Net Asset Value(s)

NET ASSET VALUE AND RULE 21.20 (L) DISCLOSURES AND ANNUAL REPORT

 1. NET ASSET VALUE
   
British & American Investment Trust PLC announces that, as at 29th November
2013, the value of the group's investments and cash at banks was £32.5 million
and the unaudited consolidated net asset value of the company was not less than
90.0 pence per £1 ordinary share (prior charges deducted at par) and 92.8 pence
per ordinary share on a fully diluted basis. On 7th November, ordinary and
preference dividends totaling £850, 000 were paid, equivalent to 2.4 pence per
share on a fully diluted basis.

2. RULE 21.20 (L) (i) DISCLOSURE

British & American Investment Trust PLC announces that, as at 29th November
2013, 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                       2.4   Undeclared       
                                                              
RIT Capital Partners Plc                10.3   Undeclared       
                                                              
Shires Income Plc                        1.5                  
                                                              
TOTAL                                  14.2%                  

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.

End