Investment Policy

Personal Assets Trust PLC
02 October 2003

TO:     RNS


FROM: PERSONAL ASSETS TRUST PLC


DATE: 2 OCTOBER 2003








Investment Policy


In anticipation of changes to the Listing Rules which come into force on 1
November 2003, the board of Personal Assets Trust PLC ('PAT') announces that,
while PAT may from time to time hold shares in other listed investment companies
(including investment trusts), it is a stated investment policy of PAT that it
shall not invest more than 15 per cent of its gross assets in other listed
investment companies (including investment trusts). The implementation of this
investment policy shall not require PAT to dispose of any existing shareholding.


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