
client portfolios, managed by those
firms, under discretionary investment
management agreements.

14. Contact name: Gill Keppie

15. Contact telephone number: 0191 279 7605