Holding in Company

Electra Investment Trust PLC
20 February 2001


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

ELECTRA INVESTMENT TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

MORLEY FUND MANAGEMENT LIMITED (A SUBSIDIARY OF CGNU PLC)

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.

BNY (NOMINEES) LTD                    11,824
BNY NORWICH UNION NOMINEES LTD     1,363,091
CHASE GA GROUP NOMINEES LTD          953,659
CUIM NOMINEES LTD                    345,423
                                   2,673,997

5)   Number of shares/amount of stock acquired.

SEE 14 BELOW

6)   ( SEE 14 BELOW %) of issued Class

7)   Number of shares/amount of stock disposed

SEE 14 BELOW

8)   ( SEE 14 BELOW %) of issued Class

9)   Class of security

ORDINARY 25p SHARES

10)  Date of transaction

SEE 14 BELOW

11)  Date company informed

19.02.01

12)  Total holding following this notification

2,673,997 ORDINARY 25p SHARES
               
              
13)  Total percentage holding of issued class following this notification

3.32%

14)  Any additional information

NOTIFICATION ARISES FROM NOVATION OF FUNDS FROM NORWICH UNION INVESTMENT
MANAGEMENT LTD TO MORLEY FUND MANAGEMENT LTD

15)  Name of contact and telephone number for queries

PJ DYKE, SECRETARY  020 7831 6464

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

     Date of Notification 20 FEBRUARY 2001