Net Asset Value(s)

NET ASSET VALUE AND RULE 21.20 (L) DISCLOSURES

1. NET ASSET VALUE

British & American Investment Trust PLC announces that, as at 30th September
2008, the value of the group's investments and cash at banks was £32.4 million
and the unaudited consolidated net asset value of the company was not less than
89.6 pence per £1 ordinary share (prior charges deducted at par) and 92.6 pence
per ordinary share on a fully diluted basis.

2. RULE 21.20 (L) (i) DISCLOSURE

British & American Investment Trust PLC announces that, as at 30th September
2008, it held the following investments in UK listed investment companies,
including investment trusts, which have not declared an investment policy to
invest less than 15% of their gross assets in other UK listed investment
companies, including investment trusts.

INVESTMENT                           % GROSS POLICY           
                                     ASSETS                   
                                                              
The Alliance Trust                       6.2 Undeclared       
                                                              
RIT Capital Partners Plc                 9.2 Undeclared       
                                                              
Shires Income Plc                        1.1                  
                                                              
TOTAL                                  16.4%                  

In accordance with Listing Rule 21.20 (L) (i), as the total investment of
British & American Investment Trust PLC in UK listed investment companies,
including investment trusts, which have not declared an investment policy to
invest less than 15% of their gross assets in other UK listed investment
companies, including investment trusts, was greater than 10% of Gross Assets,
no further investments in such companies will be made until such time as the
total investments in such companies is below 10% of gross assets.

3. RULE 21.20 (L) (ii) DISCLOSURE

In accordance with Listing Rule 21.20(1)(ii), British & American Investment
Trust PLC announces that at 30th September 2008 the ten largest investments
held were as follows :

Top Ten Investments         £'000    Percentage of

                                     Gross Assets

                                     (Group basis)

--------------------------- ------- ----------------

GERON CORPORATION           5,605      17.3%

LIBERTY INTL PLC            3,163       9.8%

RIT CAPITAL PARTNERS        2,970       9.2%

PRUDENTIAL CORP             2,791       8.6%

ALLIANCE TRUST              2,000       6.2%

ELECTRA INVESTMENT TRUST    1,729       5.3%

DUNEDIN INC GROWTH INV TRUST 1,690      5.2%

BRITISH ASSETS TRUST        1,511       4.7%

ST.JAMES INT INC UNIT TRST  1,337       4.1%

SCOTTISH & AMERICAN INV CO    706       2.2%

                                     -------

                                 TOTAL 72.6%

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