Final Results

Personal Assets Trust PLC 17 May 2002 Personal Assets Trust plc To: RNS From: Personal Assets Trust plc Date: 17 May 2002 Preliminary Results for the year to 30 April 2002 The Directors of Personal Assets Trust (PAT) are pleased to announce the Group's unaudited preliminary results for the year to 30 April 2002. The key points are as follows: • PAT is run to meet the requirements of individual investors who wish to commit a significant proportion of their capital to an investment trust. • Over the year to 30 April 2002 PAT's net asset value per share outperformed its benchmark by 12.1 per cent. Its fall of 1.8 per cent to £203.38 compares to a fall of 12.4 per cent in the FTSE All-Share Index. PAT's share price increased by £1 during the year and at 30 April 2002 was £209.50. • Since PAT became independently managed in 1990 the Board has chosen to measure PAT's performance over rolling three-year periods. Over the three years to 30 April 2002 the net asset value per share increased by 1.1 per cent compared to the FTSE All-Share Index's fall of 17.1 per cent, an outperformance of 6.8 per cent per annum. • In a year when the UK equity market fell, PAT maintained a high level of liquidity (30 April 2002: 50 per cent, 30 April 2001: 47 per cent). • The Directors intend PAT's annual dividend rate to grow at least in line with inflation. Two interim dividends have been declared during the year, totalling £2.80 per ordinary share. Together these represent an increase of 3.7 per cent over the corresponding payments for the previous year and compare to inflation of 1.3 per cent. The second interim dividend of £1.40 per share will be paid on 24 May 2002. The Board's stated policy is never to cut the dividend rate, so that shareholders can be confident that each half-yearly payment will at least equal the previous one. Therefore, the first interim dividend for the year to 30 April 2003, expected to be paid in November 2002, will be at least £1.40 per share. For further information contact: Ian Rushbrook Investment Director Tel: 0131-465 1000 The Group's statement of total return, balance sheet and cash flow statement follow. GROUP STATEMENT OF TOTAL RETURN (Incorporating the Revenue Account) FOR THE YEAR ENDED 30 APRIL 2002 Year to 30 April 2002 Revenue Capital Total £'000 £'000 £'000 (Losses)/gains on investments - (2,890) (2,890) Exchange differences - 1,265 1,265 Income 2,456 15 2,471 Investment management fee (260) (482) (742) Other expenses (330) - (330) Return on ordinary activities before tax 1,866 (2,092) (226) Tax on ordinary activities (278) 145 (133) Return attributable to equity shareholders 1,588 (1,947) (359) Dividends in respect of ordinary shares (1,207) - (1,207) Transfer to/(from) reserves 381 (1,947) (1,566) Return per ordinary £12.50 share £3.88 (£4.75) (£0.87) GROUP STATEMENT OF TOTAL RETURN (Incorporating the Revenue Account) FOR THE YEAR ENDED 30 APRIL 2002 Year to 30 April 2001 Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on investments - 4,778 4,778 Exchange differences - (2,025) (2,025) Income 1,797 - 1,797 Investment management fee (239) (443) (682) Other expenses (187) - (187) Return on ordinary activities before tax 1,371 2,310 3,681 Tax on ordinary activities (154) 128 (26) Return attributable to equity shareholders 1,217 2,438 3,655 Dividends in respect of ordinary shares (1,009) - (1,009) Transfer to/(from) reserves 208 2,438 2,646 Return per ordinary £12.50 share £3.27 £6.55 £9.82 GROUP BALANCE SHEET AT 30 APRIL 2002 2001 £'000s £'000s Investments Investments - equities 45,627 40,684 - fixed interest 40,105 35,366 - other investments 4,379 - 90,111 76,050 Net Current Assets 2,319 1,950 Total Assets 92,430 78,000 Equity Shareholders' Funds 92,430 78,000 Net Asset Value per Ordinary £12.50 Share £203.38 £207.03 GROUP CASH FLOW STATEMENT AT 30 APRIL 2002 2001 £'000s £'000s Operating activities Investment income received 1,980 1,471 Deposit interest received 325 299 Other income 179 48 Investment management fees (742) (681) Directors' fees (53) (49) Other cash payments (295) (198) Net cash inflow from operating activities 1,394 890 Taxation 53 (34) Capital expenditure and financial investment (59,830) (63,507) Purchase of investments 42,879 55,286 Disposal of investments Net cash outflow from capital expenditure and financial investment (16,951) (8,221) Equity dividends paid (1,079) (989) Financing Allotment of new shares 15,996 3,314 Shares bought back - (1,711) Net cash inflow from financing 15,996 1,603 Decrease in cash (587) (6,751) Reconciliation of net cash flow to movement in net funds Decrease in cash (587) (6,751) Effect of foreign exchange rates (231) (2,334) Change in net funds (818) (9,085) Net funds at beginning of year 2,141 11,226 Net funds at end of year 1,323 2,141 Notes: 1. Return per ordinary share is based on a weighted average of 409,592 ordinary shares in issue during the year (2001 - 372,375). 2. Net asset value per ordinary share is based on the 454,472 ordinary shares in issue as at 30 April 2002 (2001 - 376,750). 3. During the year the Directors allotted 77,722 ordinary shares. 4. At 30 April 2002 the sterling value of the US treasury strip was protected by a forward currency contract. 5. These are not full accounts in terms of Section 240 of the Companies Act 1985. Full audited accounts for the year to 30 April 2001, which were unqualified, have been lodged with the Registrar of Companies. No full accounts in respect of any period after 30 April 2001 have been reported on by the Company's auditors or delivered to the Registrar of Companies. 6. The Annual Report and Accounts will be posted to Shareholders during May 2002. Copies will be available from the Company's registered office at One Charlotte Square, Edinburgh, EH2 4DZ. This information is provided by RNS The company news service from the London Stock Exchange

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