Holding in Company

Electra Investment Trust PLC
5 March 2001

                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

ELECTRA INVESTMENT TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

THE EQUITABLE LIFE ASSURANCE SOCIETY

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

IN RESPECT OF SHAREHOLDER NAMED IN 2.ABOVE

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

NOT DISCLOSED

5)   Number of shares/amount of stock acquired.

NIL

6)   ( NIL %) of issued Class

7)   Number of shares/amount of stock disposed

1,916,049

8)   (2.37 %) of issued Class

9)   Class of security

ORDINARY SHARES OF 25p EACH

10)  Date of transaction

1 MARCH 2001

11)  Date company informed

5 MARCH 2001

12)  Total holding following this notification

3,813,307 ORDINARY 25p SHARES
               
              
13)  Total percentage holding of issued class following this notification

4.74%

14)  Any additional information

ANNOUNCEMENT ARISES FOLLOWING THE SALE OF CERTAIN ASSETS BY THE EQUITABLE LIFE
ASSURANCE SOCIETY TO HALIFAX GROUP PLC WHICH BECAME EFFECTIVE ON 1 MARCH 2001

15)  Name of contact and telephone number for queries

PJ DYKE, 020 7831 6464

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

     Date of Notification 05 MARCH 2001