RNS Number:7014I
Electra Investment Trust PLC
13 March 2003

Electra Investment Trust PLC ("Electra" or "the Trust" or "the Company")

AGM Statement

13 March 2003


At the AGM held earlier today, Sir Brian Williamson, Chairman of Electra
Investment Trust PLC made the following statement:

"Electra's investment policy, which was approved by shareholders in June 2001,
primarily focuses on the realisation of investments and returns of capital, with
at least two-thirds of cash flow from realisations being returned to
shareholders. In June 2001 the Board anticipated, subject to market conditions,
that this would result in #500 million being returned to shareholders over the
next three years. A first tranche of #150 million was returned in 2001, leaving
a remaining target of #350 million.

Since June 2001, the climate for realisations has become more challenging as
stock markets have fallen and economic conditions worsened. As an illustration,
the Trust's Manager estimates that over the last 18 months prospective disposals
with a cumulative value of some #200 million had to be deferred. Despite this,
during the year to September 2002 cumulative realisations raised #137 million
for the Trust. Substantial realisation prospects continue to be progressed and
the Board remains determined to ensure that disposals are made on terms that
achieve the best value for shareholders.

The Board is committed to ensuring that further returns of capital are made,
consistent with the investment strategy approved by shareholders. Current
economic conditions have made it necessary for the Trust to apply most of the
disposal proceeds in 2002 to sustain or enhance the value of existing
investments. The Board expects that the requirement for such investments is
likely to reduce, and accordingly the bulk of future realisation proceeds will
be available to reduce the Trust's gearing and to finance further returns of
capital to shareholders.

Having regard to the progress to date of the Trust's investment strategy and
given the likely timing of realisations in current market conditions, the
Board's priority is to ensure that the return of the #350 million to
shareholders is completed as quickly as market conditions permit."



All six resolutions proposed at the Company's AGM held today were duly passed.



Enquiries:

Sir Brian Williamson, Electra Investment Trust PLC Tel: 020 7831 6464

Hugh Mumford, Electra Partners Limited Tel: 020 7831 6464


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