Investment Policy

British Assets Trust PLC
13 October 2003

To:      RNS

From:    British Assets Trust plc

Date:    13 October 2003




Subject:     Investment Policy


In anticipation of changes to the Listing Rules which come into force on 1
November 2003, the board of British Assets Trust plc ('BAT') announces that,
while BAT may from time to time hold shares in other listed investment companies
(including investment trusts), it is a stated investment policy of BAT that it
will not invest more than 15 per cent of its gross assets in other listed
investment companies (including investment trusts). The implementation of this
investment policy will not require BAT to dispose of any existing shareholding.


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