Shares and Warrants in Issue

British Assets Trust PLC
5 September 2001


The Company announces that on 3 September 2001 23,534 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 303,726,300 ordinary shares and
3,156,762 warrants in issue.

Gordon J Humphries
Company Secretary, British Assets Trust PLC


Enquiries:          Gordon Humphries, Tel: [phone]