Valuation of Far East Investments

Electra Investment Trust PLC
16 December 1999

                 Electra Investment Trust PLC ('EIT')

EIT announces that two investments it has made recently in Far Eastern
technology companies now have market values substantially in excess of cost.
One recently obtained a listing on KOSDAQ, the South Korean Technology Stock
Market, and the other is freely convertible into quoted stock listed on the
Bombay Stock Exchange.  These two companies and relevant information on EIT's
investment are as follows:-

                             Locus Corporation  Moser Baer      Total
                                                (India)
Date of investment           January 1999       December 1998   -
Cost of EIT's investment     £9.5m              £4.8m           £14.3m
Carrying value at 31 May     £9.9m              £13.3m          £23.2m
1999
Market value as at 15        £101.9m            £47.2m          £149.1m
December 1999
Attribution increase per EIT                                    
share
Since 31 May 1999
    at market value          89p                33p             122p
                                                                
    market value discounted  59p                19p             78p
    by 30 per cent


It must be emphasised that these two investments trade in volatile stock
markets.  EIT's investment in these two companies is subject to certain
dealing restrictions.

EIT intends to publish, with its preliminary results for the year ended 30
September 1999 an unaudited net asset value statement as at 31 December 1999.
In that statement these two investments will be discounted by up to 30 per
cent of their market value at 31 December 1999 in accordance with EIT's usual
valuation policy.  It is currently intended that the preliminary results will
be released on 20 January 2000.
                                

Enquiries:

EIT - Michael Stoddart, Chairman                        0207 831 6404
Electra Partners Ltd - Hugh Mumford, Chief Executive    0207 831 6464
Brunswick - Lucas van Praag                             0207 404 5959