Tender Offer

Electra Investment Trust PLC
19 July 2004



19 July 2004


                    Electra Investment Trust PLC ('Electra')

                          Announcement of Tender Price


Not for distribution in or into the United States, Canada, Australia or Japan


Electra's Tender Offer to repurchase up to GBP 100 million worth of shares
closed at 11am on 17 July 2004.


In accordance with the terms of the Tender Offer, the Directors of Electra have
determined that the Tender Price is 816p per share.


As envisaged in the timetable set out in the Tender Offer Circular dated 18 June
2004, the details of the basic entitlement and of the shares to be accepted
under the Tender Offer are expected to be announced on Monday 26 July 2004.
Settlement of the consideration due under the Tender Offer is expected to be
made by 2 August 2004.


Terms used in the Tender Offer Circular dated 18 June 2004 shall have the same
meaning in this announcement unless otherwise indicated.


                      This information is provided by RNS
            The company news service from the London Stock Exchange