Issue of Equity

Personal Assets Trust PLC
07 January 2005

To:                RNS
From:              Personal Assets Trust plc
Date               7 January 2005


Issue of Equity


The board of Personal Assets Trust plc announces the number of shares issued
during November/ December 2004 :-


End of month   No of share in  Number of new shares  % of capital  Inflow of new
                   issue       issued during         represented      capital
                                the month *

November        665,096               1,517             0.23%        £333,611.50
December        674,326               3,732             0.56%        £829,494.75
                                      5,249                        £1,163,106.25


*   These shares have been issued under the company's various block
listings.

The Company also issued 18,544 new shares over the period following the
reconstruction of Private Investors Capital Trust plc.

There are 674,326 shares in issue as at 31 December 2004.  This gives a market
capitalisation of £150.4m, based on a closing mid-price of £223.00.


For further details, please contact :-


Steven Budge, Personal Assets Trust plc              0131 225 9995
Gordon Hay Smith, ISIS Asset Management plc          0131 465 1000








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