Pacific Assets Regulatory News (PAC)

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

Pacific Assets Trust PLC

2. Reason for the notification  (please tick the appropriate box or boxes)

An acquisition or disposal of voting rights 

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 obligation:

Lazard Asset Management LLC

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

Bank One

Mellon Trust

Northern Trust Co

PFPC Trust Co

State Street Bank - Custody Master Trust

5. Date of the transaction (and date on which the threshold is crossed or reached if different):

31 October 2008

6. Date on which issuer notified:

12 December 2008

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

12%

8. Notified details:

A: Voting rights attached to shares

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 rights

Direct

Direct

Indirect

Direct

Indirect

GB0006674385

14,667,700

13,567,700

11.464%

B: Financial Instruments

Resulting situation after the triggering transaction 

Type of financial instrument 

Expiration date 

Exercise/ Conversion Period/ Date 

Number of voting rights that may be acquired if the instrument is exercised/ converted. 

% of voting rights

Total (A+B)

Number of voting rights

% of voting rights

13,567,700

11.464%

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

Lazard Asset Management controls all the voting rights for 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:

Steven Ross

15. Contact telephone number:

0207 628 8000