Disposal to Alexon Group

ELECTRA INVESTMENT TRUST PLC
26 August 1998

ELECTRA INVESTMENT TRUST REALISES INVESTMENT IN DOLCIS

Electra Investment Trust ('EIT') today announces the intended sale of its
investment in Dolcis, the high street retailer, to Alexon Group plc ('Alexon')
for gross proceeds of £13.7 million in cash.

EIT's investment is held through a Joint Venture Company formed in January 1998
with Alexon.  EIT's original investment was £7 million with Alexon putting in a
further £6 million to acquire Dolcis Holdings Limited, at the time a loss making
shoe retailer, from Sears plc.

The combination of Electra's willingness to consider complex and unusual deals,
together with the Alexon management team's strong retailing skills have seen
Dolcis successfully turned around.  Alexon is today buying out EIT's share of
the Joint Venture Company.

As at 31st March 1999 (and 31st May 1999) this investment was valued at £10.5
million.  This realisation represents a 28% uplift from the 31st March 1999 (and
31st May 1999) valuation and an increase in Net Asset Value per EIT Ordinary
share of approximately 3 pence.  The proceeds from this sale will be used to
reduce bank borrowings further.

Charles St John, Director of Electra, commented: 'This sale further demonstrates
our commitment to deliver value for EIT shareholders as well as the conservative
nature of the valuation methodology.  This is an excellent example of Electra's
approach of taking on complex and unusual transactions in order to deliver value
for our investors.  Alexon's management have achieved an impressive turnaround
in under two years, which has created significant sharehoer value.'

John Osborn, Chief Executive of Alexon commented:

'The innovative structure of the joint venture allowed us to acquire Dolcis and
improve profitability while minimising the risks involved.  Electra's experience
of identifying underperforming businesses and our specialist knowledge of the
retail sector have been central to our ability to improve Dolcis' operating
performance.  Electra has been very supportive of the significant actions we
have taken to date and we now look forward to continuing to develop the brand as
a core part of Alexon.'

Further information:

Charles St. John              Electra Managers Limited      0171 831 6464

Helen Precious                Brunswick                     0171 404 5959
Harry Chathli

NOTES TO EDITORS

Electra
Electra is an international investment management group specialising in private
equity.  All references to Electra refer to Electra Managers acting on behalf of
funds under its management, of which EIT is the principal client.