Interim Results

Personal Assets Trust PLC
23 November 2000



Preliminary Results (unaudited) for the six months to 31 October 2000

The Directors of Personal Assets Trust ('PAT') are pleased to announce the
Group's preliminary results (unaudited) for the six months to 31 October 2000.


The key points are as follows:

* PAT is an independently managed investment trust run for individual
investors.

* Over the six months to 31 October 2000 PAT's net asset value increased by
4.6 per cent to £208.93. This compares favourably with the increase of 2.5 per
cent in PAT's benchmark, the FTSE All-Share Index. PAT's share price rose by
£4.50 to £206.50 over the same period.

* The Board measures PAT's performance over rolling three-year periods. Over
the three years to 31 October 2000 the net asset value increased by 39.7 per
cent compared to the FTSE All-Share Index's 34.2 per cent, an outperformance
of 1.4 per cent per annum.

* PAT continued to maintain a high level of liquidity throughout the period
(31 October 2000: 45 per cent, 30 April 2000: 45 per cent). It is the Board's
view that markets continue to be overvalued and the level of liquidity
reflects the Board's stated aim of protecting the value of shareholders'
funds, while waiting to reinvest at lower levels of equity markets.

* Over the six months PAT's shares traded in a narrow range around net asset
value. In keeping with the Board's stated aim of ensuring, so far as is in its
power, that the Company's shares do not sell at a discount to their net asset
value, PAT bought back for cancellation a total of 5,224 shares during the
period. Meanwhile, 6,006 new ordinary shares were issued at a small premium to
satisfy continuing demand for the Company's zero-charge Investment Plans. At
31 October 2000, 46 per cent of the Company's share capital was held in these
Plans.

* Earnings for the period increased to £1.70 per share (1999: £0.75). Earnings
for the first six months should not be taken as a guide for the full year.

* The first interim dividend of £1.35 per ordinary share, announced on 13
October 2000, is 3.8 per cent higher than the previous year (1999: £1.30) and
will be paid to shareholders on 24 November 2000.


The Group's unaudited statement of total return , cash flow and balance sheet
follow.

For further information contact:

Ian Rushbrook
Investment Director
Tel:  [phone]
 
GROUP STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS TO 31 OCTOBER 2000 (unaudited)


                                               Six months to 31 October 2000
                                              Revenue     Capital       Total
                                    Notes       £'000       £'000       £'000
                            
Gains/(losses) on investments                       -       4,816       4,816
Exchange differences                                -       (757)       (757)
                            
Income                                            928           -         928
Investment management fee                       (121)       (225)       (346)
Other expenses                                  (100)           -       (100)
                            
Net return on ordinary activities before tax      707       3,834       4,541
                            
Tax on ordinary activities                       (75)          63        (12)
                            
Return attributable to equity shareholders        632       3,897       4,529
                            
Dividends in respect of equity
shares                                 2        (500)           -       (500)
                            
Transfer to/(from) Reserves                       132       3,897       4,029
                            
Return per ordinary £12.50 share (£)   3         1.70       10.50       12.20


1. The revenue column of this statement is the revenue account of the Group.

2. A first interim dividend of £1.35 per ordinary share will be paid on 24
November 2000.

3. The return per ordinary share is based on 371,121 shares, being the
weighted average number of shares in issue (31 October 1999: 341,673, 30 April
2000: 348,468).

4. Earnings for the six months should not be taken as a guide for the full
year.


GROUP STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS TO 31 OCTOBER 2000 (unaudited)


                                               Six months to 31 October 1999
                                              Revenue     Capital       Total
                                    Notes       £'000       £'000       £'000
                            
Gains/(losses) on investments                       -     (1,666)     (1,666)
Exchange differences                                -         442         442
                            
Income                                            481           -         481
Investment management fee                         (90)       (167)       (257)
Other expenses                                   (115)          -        (115)
                            
Net return on ordinary activities before
tax                                               276      (1,391)     (1,115)
                            
Tax on ordinary activities                        (20)          5         (15)
                            
Return attributable to equity shareholders        256      (1,386)     (1,130)
                            
Dividends in respect of equity
shares                                  2       (453)           -       (453)
                            
Transfer to/(from) Reserves                     (197)     (1,386)     (1,583)
                            
Return per ordinary £12.50 share (£)    3        0.75      (4.06)      (3.31)

 
GROUP STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS TO 31 OCTOBER 2000 (unaudited)

                                                    Year to 30 April 2000
                                              Revenue     Capital       Total
                                    Notes       £'000       £'000       £'000
                            
Gains/(losses) on investments                       -       (103)       (103)
Exchange differences                                -       (441)       (441)
                            
Income                                          1,652           -      1,652
Investment management fee                       (210)       (390)       (600)
Other expenses                                  (239)           -       (239)
                            
Net return on ordinary activities before
tax                                             1,203       (934)         269
                            
Tax on ordinary activities                      (165)         120        (45)
                            
Return attributable to equity
shareholders                                    1,038       (814)         224
                            
Dividends in respect of equity
shares                                2         (942)           -       (942)
                            
Transfer to/(from) Reserves                       96         (814)      (718)
                            
Return per ordinary £12.50 share
(£)                                   3         2.98        (2.34)      0.64


SUMMARISED GROUP STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS TO 31 OCTOBER 2000 (unaudited)

                                                Six           Six
                                          months to     months to     Year to
                                         31 October    31 October    30 April
                                               2000          1999        2000
                                              £'000         £'000       £'000
                            
Net cash inflow from operating activities       849            29         416
Taxation                                          -             -         210
Capital expenditure and financial
investment                                  (1,195)       (7,021)     (1,645)
Equity dividends paid                         (489)         (424)       (877)
Financing                                      160         4,702       9,269
(Decrease)/increase in cash                   (675)       (2,714)      7,373
                            
Reconciliation of net cash flow to
movement in net funds
(Decrease)/increase in cash                   (675)       (2,714)       7,373
Effect of foreign exchange rates              (589)          (31)       (192)
Change in net funds                         (1,264)       (2,745)       7,181
Net funds at the beginning of the period    11,226          4,045       4,045
Net funds at the end of the period           9,962          1,300      11,226

Reconciliation of net revenue before tax to
net cash inflow from operation activities
Net return before taxation                     707            276       1,203
Management fee charge to capital              (225)          (167)       (390)
Changes in working capital                     367            (80)       (397)
Net cash flow from operating activities        849             29         416


Group Balance Sheet as at              31 October     31 October     30 April
(unaudited)                                  2000           1999         2000
                                          £' 000s        £' 000s      £' 000s
Investments                            
                            
Equities                                   42,021         35,181       39,855
Fixed Interest                             27,137         31,692       25,022
                                           69,158         66,873       64,877
                            
Net Current Assets                          8,127          1,446        8,874
                            
Total Assets                               77,285         68,319       73,751
                            
Ordinary Shareholders' Funds               77,285         68,319       73,751
                            
Net Asset Value per Ordinary
£12.50 Share                              £208.93        £196.91       £199.80
              


Shares in Issue at 31 October 2000 were 369,903 (31 October 1999 - 346,947, 30
April 2000 - 369,121)

1.   These are not statutory accounts in terms of Section 240 of the Companies
Act 1985 and are unaudited. Full audited accounts for the year to 30 April
2000, which were unqualified, have been lodged with the Registrar of
Companies. No full accounts in respect of any period after 30 April 2000 have
been reported on by the Company's auditors or delivered to the Registrar of
Companies.

2.   During the period the Directors allotted 6,006 ordinary shares.

3.   During the period the Directors bought back 5,224 ordinary shares for
cancellation.

4.   The Interim Report will be posted to Shareholders early in December 2000.
Copies will be available from the Company's registered office at One Charlotte
Square, Edinburgh, EH2 4DZ.