Repayment of Loan Stock

British Assets Trust PLC
26 September 2001


British Assets Trust plc 
Announcement of the repayment of the Equities Index Unsecured Loan Stock 2005
(the 'Stock')

The Board of British Assets Trust plc announces the repayment of all the
outstanding Stock in accordance with the terms of the trust deed constituting
the Stock.

Capital Repayment
We confirm that the capital value as at 25 September 2001 was £2.2364 per
unit, with a record date of 18 September 2001 and a payment date of 28
September 2001.

Interest Payment
We confirm the gross interest for period 1 July 2001 to 25 September 2001 was
1.80 pence per unit, with a record date of 18 September 2001 and a payment
date of 28 September 2001.

For further information please contact:
Gordon Humphries       
Company Secretary
Friends Ivory & Sime plc
Tel. [phone]