AGM Statement

Electra Investment Trust PLC
09 February 2005


ELECTRA AGM STATEMENT

The statement below will be made by the Chairman at the Annual General Meeting
of Electra Investment Trust PLC to be held at 12 Noon today.

In my statement accompanying the Report and Accounts I reported that Electra had
made very significant progress over the year to 30 September 2004, achieving
strong net asset value growth, share price performance, substantial realisations
of investments and further returns of capital to shareholders.

During the financial year to 30 September 2004, 6.2 million shares were
purchased for cancellation in addition to the 12.2 million shares cancelled
through the Tender Offer. I also indicated in my statement that future returns
of capital were likely to be executed primarily by way of on-market buybacks of
Electra's shares. In January this year a further 2.2 million shares were
purchased for cancellation. Since the start of the realisation programme in
March 1999 Electra has, through Tender Offers and on-market purchases, returned
over £1.1 billion to shareholders, of which £168m has been returned since 
June 2004.

Since June 2001 Electra has had a flexible approach to investment which has
allowed portfolio realisations to be timed to maximise value and new investments
to be made on attractive terms. This policy will continue with investments being
made in a broad spread of private equity assets in funds managed by Electra
Partners and through other investment opportunities generated by Electra
Partners.

Using Electra Partners' dealflow and investment management skills, your Board
considers that Electra is well positioned both to successfully realise and
selectively make profitable new investments within the constraints of its
current investment strategy. The Board is confident that this policy will
continue to create shareholder value.



For further information:

Sir Brian Williamson, Chairman, Electra Investment Trust PLC   020 7831 6464

Hugh Mumford, Chief Executive, Electra Partners Limited        020 7831 6464

Nick Miles, M: Communications Limited                          020 7153 1535




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