Interim Results

Personal Assets Trust PLC
23 November 2001


To:     Company Announcements

From:     Personal Assets Trust plc

Date:     23 November 2001



Interim Results (unaudited) for the six months to 31 October 2001


The Directors of Personal Assets Trust ('PAT') are pleased to announce the
Group's interim results (unaudited) for the six months to 31 October 2001.


The key points are as follows:


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


  * Over the six months to 31 October 2001 PAT's PAT's net asset value fell
    by 3.2 per cent to £200.50 over the six months to 31 October 1999. This
    compares favourably with the fall of 15.9 per cent in PAT's benchmark, the
    FTSE All-Share Index. PAT's share price rose by £2.00 to £210.50 over the
    same period to £200.50.


  * The Board measures PAT's performance over rolling three-year periods.
    Over the three years to 31 October 2001 the net asset value increased by
    16.4 per cent compared to the FTSE All-Share Index's fall of 3.6 per cent,
    equivalent to an outperformance of 6.5 per cent per annum.


  * PAT continued to maintain a maintenance of high level of liquidity
    throughout the period (31 October 2001: 51 per cent, 30 April 2001: 48 per
    cent). It is the Board's view that markets continue to be significantly
    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. 27,836 new ordinary shares were issued at a small premium to
    satisfy continuing demand for the Company's shares, principally through
    its zero-charge Investment Plans. At 31 October 2001, 46 per cent of the
    Company's share capital was held in these Plans.


  * Earnings for the period increased to £2.21 per share (2000 : £1.70).
    Earnings for the first six months should not be taken as a guide for the
    full year.


  * The first interim dividend of £1.40 per ordinary share, announced on 18
    October 2001, is 3.7 per cent higher than the previous year (2000: £1.35)
    and will be paid to shareholders on 23 November 2001.


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


    For further information contact:


    Ian Rushbrook

    Investment Director

    Tel: [phone]


GROUP STATEMENT OF TOTAL RETURN

FOR THE SIX MONTHS TO 31 OCTOBER 2001 (unaudited)


                                                  Six months to 31 October 2001
                                                  Revenue    Capital      Total
                                            Notes   £'000      £'000      £'000

(Losses)/gains on investments                           -    (3,761)    (3,761)
Currency gains/(losses)                                 -        897        897

Income                                              1,309          -      1,309
Investment management fee                           (126)      (233)      (359)
Other expenses                                      (159)          -      (159)

Net return on ordinary activities before            1,024    (3,097)    (2,073)
tax

Tax on ordinary activities                          (169)        161        (8)

Return attributable to equity shareholders            855    (2,936)    (2,081)

Dividends in respect of equity shares           2   (567)          -      (567)

Transfer to/(from) reserves                           288    (2,936)    (2,648)

Return per ordinary £12.50 share (£)            3    2.21     (7.58)     (5.37)



 1. The revenue column of this statement is the profit and loss account of the
    Group.
 2. A first interim dividend of £1.40 per ordinary share will be paid on 23
    November 2001.
 3. The return per ordinary share is based on 387,575 shares, being the
    weighted average number of shares in issue (31 October 2000: 371,121, 30
    April 2001: 372,375).
 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 2001 (unaudited)


                                                  Six months to 31 October 2000
                                                  Revenue      Capital    Total
                                            Notes   £'000        £'000    £'000

Gains/(losses) on investments                           -        4,816    4,816
Currency gains/(losses)                                 -        (757)    (757)

Income                                                928            -      928
Investment management fee                           (121)        (225)    (346)
Other expenses                                      (100)            -    (100)

Net return on ordinary activities before              707        3,834    4,541
tax

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 reserves                                  132        3,897    4,029

Return per ordinary £12.50 share (£)            3    1.70        10.50    12.20




GROUP STATEMENT OF TOTAL RETURN

FOR THE SIX MONTHS TO 31 OCTOBER 2001 (unaudited)

                                                          Year to 30 April 2001
                                                      Revenue Capital     Total
                                                Notes   £'000   £'000     £'000

Gains/(losses) on investments                               -   4,778     4,778
Currency gains/(losses)                                     - (2,025)   (2,025)

Income                                                  1,797       -     1,797
Investment management fee                               (239)   (443)     (682)
Other expenses                                          (187)       -     (187)

Net return on ordinary activities before tax            1,371   2,310     3,681

Tax on ordinary activities                              (154)     128      (26)

Return attributable to equity shareholders              1,217   2,438     3,655

Dividends in respect of equity shares               2 (1,009)       -   (1,009)

Transfer to reserves                                      208   2,438     2,646

Return per ordinary £12.50 share (£)                3    3.27    6.55      9.82




SUMMARISED GROUP STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS TO 31 OCTOBER 2001 (unaudited)


                                                          Six       Six
                                                       months    months
                                                           to        to Year to 
                                                           31        31      30
                                                      October   October   April 
                                                         2001      2000    2001
                                                        £'000     £'000   £'000

Net cash inflow from operating activities                 688       849     890
Taxation                                                    -         -    (34)
Capital expenditure and financial investment              969   (1,195) (8,221)
Equity dividends paid                                   (509)     (489)   (989)
Financing                                               5,772       160   1,603
Increase/(decrease) in cash                             6,920     (675) (6,751)

Reconciliation of net cash flow to movement in net
funds                                                       -                -

Increase/(decrease) in cash                             6,920     (675) (6,751)

Effect of foreign exchange rates                        (220)     (589) (2,334)

Change in net funds                                     6,700   (1,264) (9,085)

Net funds at the beginning of the period                2,141    11,226  11,226

Net funds at the end of the period                      8,841     9,962   2,141

Reconciliation of net revenue before tax to net
cash inflow from operation activities                       -                 -

Net return before taxation                              1,024       707   1,371

Management fee charge to capital                        (233)     (225)   (443)

Changes in working capital                              (103)       367    (38)

Net cash flow from operating activities                   688       849     890



Group Balance Sheet as at 1994 PDS 000s      31 October 31 October   30 April
(unaudited)                                        2001       2000       2001
                                                 £'000s     £'000s     £'000s
Investments

Equities Investments                             39,905     42,021     40,684
Fixed Interest                                   31,415     27,137     35,366
                                                 71,320     69,158     76,050

Net Current Assets                                9,801      8,127      1,950

Total Assets                                     81,121     77,285     78,000

Ordinary Shareholders' Funds                     81,121     77,285     78,000

Net Asset Value per Ordinary £12.50 Share       £200.50    £208.93    £207.03



Shares in Issue at 31 October 2001 were 404,586 (31 October 2000 - 369,903, 30
April 2001 - 376,750)

 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
    2001, which were unqualified, have been lodged with the Registrar of
    Companies. No full accounts in respect of any period after 30 April 2001
    have been reported on by the Company's auditors or delivered to the
    Registrar of Companies.


 2. During the period the Directors allotted 27,836 ordinary shares.


    3.     The Interim Report will be posted to Shareholders at the end of
    November 2001. Copies will be available from the Company's registered
    office at One Charlotte Square, Edinburgh, EH2 4DZ.