Issue of Equity

British Assets Trust PLC
21 September 2001


The Company announces that on 21 September 2001 110,914 ordinary shares of 25p
each were allotted in connection with the exercise of warrants to subscribe
for ordinary shares.

Following the allotment, the Company has 303,968,291 ordinary shares and
2,914,771 warrants in issue.

Gordon J Humphries
Company Secretary, British Assets Trust PLC


Enquiries:     Gordon Humphries, Tel: [phone]