Net Asset Value(s) & Rule 21.20 (L) Disclosure

NET ASSET VALUE AND RULE 21.20 (L) DISCLOSURES

 1. NET ASSET VALUE
   
British & American Investment Trust PLC announces that, as at 30th May 2008,
the value of the group's investments and cash at banks (ex the final and
preference dividends totalling £1.1 million or 3.7 pence per ordinary share and
1.75 pence per preference share payable on 26th June 2008) was £38.5 million
and the unaudited consolidated net asset value of the company was not less than
114.0 pence per £1 ordinary share (prior charges deducted at par) and 110.0
pence per ordinary share on a fully diluted basis, both ex the dividends noted
above.

2. RULE 21.20 (L) (i) DISCLOSURE

British & American Investment Trust PLC announces that, as at 29th February
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                       6.1 Undeclared       
                                                              
RIT Capital Partners Plc                 8.2 Undeclared       
                                                              
Shires Income Plc                        1.1                  
                                                              
TOTAL                                  15.4%                  

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.