Realisation

For Immediate Release

6th September 2002

                        ELECTRA INVESTMENT TRUST MAKES                         

                             SUCCESFUL REALISATION                             

Electra Investment Trust ('Electra') announces the realisation of its entire
interest in Invicta Leisure ('Invicta') to Esporta Group Ltd., an investment
vehicle set up for the recent acquisition of the publicly quoted Esporta plc.
Invicta owns 15 health and tennis clubs in the UK and is focused on the growing
health and fitness market. Electra acquired its original interest in Invicta in
1996 when it committed £8 million in the form of development capital. Since
then Electra has invested a further £10 million.

The aggregate proceeds attributable to Electra are £41.2 million of which £26.1
million is in cash and the balance of £15.1 million in secured loan notes. This
disposal represents an uplift in the net asset value per Electra ordinary share
of 9 pence over the 31 March 2002 valuation. £11 million of the proceeds have
been reinvested in the enlarged Esporta Group comprising 18 racquet clubs and
42 health and fitness clubs with the balance of the cash received used to
reduce Electra's bank borrowings.

Electra Investment Trust will own approximately 4% of the equity of the
enlarged Esporta Group.

For further information please contact:

Hugh Mumford          Electra Partners Europe        020 7831 6464             
                      Limited                                                  
                                                                               
Tricia Parish         Brunswick Group Limited        020 7404 5959