Net Asset Value(s) and Annual report

NET ASSET VALUE AND RULE 21.20 (L) DISCLOSURES

 1. NET ASSET VALUE
   
British & American Investment Trust PLC announces that, as at 31st May 2011,
the value of the group's investments and cash at banks (ex the final dividend
of £1.125 million or 4.5 pence per ordinary share payable on 23rd June 2011)
was £31.4 million and the unaudited consolidated net asset value of the company
was not less than 85.7 pence per £1 ordinary share (prior charges deducted at
par) and 89.8 pence per ordinary share on a fully diluted basis, both ex the
dividend noted above.

2. RULE 21.20 (L) (i) DISCLOSURE

British & American Investment Trust PLC announces that, as at 31st May 2011, 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                       8.5 Undeclared       
                                                              
RIT Capital Partners Plc                11.0 Undeclared       
                                                              
Shires Income Plc                        1.2                  
                                                              
TOTAL                                  20.7%                  

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 . ANNUAL REPORT

A copy of British & American Investment Trust PLC's Annual Report and Financial
Statements for the year ended 31 December 2010 has been submitted to the
National Storage Mechanism, and will be available for inspection at
www.Hemscott.com/nsm.do.