Interim Results

Personal Assets Trust PLC
19 November 2004


To:               Company Announcements
From:             Personal Assets Trust plc
Date:             19 November 2004



Interim Results (unaudited) for the six months to 31 October 2004


The Directors of Personal Assets Trust plc ('PAT') are pleased to announce the
Group's interim results (unaudited) for the six months to 31 October 2004.


The key points are as follows:
     
•    PAT is an independently managed investment trust run for private investors.

•    Over the six months to 31 October 2004 PAT's net asset value per share
     ('NAV') rose by 1.5% to £213.41 compared to a rise of 2.7% in our 
     benchmark, the FTSE All-Share Index. PAT's share price rose by £1.00 to 
     £215.50 over the same period, representing a premium of 1.0% to the 
     Company's net asset value at that date.

•    The Board measures PAT's performance over rolling three-year periods. Over 
     the three years to 31 October 2004 the NAV rose by 6.4% compared to the
     FTSE All-Share Index's fall of 4.8%, equivalent to an outperformance of 
     3.8% per annum.

•    During the period PAT continued to use FTSE 100 Futures to manage its
     exposure to the UK equity market. While the unaudited Group Balance Sheet 
     shows that PAT's holdings of cash and bonds amounted to 61% of 
     shareholders' funds at 31 October 2004, the FTSE 100 Futures we held at 
     that date reduced our effective liquidity to the Board's desired level of 
     33% (30 April 2004: 30%). The Board believes that equity markets are still 
     overvalued. Our current level of liquidity reflects the Board's stated aim 
     of protecting the value of shareholders' funds pending a future investment 
     in equities.

•    Over the six months PAT's shares continued to trade close to NAV.  We
     issued 11,780 new ordinary shares (raising just under £2.5 million of new
     capital) at a small premium to satisfy continuing demand for the Company's
     shares, principally through its zero-charge Investment Plans. At 31 October
     2004, 45% of the Company's share capital was held in these Plans. The 
     Company also bought 2,500 ordinary shares for cancellation during the 
     period.

•    Earnings for the period were £1.10 per share (2003: £1.99). Earnings for 
     the first six months should not be taken as a guide for the full year.

•    The first interim dividend of £1.60 per ordinary share, announced on 14 
     October 2004 (2003: £1.50), will be paid to shareholders on 19 November 2004.


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


For further information contact:

Ian Rushbrook
Managing Director
Tel: [phone]


GROUP STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS TO 31 OCTOBER 2004 (unaudited)

                                                                              Revenue     Capital        Total
                                                     Notes                      £'000       £'000        £'000

Gains on investments                                                                -         814          814
Gains on derivative arrangements                                                    -         841          841
Exchange differences                                                                -       1,159        1,159

Income                                                                          1,184           -        1,184
Other expenses                                                                  (440)       (435)        (875)

Return on ordinary activities before tax                                          744       2,379        3,123

Tax on ordinary activities                                                       (36)          22         (14)

Return attributable to ordinary shareholders                                      708       2,401        3,109

Dividends in respect of ordinary shares                                       (1,044)           -      (1,044)

Transfer (from)/to reserves                                                     (336)       2,401        2,065

Return per share                                     3                          £1.10       £3.71        £4.81


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

2.   A first interim dividend of £1.60 per ordinary share will be paid on 19
     November 2004 to shareholders on the register on 5 November 2004.

3.   The return per ordinary share is based on 646,505 shares, being the
     weighted average number of shares in issue (31 October 2003: 578,159, 30 
     April 2004: 595,622).

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 2003 (unaudited)
                                                                              Revenue      Capital         Total
                                                      Notes                     £'000        £'000         £'000

Gains on investments                                                                -        2,061         2,061
Gains on derivative arrangements                                                    -        4,111         4,111
Exchange differences                                                                -        2,810         2,810

Income                                                                          1,685            -         1,685
Expenses                                                                        (328)        (322)         (650)

Return on ordinary activities before tax                                        1,357        8,660        10,017

Tax on ordinary activities                                                      (204)           96         (108)

Return attributable to ordinary shareholders                                    1,153        8,756         9,909

Dividends in respect of ordinary shares               2                         (908)            -         (908)

Transfer to reserves                                                              245        8,756         9,001

Return per share                                      3                         £1.99       £15.15        £17.14



GROUP STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS TO 30 APRIL 2004 (audited)
                                                                              Revenue      Capital         Total
                                                      Notes                     £'000        £'000         £'000

Gains on investments                                                                -        3,355         3,355
Gains on derivative arrangements                                                    -        6,013         6,013
Exchange differences                                                                -        4,393         4,393

Income                                                                          3,358           12         3,370
Expenses                                                                        (729)        (696)       (1,425)

Return on ordinary activities before tax                                        2,629       13,077        15,706

Tax on ordinary activities                                                      (257)          209          (48)

Return attributable to ordinary shareholders                                    2,372       13,286        15,658

Dividends in respect of ordinary shares                                       (1,935)            -       (1,935)

Transfer to reserves                                                              437       13,286        13,723

Return per share                                      3                         £3.98       £22.31        £26.29



Group Balance Sheet as at                                 31 October 2004    31 October 2003          30 April
                                                              (unaudited)        (unaudited)              2004
                                                                   £' 000             £' 000         (audited)
                                                                                                        £' 000
Investments


Equities                                                           53,873             36,287            54,160
Fixed Interest                                                     68,326             38,351            73,078
Other Investments                                                  10,190             15,825             5,073

                                                                  132,389             90,463           132,311

Net Current Assets                                                  6,439             31,972             2,459

Total Assets                                                      138,828            122,435           134,770

Ordinary Shareholders' Funds                                      138,828            122,435           134,770

Net Asset Value per Share                                         £213.41            £202.34           £210.17



Shares in Issue at 31 October 2004 were 650,533 (31 October 2003 - 605,084, 30
April 2004 - 641,253)
     
1.   These are not statutory accounts in terms of Section 240 of the Companies 
     Act 1985 and are unaudited. Full accounts for the year to 30 April 2004, 
     which received an unqualified audit report, have been lodged with the
     Registrar of Companies. No accounts in respect of any period after 30 April 
     2004 have been reported on by the Company's auditors or delivered to the 
     Registrar of Companies.

2.   During the period the Directors allotted 11,780 ordinary shares and bought 
     for cancellation 2,500 ordinary shares.

3.   The Interim Report will be posted to Shareholders and copies will be
     available from the Company's registered office at 80 George Street, 
     Edinburgh EH2  3BU.



SUMMARISED GROUP STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS TO 31 OCTOBER 2004

                                                               Six months to 31  Six months to 31         Year to
                                                                   October 2004      October 2003        30 April
                                                                    (unaudited)       (unaudited)            2004
                                                                                                        (audited)
                                                                          £'000             £'000           £'000

Net cash inflow from operating activities                                   725             1,243           1,814
Taxation                                                                      7                 -            (30)
Capital expenditure and financial investment                              1,793             8,567        (30,566)
Equity dividends paid                                                   (1,030)             (840)         (1,749)
Financing                                                                 1,993             9,110          16,723
Increase/(decrease) in cash                                               3,488            18,080        (13,808)

Reconciliation of net cash flow to movement in net
funds

Increase/(decrease) in cash                                               3,488            18,080        (13,808)
Effect of foreign exchange rates                                        (2,181)              (20)           7,769
Change in net funds                                                       1,307            18,060         (6,039)
Net funds at the beginning of the period                                  6,201            12,240          12,240
Net funds at the end of the period                                        7,508            30,300           6,201

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

Net revenue before taxation                                                 744             1,357           2,629
Management expenses charged to capital                                    (435)             (322)           (696)
Changes in working capital                                                  416               208           (119)
Net cash inflow from operating activities                                   725             1,243           1,814




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