Interim Results

Personal Assets Trust PLC
24 November 2006

PERSONAL ASSETS TRUST PLC



To:                RNS

From:              Personal Assets Trust plc

Date:              24 November 2006

INTERIM REPORT FOR THE SIX MONTHS ENDED 31 OCTOBER 2006

•    Personal Assets Trust plc ('PAT') is an independent investment trust managed for private investors.

•    Over the six months to 31 October 2006 PAT's net asset value per share ('NAV') rose by 0.9% to
     £258.51 compared to a rise of 2.2% in our benchmark, the FTSE All-Share Index. PAT's share price rose
     by £1.25 to £260.50 over the same period, being a premium of 0.8% to the Company's NAV at that date.

•    The Board measures PAT's performance over rolling three-year periods. Over the three years to 31
     October 2006 the NAV rose by 27.8% compared to the FTSE All-Share Index's rise of 47.8%. This
     underperformance of 13.5% reflects our cautious attitude to equity valuations, represented by the
     level of liquidity we have held over the period.

•    We continue to believe that in present circumstances it is appropriate to maintain a substantial
     level of liquidity. At 31 October 2006 PAT had effective liquidity of 39.7% of shareholders' funds
     (30 April 2006: 40.8%).

•    Over the six months PAT's shares continued to trade close to NAV. We issued 4,650 new ordinary shares
     at a small premium (adding just under £1.2 million of new capital) to satisfy continuing demand for
     the Company's shares, principally through its zero-charge Investment Plans. At 31 October 2006, 43.6%
     of the Company's share capital was held in these plans. The Company also bought 5,982 ordinary shares
     to be held in Treasury during the period.

•    Earnings for the period were £2.18 per share (2005: £1.85). Earnings for the first six months should
     not be taken as a guide for the full year.

•    The first interim dividend of £2.00 per ordinary share (2005: £1.80) was paid to shareholders on 27
     October 2006. The Board's stated policy is never to cut the dividend rate. Therefore, the second
     interim dividend for the year ended 30 April 2007, expected to be paid in April 2007, will be at
     least £2.00 per share. The total dividend for the year will be not less than £4.00, representing an
     increase of at least 8.1% compared to the previous year.



PORTFOLIO VALUATION
                                               Percentage      31 October      Purchases/        30 April
                                                  of fund            2006         (Sales)            2006
                                                        %           £'000           £'000           £'000
Royal Dutch Shell                                     7.7          14,641           1,075          14,119
BP                                                    7.3          13,992             708          15,424
RBS Group                                             7.0          13,442           2,291          10,579
HBOS                                                  6.3          11,957           1,222           9,481
Barclays                                              4.5           8,490             537           7,672
BT Group                                              3.8           7,228               -           5,701
GlaxoSmithKline                                       3.7           7,000               -           7,780
Scottish & Newcastle                                  2.4           4,621               -           4,153
Scottish Investment Trust                             1.3           2,571               -           2,622
British Assets Trust                                  1.1           2,074               -           2,077
Other Holdings (12)                                   6.2          11,774         (1,468)          13,764
Exposure to FTSE 100 Futures                          9.0          17,193               -          18,675


Total equity exposure                                60.3         114,983           4,365         112,047

US Treasury Strip 0% 15/11/06                        24.7          47,115
Standard Life Sterling Fund                          13.1          24,946
Liability to FTSE 100 Futures                       (9.1)        (17,276)
Net current assets                                   11.0          20,986
Net liquidity                                        39.7          75,771

Equity shareholders' funds                          100.0         190,754

CONDENSED GROUP INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 OCTOBER 2006

                                    (Unaudited)                    (Unaudited)                    (Audited)
                                  Six months ended               Six months ended                Year ended
                                  31 October 2006                31 October 2005                30 April 2006

                              Revenue   Capital                Revenue  Capital            Revenue  Capital
                               return    return     Total       return   return    Total    return   return    Total
                                £'000     £'000     £'000        £'000    £'000    £'000     £'000    £'000    £'000
Investment income               2,060         -     2,060        2,028        -    2,028     4,075        -    4,075
Other income                      616         -       616          238        -      238       593        -      593
(Losses)/gains on
investments held at                 -   (1,277)   (1,277)            -   15,595   15,595         -   28,551   28,551
fair value
Foreign exchange
differences                         -     2,886     2,886            -  (5,088)  (5,088)         -  (3,625)  (3,625)
Total income                    2,676     1,609     4,285        2,266   10,507   12,773     4,668   24,926   29,594
Expenses                        (987)         -     (987)        (931)        -    (931)   (1,958)        -  (1,958)

Profit before tax               1,689     1,609     3,298        1,335   10,507   11,842     2,710   24,926   27,636
Taxation                         (75)         -      (75)         (21)        -     (21)        11        -       11

Profit for the period           1,614     1,609     3,223        1,314   10,507   11,821     2,721   24,926   27,647

Earning per ordinary
share ((1))                     £2.18     £2.17     £4.35        £1.85   £14.79   £16.64     £3.78   £34.61   £38.39

((1)) The earnings per ordinary share figure is based on the net gain for the six months of £3,223,000 (six months
ended 31 October 2005: £11,821,000; year ended 30 April 2006: £27,647,000) and on 740,561 (six months ended 31
October 2005: 710,511; year ended 30 April 2006: 720,152) ordinary shares, being the weighted average number of
ordinary shares in issue during the period.


In respect of the year ending 30 April 2007 the Board has declared a first interim dividend of £2.00 per ordinary
share, which was paid on 27 October 2006. In respect of the year ended 30 April 2006 the Board declared a first
interim dividend of £1.80 per ordinary share and a second interim dividend of £1.90 per ordinary share. This gave a
total dividend for the year ended 30 April 2006 of £3.70 per ordinary share.

The column of this statement headed Total represents the Group's Income Statement, prepared in accordance with
International Financial Reporting Standards. The revenue return and capital return columns are supplementary to this
and are prepared under guidance published by the Association of Investment Companies. All items in the above
statement derive from continuing operations.

CONDENSED GROUP BALANCE SHEET
AS AT 31 OCTOBER 2006
                                                                      (Unaudited)      (Unaudited)         (Audited)
                                                                  31 October 2006  31 October 2005     30 April 2006
                                                                            £'000            £'000             £'000

Non current assets: Investments held at fair value                        169,851          161,853           170,360
Current assets                                                             20,903           10,922            18,991

Net current assets                                                        190,754          172,775           189,351


Equity shareholders'                                                      190,754          172,775           189,351
funds

Net asset value per ordinary share ((2))                                  £258.51          £236.41           £256.14


((2)) The net asset value per ordinary share is based on the net assets attributable to the equity shareholders of
£190,754,000

(31 October 2005: £172,775,000; 30 April 2006: £189,351,000) and on 737,902 (31 October 2005: 730,832; 30 April
2006: 739,234)
 ordinary shares, being the number of ordinary shares in issue at the period end.





CONDENSED GROUP CASH FLOW STATEMENT
AS AT 31 OCTOBER 2006

                                                         (Unaudited)            (Unaudited)          (Audited)
                                                    Six months ended       Six months ended         Year ended
                                                     31 October 2006        31 October 2005      30 April 2006
                                                               £'000                  £'000              £'000

Net cash inflow from operating                                 2,489                  1,460              2,571
activities
Net cash (outflow)/inflow from investing                       (510)                  3,483              8,184
activities

Net cash inflow before financing                               1,979                  4,943             10,755
Net cash (outflow)/inflow from financing                     (1,819)                  4,398              5,147
activities

Net increase in cash and cash                                    160                  9,341             15,902
equivalents
Cash and cash equivalents at the start of                     15,391                  5,875              5,875
the period
Realised gains/(losses) on foreign                             5,045                (3,999)            (6,386)
currency
Cash and cash equivalents at the period                       20,596                 11,217             15,391
end



CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 OCTOBER 2006

                                                                      (Unaudited)
                                                            Six months ended 31 October 2006

                                 Ordinary                 Capital                 Other
                                    share       Share  redemption   Special     capital    Revenue
                                  capital     premium     reserve   reserve    reserves    reserve       Total
                                    £'000       £'000       £'000     £'000       £'000      £'000       £'000


Balance at 30 April 2006            9,240      89,336         483    17,589      69,769      2,934     189,351
Profit for the period                   -           -           -         -       1,614      1,609       3,223
Ordinary dividends paid                 -           -           -         -           -    (1,482)     (1,482)
Issue of ordinary shares               58       1,122           -         -           -          -       1,180
Buy-backs of ordinary shares         (75)           -          75   (1,518)           -          -     (1,518)

Balance at 31 October 2006          9,223      90,458         558    16,071      71,383      3,061     190,754


At 31 October 2006 there were 737,902 ordinary shares in issue (31 October 2005: 730,832; 30 April 2006:
739,234). During the six months ended 31 October 2006 the Company issued 4,650 ordinary shares and bought
5,982 ordinary shares to be held in Treasury. Of the 4,650 ordinary shares issued during the period, 3,005
were issued from Treasury. There were 12,537 ordinary shares held in Treasury at the period end. The cost of
the share buy-backs, including stamp duty, amounted to £1,518,000.



These are not statutory accounts in terms of section 240 of the Companies Act 1985 and are unaudited. The
information for the year ended 30 April 2006 has been extracted from the latest published financial
statements, which received an unqualified audit report and have been filed with the Registrar of Companies. No
statutory accounts in respect of any period after 30 April 2006 have been reported on by the Company's
auditors or delivered to the Registrar of Companies.








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