Result of Tender Offer

Electra Investment Trust PLC
25 June 2001


                  ELECTRA INVESTMENT TRUST P.L.C. ('ELECTRA')
                  -------------------------------------------
                            RESULT OF TENDER OFFER
                            ----------------------

Electra's tender offer to repurchase up to GBP 150 million worth of shares
closed at 3.00 p.m. on 16th June, 2001.

In accordance with the terms of the tender offer and based on the tender price
of 985p per share which was announced on 21st June, 2001, the Directors of
Electra have determined that the basic entitlement is approximately 18.93 per
cent. of each shareholder's shareholding as at the record date of 16th June,
2001.

The result of the tender offer for the full GBP 150 million was as follows:

Total number of shares in issue
prior to the tender offer               80,459,959

Number of shares tendered for
basic entitlement only to be accepted   1,994,932
under the tender offer

Number of shares tendered for less
than the basic entitlement to be
accepted under the tender offer         424,240

Number of shares tendered for more
than the basic entitlement to be
accepted under the tender offer         12,809,254

Total number of shares to be
accepted under the tender offer         15,228,426

Total number of shares following the
tender offer                            65,231,533

Shareholders who tendered in excess of the basic entitlement, will have
approximately 12.11 per cent. of their excess satisfied.  Tender forms were
received in respect of a total of 43,324,719 shares, representing 53.85 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 on 29th June, 2001.