Interim Management Statement

Personal Assets Trust PLC
07 September 2007


Personal Assets Trust plc

Interim Management Statement

For the Four Month Period from 30 April 2007 to 31 August 2007

Investment Objective

Personal Assets is an investment trust run expressly for private investors. Its
capital structure is the simplest possible for an investment trust, consisting
only of ordinary shares. Its investment policy is to protect and increase (in
that order) the value of shareholders' funds over the long term and to earn as
high a total return as is compatible with a lower level of volatility than the
FTSE All-Share Index. Since Personal Assets invests for the long term, the Board
assesses performance not annually at the end of each accounting year but over
rolling three-year periods.

We aim to pay as high, secure and sustainable a dividend as is compatible with
maintaining our investment flexibility. We intend the present dividend rate to
grow in real terms and it is our policy never to cut the dividend rate, so
shareholders know that each half-yearly payment will at least equal the previous
one.

The Board's policy is to ensure that the shares of Personal Assets always trade
at close to NAV

Performance Summary

                                                     As at              As at
                                                 31 August      30 April 2007
                                                      2007                                      Movement
Market capitalisation                              £190.1m            £193.4m                     (1.7%)
Shareholders' funds                                £189.6m            £192.4m                     (1.5%)
Effective liquidity                                  70.0%              50.7%                      38.1%
Share price                                        £263.00            £266.00                     (1.1%)
Net asset value per share                          £262.32            £264.70                     (0.9%)
Premium to NAV                                        0.3%               0.5%                     (0.2%)
FTSE All-Share index                              3,260.48           3,355.60                     (2.8%)


Period Review and Material Events

We continued to be bearish of the UK and US equity markets throughout the
period. On 3 July, following a Board 'AwayDay', we sold 283 FTSE 100 contracts
to give us a short position of 418 contracts, thereby increasing our liquidity
from 50% to 60% of shareholders' funds. We decided also to reduce our holdings
in Banks because of growing concerns about bad debts, selling 405,000 shares in
Barclays and 640,000 shares in Royal Bank of Scotland on 16 July. In consequence
of this, and also on 16 July, we bought back 95 of our 418 short position in
FTSE 100 contracts in order to maintain our overall liquidity at 60%.

When the US Federal Reserve reduced its 'discount window' rate by 0.5% on 17
August in response to a deterioration in the commercial credit market, we saw
this as an indication that the Federal Reserve confirmed our belief that there
was a systemic threat to the financial system. We therefore on 17 August sold a
further 230 FTSE 100 contracts, increasing our effective liquidity to 70% of
shareholders' funds.

During the period the Company purchased 4,176 Ordinary Shares to be held in
treasury for a total consideration of £1,103,000, representing 0.57% of the
Ordinary Shares in issue at the beginning of the period. The Company also
re-issued 83 Ordinary Shares from treasury for a total consideration of £22,000,
representing 0.01% of the Ordinary Shares in issue at the beginning of the
period.

Top Ten Holdings as at 31 August 2007
                                                      Percentage of shareholders' funds     Percentage of UK
                                                                                             equity exposure

Company

Royal Dutch Shell 'B'                                                               7.9                 28.7
BP                                                                                  7.0                 25.4
HBOS                                                                                5.1                 18.4
RBS Group                                                                           4.6                 16.6
Glaxosmithkline                                                                     4.4                 16.0
BT Group                                                                            4.3                 15.6
Scottish & Newcastle                                                                2.7                  9.6
Barclays                                                                            2.6                  9.3
Alliance Trust                                                                      2.4                  8.7
Rentokil Initial                                                                    0.9                  3.3
Other equities (13)                                                                 6.5
FTSE 100 Futures                                                                 (18.4)
Total                                                                              30.0


Geographical Analysis as at 31 August 2007

                                                                                                Percentage of
                                                                                          shareholders' funds
Country

UK equity exposure (including futures)                                                                   27.7
US equities                                                                                               2.3
Liquidity                                                                                                70.0
Total                                                                                                   100.0



Sector Distribution as at 31 August 2007

Sector                                             Percentage of total assets        Percentage of
                                                                                    FTSE All-Share

Oil & Gas                                                                12.2                 15.2
Basic Materials                                                         (1.6)                  8.7
Industrials                                                               1.3                  7.6
Consumer Goods                                                            1.8                  9.8
Health Care                                                               3.5                  7.1
Consumer Services                                                       (2.2)                 11.8
Telecom                                                                   3.1                  6.4
Utilities                                                               (0.8)                  4.1
Financials                                                               12.9                 28.2
Technology                                                              (0.2)                  1.1
Liquidity                                                                70.0

Total                                                                   100.0                100.0


Materiality Statement

Since the 31st August 2007, the Company has sold a further 312 FTSE 100
contracts to increase our liquidity from 70% to 80%.


Additional Information

Further information regarding the Company, including Quarterly Reports and
Investment Plan documents can be obtained from:

Steven Budge
Personal Assets Trust plc
10 St. Colme Street
Edinburgh EH3 6AA

Telephone: [phone]

Email: [e-mail]


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