Issue of Equity

British Assets Trust PLC
25 September 2001


Warrants to Subscribe for Ordinary Shares

As at 25 September 2001 British Assets Trust plc ('the Company') has 2,620,598
outstanding warrants to subscribe for Ordinary Shares.  Each warrant confers
the right to subscribe for one Ordinary Share at a subscription price of 101p
per Ordinary Share.  The last date for exercise of the subscription rights by
warrantholders is Friday, 28 September 2001.

Immediately following 30 September 2001, the Company will appoint a trustee
who, provided that in its opinion the proceeds of sale after deduction of
costs and expenses will exceed the aggregate subscription price, shall
exercise any outstanding warrants and sell in the market the Ordinary Shares
acquired on such exercise.  The proceeds from such sale will be distributed,
after deduction of the aggregate subscription price and other costs and
expenses, pro rata to those warrantholders who have not exercised their
subscription rights by 28 September 2001, except that entitlements of £3.00 or
less will be retained for the benefit of the Company.  If the trustee does not
exercise the remaining subscription rights, such subscription rights will
lapse on 12 October 2001.

Purchase of Warrants by the Company
The Board is aware that, from time to time, the Company's Warrants are priced
on the market at a level which, after costs, would allow the Company to buy
them in and thereby achieve an enhancement to the fully diluted net asset
value of an Ordinary Share.  The Board has therefore resolved to buy in
Warrants in such circumstances.

Gordon J Humphries
Company Secretary, British Assets Trust PLC


Enquiries:     Gordon Humphries,      Tel: [phone]