Issue of Equity

Personal Assets Trust PLC
01 December 2003

To:          RNS

From:          Personal Assets Trust plc

Date:          1 December 2003


Issue of Equity

In response to requests from shareholders, the board of Personal Assets Trust
plc announces the number of shares issued during November 2003 :-


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


October         610,219               5,135              0.85%        £1,070,996

                                      5,135                           £1,070,996

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

There are 610,219 shares in issue as at 30 November 2003. This gives a market
capitalisation of £128.1m, based on a closing mid-price of £210.00.


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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