Portfolio Update

Electra Investment Trust PLC
01 July 2004

Electra Investment Trust PLC - Portfolio Update

1 July 2004

The attached portfolio update of Electra Investment Trust PLC shows the largest
investments as at 30 June 2004 and replaces the portfolio update issued earlier
on 1 July 2004, which omitted one investment and included an incorrect figure.
There is no change to the adjusted net asset value of 828.55p per share.

Electra Investment Trust PLC ('Electra') announces that as at 30 June 2004, its
largest investments were:

Largest Investments                          *% of Gross Assets    *% of Net Assets    *Unaudited Valuation of Holding  
                                                at 30 June 2004     at 30 June 2004                    at 30 June 2004  
       
                                                              %                   %                              £'000  
            
  Barclays Bank Floating Rate Notes                        7.69                9.27                             50,000
  Safety-Kleen Europe                                     10.46               12.62                             68,058
  European Investment Bank Floating Rate                   6.15                7.41                             39,997
  Notes                                                                                                               
  Capital Safety Group                                     5.59                6.74                             36,347
  Amtico                                                   4.90                5.91                             31,898
  Allflex                                                  4.25                5.12                             27,623
  Freightliner                                             3.89                4.69                             25,296
  Abbey National Floating Rate Notes                       3.84                4.63                             25,000
  Bank of Scotland Floating Rate Notes                     3.84                4.63                             25,000
  Lloyds Bank Floating Rate Notes                          3.84                4.63                             25,000
                              
Apart from the above there were no other investments with a value greater than
5% of Electra's gross assets at 30 June 2004.

* The unaudited valuation at 30 June 2004 was calculated on the basis of the
asset valuation at 31 March 2004 adjusted to reflect completed purchases and
sales of investments, currency movements and mid market values in respect of
listed investments and unlisted investments where these are valued by reference
to quoted prices. On this basis, which excludes any revaluation of unlisted
investments, the unaudited net asset value per share at 30 June 2004 was
828.55p. As previously announced, and as fully detailed in a Circular Letter
dated 18 June 2004, which has been despatched to shareholders, in connection
with a Tender Offer for up to £100 million, Electra's adjusted net asset value
per share at 16 June 2004, calculated on the same basis, was £8.29.

This announcement was made in accordance with the Listing Rule 21.20 (l) (ii)
which requires, inter alia, UK listed investment companies to notify to a
Regulatory Information Service, within two business days of the end of each
quarter, a list of all investments with a value greater than 5% of the company's
gross assets and at least the company's ten largest investments as at the last
business day of that quarter.

For further information, please contact

HALH Mumford

Electra Partners Limited                    [phone]


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