Portfolio Update

British Assets Trust PLC
20 January 2006

British Asset Trust plc


ALL DATA AS AT 31st December 2005


THIS DATA WILL BE AVAILABLE ON THE F&C ASSET MANAGEMENT WEB-SITE, 
http://www.fandc.com/ FROM APPROXIMATELY 18th January 2006


Top ten equity holdings                                        %


1         BP Plc                                               5.9
2         HSBC Holdings                                        4.5
3         Glaxo SmithKline                                     3.9
4         Vodafone Group                                       3.9
5         Royal Dutch Shell                                    3.7
6         Royal Bank of Scotland                               2.8
7         AstraZeneca                                          1.8
8         HBOS                                                 1.8
9         Standard Life European Private Equity Trust          1.4
10        Barclays                                             1.4

Total                                                          31.1



Country                                      %

UK                                           67.6
Europe (ex UK)                               4.9
North America                                10.7
Japan                                        5.7
Far East (ex Japan)                          3.3
Corporate Bonds                              5.9
Cash                                         1.9

Total                                        100.0



Actual gearing:                           123.3
Potential gearing:                        125.5



                      This information is provided by RNS
            The company news service from the London Stock Exchange