Holding in Company

British Assets Trust PLC
23 October 2000


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

BRITISH ASSETS TRUST PLC


2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

AXA S.A.


3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

AS 2


4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

PLEASE SEE BELOW


5)   Number of shares/amount of stock acquired.


6)   ( N/A %) of issued Class


7)   Number of shares/amount of stock disposed


8)   ( N/A %) of issued Class


9)   Class of security

ORDINARY


10)  Date of transaction

20/10/00


11)  Date company informed

23/10/00


12)  Total holding following this notification

45,733,840
               
              
13)  Total percentage holding of issued class following this notification

15.01%


14)  Any additional information

NOTIFICATION OF CHANGE DUE TO AN INCREASE IN THE MATERIAL HOLDINGS FROM 14.93%
TO 15.01% FOLLOWING BUY BACK


15)  Name of contact and telephone number for queries

DEREK OSBORNE  0131 465 1000


16)  Name and signature of authorised company official responsible for 
     making this notification

     Date of Notification ... 23 OCTOBER 2000 ..  (MR GORDON HUMPHRIES)



LETTER TO: BRITISH ASSETS TRUST PLC DATED 20 OCTOBER 2000

NOTIFICATION OF INTEREST(S) IN SHARES UNDER SECTION 198 COMPANIES ACT 1985 ('THE
ACT') 

BRITISH ASSETS TRUST plc

This notification supersedes any previous notification from AXA Investment
Managers UK Ltd*.

We are writing on behalf of AXA S.A. of 40 rue du Colisee, 75008 Paris and its
subsidiaries who are deemed to have an interest in these shares.

AXA S.A. knows that they are interested in 45,733,840 ord 25p shares in the
304,650,000 share capital immediately after the time when the obligation of
disclosure arose pursuant to section 198 of the Act.  These shares represent by
a material interest of 45,721,496 shares (15.01%) and a non-material interest of
12,344 shares (0.00%).

The identity of each registered holder of the shares to which this notice
relates, so far as known to AXA Investment Managers UK Ltd, as at 19/10/00, is
as per the Appendix below.

This notification of change is due to an increase in the material holding from
14.93% to 15.01%.


*W.e.f 6 Mar 2000 AXA Sun Life Investment Management Ltd changed its name to AXA
Investment Managers UK Ltd.

LETTER FROM: AXA INVESTMENT MANAGERS


                       DISCLOSURE OF INTEREST IN SHARES OF
          APPENDIX - NOTICE UNDER SECTION 198 OF THE COMPANIES ACT 1985
                       BRITISH ASSETS TRUST plc ord 25p shares


Total number of shares held as at 19/10/00 was 45,733,840 the breakdown of which
is set out below:


Name of the          Number of       Particulars of      Registered as
Company/Fund         Shares          Beneficial        
                                     owners


AXA Sun Life UK         12,344       Trustees of AXA     HSBC Global Custody
Investment Co                        Sun Life UK         Nominee (UK) Limited
ICVC UK Tracker                      Investment Co ICVC  A/C 845315
(Non Material)                       UK Tracker Fund


Sun Life Pensions    2,560,765       Sun Life Pensions   HSBC Global Custody
Management Ltd A/c                   Management Ltd      Nominee (UK) Limited
X (Material)                                             A/C 867396


Sun Life Pensions    7,070,000       Sun Life Pensions   HSBC Global Custody
Management Ltd A/c                   Management Ltd      Nominee (UK) Limited
X (Material)                                             A/C 867530


Sun Life Pensions    7,749,235       Sun Life Pensions   HSBC Global Custody
Management Ltd A/c                   Management Ltd      Nominee (UK) Limited
X (Material)                                             A/C 867372


Sun Life Unit       20,620,000       Sun Life Unit       HSBC Global Custody
Assurance Ltd A/c                    Assurance Ltd       Nominee (UK) Limited
X (Material)                                             A/C 867116


Sun Life Unit        7,521,656       Sun Life Unit       HSBC Global Custody
Assurance Ltd A/c                    Assurance Ltd       Nominee (UK) Limited
X (Material)                                             A/C 867268

    
Sun Life Pensions      142,500       Sun Life Pensions   Smith & Williamson
Management Ltd                       Management Ltd      Nominees Ltd
(Material)                                               A/C S66


Sun Life Pensions       57,340       Sun Life Pensions   RBSTB nominees 
Management Ltd                       Management Ltd      designation Sunpen
(Material)


                                     Holding as % of Issued Capital

   Total Material   45,721,496                 15.01
Total Non-Material      12,344                  0.00
                    __________       ______________________________

           Total    45,733,840                 15.01%