Allottment of Shares

Personal Assets Trust PLC
23 August 2001


Allotment of Shares

The Company announces that on 21 August 2001 it allotted and issued 3,250 new
ordinary shares of £12.50 each under an issue for cash at a price of £210.50
per share.

The new shares increase the issued share capital on 21 August 2001 to 389,714
ordinary shares.

An application for admission to listing has been made today in respect of the
3,250 new ordinary shares.

For further information please contact:

Gordon Hay Smith, Friends Ivory & Sime plc :    0131 465 1000