Alloment of Shares

British Assets Trust PLC
23 August 2001


The Company announces that on 22 August 2001 26,274 ordinary shares of 25p
each were allocated in connection with the exercise of warrants to subscribe
for ordinary shares.

Following the allotment, the Company has 303,668,392 ordinary shares and
3,214,670 warrants in issue.

Gordon J Humphries
Company Secretary, British Assets Trust PLC


Enquiries:      Gordon Humphries,                 Tel: [phone]