Holding in Company

British Assets Trust PLC
28 June 2001


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

BRITISH ASSETS TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

AXA S.A.

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

AS IN 2, INCLUDING A NOW BENEFICIAL INTEREST OF 12,344 SHARES PER SHEETS BELOW

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

SEE SHEETS BELOW

5)   Number of shares/amount of stock acquired.

-

6)   ( N/A %) of issued Class

-

7)   Number of shares/amount of stock disposed

(NOT DISCLOSED)

8)   ( N/A %) of issued Class

(NOT DISCLOSED)

9)   Class of security

ORDINARY

10)  Date of transaction

27 JUNE 2001

11)  Date company informed

28 JUNE 2001

12)  Total holding following this notification

45,462,040
              
13)  Total percentage holding of issued class following this notification

14.97%

14)  Any additional information



15)  Name of contact and telephone number for queries

DEREK OSBORNE   0131 465 1000

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

GORDON HAY-SMITH

     Date of Notification ...28 JUNE 2001................


                     DISCLOSURE OF INTEREST IN SHARES OF
         APPENDIX - NOTICE UNDER SECTION 198 OF THE COMPANIES ACT 1985
                   BRITISH ASSETS TRUST plc ord 25p shares

Total number of shares held as at 27/06/01 was 45,462,040 the breakdown of which
is set out below:

Name of the          Number of      Particulars of         Registered as
Company/Fund         Shares         Beneficial owners

AXA UK Investment    12,344         Trustees of AXA UK     HSBC Global Custody
Co ICVC                             Investment Co ICVC     Nominee (UK) Limited
UK Tracker Fund                     UK Tracker Fund        a/c 845315
(Non-Beneficial)

Sun Life Pensions    2,310,765      Sun Life Pensions      HSBC Global Custody
Management Ltd A/c X                Management Ltd         Nominee (UK) Limited
(Beneficial)                                               a/c 867395

Sun Life Pensions    7,070,000      Sun Life Pensions      HSBC Global Custody
Management Ltd                      Management Ltd         Nominee (UK) Limited
A/c X                                                      a/c 867530
(Beneficial)

Sun Life Pensions    7,749,235      Sun Life Pensions      HSBC Global Custody
Management Ltd                      Management Ltd         Nominee (UK) Limited
A/c X                                                      a/c 867372
(Beneficial)

Sun Life Unit       20,620,000      Sun Life Unit          HSBC Global Custody
Assurance Ltd                       Assurance Ltd          Nominee (UK) Limited
A/c X                                                      a/c 867116
(Beneficial)



                     DISCLOSURE OF INTEREST IN SHARES OF
         APPENDIX - NOTICE UNDER SECTION 198 OF THE COMPANIES ACT 1985
                   BRITISH ASSETS TRUST plc ord 25p shares

Total number of shares held as at 27/06/01 was 45,462,040 the breakdown of which
is set out below:

Name of the          Number of      Particulars of         Registered as
Company/Fund         Shares         Beneficial owners

Sun Life Unit        7,521,656      Sun Life Unit          HSBC Global Custody
Assurance Ltd                       Assurance Ltd          Nominee (UK) Limited
A/c X                                                      a/c 867268
(Beneficial)

Sun Life Pensions      142,500      Sun Life Pensions      Smith & Williamson
Management Ltd                      Management Ltd         Nominees Ltd
(Beneficial)                                               a/c S66

Sun Life Pensions       35,540      Sun Life Pensions      RBSTB nominees
Management Ltd                      Management Ltd         designation Sunpen
(Beneficial)

                                    Holding as % of Issued Capital
Total Beneficial
Interest            45,449,596                  14.97
Total Non-Beneficial
Interest                12,344                   0.00

Total               45,462,040                  14.97