Issue of Equity

British Assets Trust PLC
19 July 2001


The Company announces that on 16 July 2001 73,531 ordinary shares of 25p each
were allotted in connection with the exercise of warrants to subscribe for
ordinary shares.

Following the allotment, the Company has 303,454,463 ordinary shares in issue.


Gordon J Humphries
Company Secretary, British Assets Trust PLC


Enquiries:           Gordon Humphries,                 Tel: [phone]