Portfolio Update

Electra Investment Trust PLC
5 January 2004


Electra Investment Trust PLC - Quarterly Portfolio Disclosure of Largest 
Investments

5 January 2004 

Electra Investment Trust PLC ('Electra') announces that as at 31 December 2003, 
its ten largest investments were:

Ten Largest Investments    *% of Gross     *% of Net Assets *Unaudited Valuation 
                            Assets                           of Holding 
                            at 31 December  at 31 December   at 31 December 2003 
                            2003            2003             £'000
 
Baxi                        8.96            11.85            61,833 
Vendcrown                   7.42            9.81             51,179 
Safety-Kleen Europe         6.95            9.18             47,913 
Capital Safety Group        4.54            6.00             31,317 
Leiner Health Products      4.23            5.59             29,173 
Arntico                     4.15            5.49             28,653 
Allflex                     3.94            5.21             27,161 
Moser Baer                  3.89            5.14             26,821 
Inchcape Shipping Services  3.81            5.05             26,318 
Esporta                     2.25            2.97             15,492
      
Apart from the above there were no other investments with a value greater than 
5% of Electra's gross assets at 31 December 2003.

* The unaudited valuation at 31 December 2003 was calculated on the basis of the
asset valuation at 30 September 2003 adjusted to reflect the purchases and sales 
of investments up to 31 December 2003, currency movements and mid market 
valuations on 31 December 2003 in respect of listed investments and restricted
listed investments where these are valued by reference to quoted prices. On this
basis, which excludes any revaluation of unlisted investments, the unaudited net
asset value per share at 31 December 2003 was 799.78p.

This announcement was made in accordance with the Listing Rule 21.20 (l) (ii)
which requires, inter alia, UK listed Investment companies to notify to a 
Regulatory Information Service, within two business days of the end of each 
quarter, a list of all investments with a value greater than 5% of the company's 
gross assets and at least the company's ten largest investments as at the last 
business day of that quarter.

For further information, please contact

R J Lewis
Electra Partners Limited      [phone]


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