Result of Tender Offer

Electra Investment Trust PLC
4 July 2000


                 ELECTRA INVESTMENT TRUST P.L.C. ('ELECTRA')
                --------------------------------------------
                           RESULT OF TENDER OFFER
                          ------------------------

Electra's tender offer to repurchase up to GBP 250 million worth of shares
closed at 3.00p.m. on 27 June 2000.

In accordance with the terms of the tender offer, the Directors of Electra
have determined that the tender price is 1,073p per share and the basic
entitlement is approximately 22.4 per cent. of each shareholder's
shareholding as at the record date (27 June 2000).

The result of the tender offer was as follows:

Total number of shares in issue                  103,859,120
prior to the tender offer

Number of shares tendered      2,368,255
for basic entitlement only
to be accepted under the
tender offer

Number of shares tendered      1,415,698
for less than the basic
entitlement to be accepted
under the tender offer

Number of shares tendered     19,515,208
for more than the basic
entitlement to be accepted
under the tender offer

Total number of shares to                         23,299,161
be accepted under the tender

Total number of shares                            80,559,959
following the tender           offer

Shareholders who tendered in excess of the basic entitlement, will have 38.8
per cent of their excess satisfied.  Tender forms were received in respect of
a total of 39,039,092 shares, representing 37.6 per cent. of the shares in
issue prior to the tender offer.

Settlement of the consideration due under the tender offer is expected to be
made on 11 July 2000.