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 31st January
2015, the value of the group's investments and cash at banks  was £28.2
 million and the unaudited consolidated net asset value of the company was not
less than 72.7 pence per £1 ordinary share (prior charges deducted at par) and
80.5 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 31st January
2015, 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 ASSETS       POLICY   
                                                             
                                                             
The Alliance Trust                        3.0   Undeclared 
                                                             
RIT Capital Partners Plc                  5.1   Undeclared 
                                                             
Shires Income Plc                         1.8              
                                                             

TOTAL                                    9.9%              
                                                           
 

Listing Rule 21.20 (L) (i) provides that if 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, is greater than 10% of Gross Assets,  no further
investments in such companies may be made until such time as the total
investments in such companies is below 10% of gross assets.

  ND