Director Shareholding

British Assets Trust PLC
21 January 2002

                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

BRITISH ASSETS TRUST PLC

2)  NAME OF DIRECTOR

DR CHRISTOPHER MASTERS

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder
    if it is a holding of that person's spouse or children under the
    age of 18 or in respect of an non-beneficial interest

SPOUSE AND AS 2

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)

DR CHRISTOPHER MASTERS                5,030
HENDERSON NOMINEES LIMITED           10,661

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

MRS GILLIAN MARY MASTERS (SPOUSE) AND AS 2

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

PURCHASE FOR INVESTMENT PLAN

7)  Number of shares/amount of
    stock acquired

142

8)   (0.00004%)
    of issued Class



9)  Number of shares/amount
    of stock disposed

-

10)  ( N/A %)
    of issued Class

-

11) Class of security

ORDINARY

12) Price per share

£1.41

13) Date of transaction

17.01.02

14) Date company informed

18.01.02

15) Total holding following this notification

15,691

16) Total percentage holding of issued class following this notification

0.004%

     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant

-

18) Period during which or date on which exercisable

-

19) Total amount paid (if any) for grant of the option

-

20) Description of shares or debentures involved: class, number.

-

21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise

-

22) Total number of shares or debentures over which options held
    following this notification

-

23) Any additional information

-

24) Name of contact and telephone number for queries

ANDY NICHOLSON    0131 465 1071

25) Name and signature of authorised company official responsible for
    making this notification

    Date of Notification       21ST JANUARY 2002                          


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