Disposal

ELECTRA INVESTMENT TRUST PLC
14 July 1999

Electra Investment Trust Announces The Disposal of its Shareholding in The
Stationery Office Holdings Limited

The Stationery Office Holdings Limited ('TSOH'), supplier of publishing
services to the Government and the wider public sector, has been sold for
£82m cash to Meadowpoint PLC, financed by the new E1.8bn European Apax
fund.  Meadowpoint PLC will also take on £35m of bank debt and other non-
trading liabilities.

Gross proceeds attributable to Electra Investment Trust ('EIT') are £34m
in cash. This disposal represents an uplift in the Net Asset Value per EIT
ordinary share of 15p over the valuation of £18.7m on 31 March (and 31 May
1999). Proceeds from this disposal will be used to reduce bank borrowings
further.

TSOH is one of the four independent companies created from the demerger of
The Stationery Office Group Ltd ('TSO Group') on 1 April 1999.

As at 31 March 1999 the valuation of EIT's holding in TSO was £70m (cost
£27.1m). Since that time EIT has received cash of £26.4m resulting from
the repayment of Mezzanine and Shareholder Loans and the redemption of
Preference Shares. Following these repayments of capital, the net adjusted
valuation of EIT's shareholding was £43.6m (cost £0.7m), representing the
aggregate value of its ordinary share interest in each of the four
underlying companies of the former TSO Group.

EIT will continue to own 41.5 per cent of the issued share capital of each
of the three remaining businesses - Security Printing Systems, TACTICA and
Banner Business Supplies. As at 31 March 1999 (and 31 May) the aggregate
value of these three shareholdings was £24.9m.

Tim Syder, Director of Electra Fleming, commented, 'We are pleased to
announce the continuation of our disposal programme to honour our
commitment to shareholders. The return on this investment is demonstration
of Electra's value added role of actively managing the businesses with
which it is involved.

'The desire of the new owners to retain TSOH management confirms their
ability which has made this business a successful one. Going forward, the
company remains in very capable hands.'


For further information:
Hugh Mumford         Electra Fleming      0171 831 6464
Tim Syder            Limited              
                                          
Alison Hogan         Brunswick Group      0171 404 5959
Harry Chathli        Limited

Appendix

                               EIT       EIT Value   EIT Uplift
                              Cost
                                                               
As at 31 March 1999         £27.1m          £70.0m            -
                                                               
Repayment of Capital        £26.4m          £26.4m            -
                                                               
Adjusted Cost/Value          £0.7m          £43.6m            -
                                                               
Sale of holding in TSOH      £0.2m          £18.7m      £15.3m*
                                                               
Residual Cost/Value          £0.5m          £24.9m            -

* The disposal of EIT's shareholding in TSOH gives rise to an uplift of
 15p per EIT ordinary share over the net asset value as at 31 March and
 31 May 1999.

Notes

1.In September 1996 most of the activities of Her Majesty's Stationery
Office were privatised by way of a management buy-in arranged by Electra
Fleming.

2.Following the reorganisation of the Group on 1 April 1999, the other
three independent businesses that were demerged from TSO are:
  - Security Printing Systems (principal activity: high security
  printing).
  - TACTICA (principal activity: document management).
  - Banner Business Supplies (principal activity: office supplies).

3.Following the demerger but as part of the reorganisation, TSO was
acquired by TSOH.  TSOH is the dominant organisation in the dissemination
of official government information in the UK in both hard copy and
electronic forms.

4.The Mezzanine Debt and the Shareholder Loan Stock, raised as part of the
finance required to undertake the management buy-in September 1996, were
repaid on 1 April 1999.

5.The Preference Shares issued as part of the finance required to
undertake the management buy-in in September 1996 were redeemed on 30 June
1999.

6.Apax Partners is one of the leading firms pursuing a balanced equity
portfolio strategy. The firm invests primarily across five sectors
internationally - IT, Telecoms, Biotech/Healthcare, Media and Speciality
Retailing - in early stage, expansion and buy-outs.