Holding in Company

British Assets Trust PLC
3 October 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



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

     SEE LISTING BELOW

5)   Number of shares/amount of stock acquired.



6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed



8)   ( N/A %) of issued Class

9)   Class of security

     ORDINARY SHARES 25p

10)  Date of transaction



11)  Date company informed

     3/10/01

12)  Total holding following this notification

     45,219,540
               
13)  Total percentage holding of issued class following this notification

     12.80%

14)  Any additional information

     DECREASE IN DECLARABLE HOLDING DUE TO FURTHER ALLOTMENT OF ORDINARY SHARES

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

     Date of Notification ...3 OCTOBER 2001


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

    Total number of shares held as at 01/10/01 was 45,219,540 the breakdown
    of which is set out below:

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

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

Sun Life Pensions            2,210,765   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 A/c X                     Management Ltd     Nominee (UK) Limited
(Beneficial)                                                a/c 867530

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

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

Sun Life Unit Assurance      7,521,656   Sun Life Unit      HSBC Global Custody
Ltd A/c X                                Assurance Ltd      Nominee (UK) Limited
(Beneficial)                                                a/c 867268
    
Sun Life Pensions               35,540   Sun Life Pensions  RBSTB Nominees 
Management Ltd                           Management Ltd     designation Sunpen
(Beneficial)                                                

                                          Holdings as %
                                          Issued Capital

Total Beneficial Interest   45,207,195       12.80

Total Non-Beneficial Interest   12,344        0.00

                      TOTAL 45,219,540       12.80%