Issue of Equity

Personal Assets Trust PLC
29 June 2005

               
To:            RNS
From:          Personal Assets Trust plc
Date           29 June 2005

Admission of New PAT Shares to the Official List

The Board of Personal Assets Trust plc (the 'Company') announces today, 29 June
2005, that assets with a value of £12.9 million have been received pursuant to
the scheme of reconstruction of Collective Assets Trust plc (the 'Scheme').

Application has been made to the UK Listing Authority and the London Stock
Exchange for the listing of 55,612 Ordinary Shares of £12.50 each to trade on
the London Stock Exchange and to the Official List upon issuance.  The Shares
will rank pari passu with the existing issued shares of the Company.

Dealings in the New PAT Shares issued pursuant to the Scheme, at an issue price
of 23144.9594p per share (being the net asset value per PAT Share as at the
close of business on 27 June 2005), will commence tomorrow at 8.00 am.
Certificates are expected to be issued during the week commencing 11 July 2005.
Following the issue, there are in aggregate 723,515 PAT Shares in issue, valuing
the Company at £167.5 million.

For further information, please contact:

Ian Rushbrook, Personal Assets Trust plc    0131 225 2049
Robin Angus, Personal Assets Trust plc       0131 465 1179

Capitalised words and expressions used in this announcement shall bear the same
meanings as in the circular dated 27 May 2005 issued by Collective Assets Trust
plc to its shareholders in relation to the Scheme, a copy of which is available
in full at the document viewing facility of the UK Listing Authority.


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