Repayment of Loan Stock

British Assets Trust PLC
24 August 2001


British Assets Trust plc (the 'Company')
Announcement of the repayment of the Equities Index Unsecured Loan Stock 2005
(the 'Stock')

The Board of British Assets Trust plc announces that it has today given notice
of repayment of all of the outstanding Stock in accordance with the terms of
the trust deed constituting the Stock.  The Stock will be redeemed on 25
September 2001 based on the level of the FTSE All-Share index at the close of
business on that date.  The register of Stockholders will close at the close
of business on 18 September 2001 and no transfer relating to the Stock will be
registered after that time.  Cheques in respect of the redemption amount and
accrued interest will be sent to Stockholders on 28 September 2001.

For further information please contact:
Gordon Humphries       
Company Secretary
Friends Ivory & Sime plc
Tel. [phone]