Director Shareholding

SCHEDULE 11

                   NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1. Name of company

BRITISH & AMERICAN INVESTMENT TRUST PLC

2. Name of director

    1.      J A V TOWNSEND
    2.      R G PATERSON

3. Please state whether notification indicates that it is in respect of holding of the shareholder
named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder
if it is a holding of that person's spouse or children under the age of 18 or in respect of a non-
beneficial interest

AS 2 ABOVE

4. Name of the registered holder(s) and, if more than one holder, the number of shares held by
each of them (if notified)

AS 2 ABOVE

5. Please state whether notification relates to a person(s) connected with the director named in 2
above and identify the connected person(s)

NO

6. Please state the nature of the transaction. For PEP transactions please indicate whether
general/single co PEP and if discretionary/non discretionary

    1.      PURCHASE
    2.      PURCHASE

7. Number of shares / amount of stock acquired

    1.      7,500
    2.      1,000

8. Percentage of issued class

    1. 0.03% 
    2. 0.004%

9. Number of shares/amount of stock disposed

NIL

10. Percentage of issued class

NIL

11. Class of security

ORDINARY £1

12. Price per share

N/A

13. Date of transaction

13 JULY 04

14. Date company informed

13 JULY 04

15. Total holding following this notification

    1.      7,500
    2.      1,000

16. Total percentage holding of issued class following this notification

AS 8 ABOVE

If a director has been granted options by the company please complete the following boxes.

17. Date of grant

18. Period during which or date on which exercisable

19. Total amount paid (if any) for grant of the option

20. Description of shares or debentures involved: class, number

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at time of
exercise

22. Total number of shares or debentures over which options held following this notification

23. Any additional information

24. Name of contact and telephone number for queries

K. WILLIAMS, SECRETARY  0207 201 3100

25. Name and signature of authorised company official responsible for making this notification

K. WILLIAMS, SECRETARY

Date of Notification

14 JULY O4

BRITISH & AMERICAN INVESTMENT TRUST PLC