Holding in Company

Electra Investment Trust PLC
8 November 2001

                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     ELECTRA INVESTMENT TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     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. BUT SEE NOTE 14 BELOW

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

     BNY NORWICH UNION NOMINEES LTD:                125,700*
     CHASE GA GROUP NOMINEES LTD:                   784,505*
     CUIM NOMINEE LTD:                              991,048*
     HIBERNIAN INVESTMENT MANAGERS LIMITED:             571

     * SEE NOTE 14. BELOW

5)   Number of shares/amount of stock acquired.

     NIL

6)   ( NIL %) of issued Class

7)   Number of shares/amount of stock disposed

     240,074

8)   (0.37%) of issued Class

9)   Class of security

     ORDINARY 25p SHARES

10)  Date of transaction

     6 NOVEMBER 2001

11)  Date company informed

     8 NOVEMBER 2001

12)  Total holding following this notification

     1,901,824 ORDINARY 25p SHARES
               
13)  Total percentage holding of issued class following this notification

     2.92%

14)  Any additional information

     * MORLEY FUND MANAGEMENT LIMITED (A SUBSIDIARY OF CGNU PLC) HAVE ALSO
       DISCLOSED AN INTEREST IN THESE HOLDINGS AND STATED THAT THEY NO LONGER
       HAVE A NOTIFIABLE INTEREST IN ELECTRA INVESTMENT TRUST PLC

15)  Name of contact and telephone number for queries

     P J DYKE, SECRETARY - 020 7831-6464

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

     Date of Notification 8 NOVEMBER 2001