Tender Offer

Electra Investment Trust PLC
26 July 2004





Electra Investment Trust PLC

26 July 2004



                    Electra Investment Trust PLC ('Electra')

                             Result of Tender Offer



Not for distribution in or into the United States, Canada, Australia or Japan


Electra's Tender Offer to repurchase up to GBP 100 million worth of shares
closed at 11am on 17 July 2004.


In accordance with the terms of the Tender Offer and based on the Tender price
of 816p per share which was announced on 19 July 2004, the Directors of Electra
have determined that the basic entitlement is approximately 18.82 per cent of
each shareholder's shareholding as at the record date of 17 July 2004.


The result of the Tender Offer was as follows:

                                                                                  Shares
Total number of shares in issue prior to the Tender Offer:                      65,109,533

The total number of shares accepted for tender comprised of:-

     Shares tendered for basic entitlement only:                    10,846,713
     Shares tendered for more than basic entitlement:                1,350,107
     Shares tendered for less than basic entitlement:                   56,954
                                                           Total:               12,253,774

Total number of shares in issue following the Tender Offer                      52,855,759



Shareholders who tendered in excess of the basic entitlement, will have
approximately 3.83 per cent of their excess satisfied. Tender forms were
received in respect of a total of 53,535,392 shares, representing 82.22 per cent
of the shares in issue prior to the Tender Offer.


Settlement of the consideration due under the Tender Offer is expected to be
made by 2 August 2004.




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