Dividend Declaration

The proposed final dividend of 3p per £1 ordinary share, subject to approval at the company's AGM
on Thursday 24 June 2004, will be paid on 30 June 2004 to shareholders on the register at 28 May
2004. The associated ex dividend date is 26 May 2004. The preference dividend of 1.75p per £1
cumulative convertible preference share will paid on the same date to shareholders on the register
at 31 December 2003.

BRITISH & AMERICAN INVESTMENT TRUST PLC