Issue of Equity

Personal Assets Trust PLC
15 November 2001


Allotment of Shares

The Company announces that on 9 November 2001 it allotted and issued 1,250 new
ordinary shares of £12.50 each under an issue for cash at a price of £209.00
per share.

The new shares increase the issued share capital on 9 November 2001 to 406,533
ordinary shares.

An application for admission to listing has been made today in respect of the
1,250 new ordinary shares.

For further information please contact:

Gordon Hay Smith, Friends Ivory & Sime plc :  0131 465 1000