Interim Results to 30 June 1999

BRITISH & AMERICAN INVESTMENT TRUST PLC
15 October 1999


Interim Results to  30 June 1999
================================


-      The return on revenue account before tax amounted to #1.23 million     
       (1998: #1.03 million), representing an increase of 19.8 percent.  

-      Group net assets were #50.0 million compared to #46.1 million at the   
       end of the last financial year, an increase of 8.4 percent.

-      The interim dividend is increased by 10.8 percent to 1.525 pence per   
       share (1998: 1.375 pence)

-      As at 12th October 1999, net assets were #51.6 million, equivalent to  
       166.4 pence per share (prior charges deducted at par) and 147.4 pence  
       fully diluted.


Enquiries:

British & American Investment Trust                     0171 376 3791
  Jonathan C. Woolf (Chairman)
  David Humphrey    (Company Secretary)



Chairman's Statement
--------------------

I report our results for the 6 months to 30 June 1999 for the first time as
Chairman, following the sad death of my father, Sir John Woolf, on 28 June.

The return on revenue account before tax amounted to #1.23 million (1998:
#1.03 million), representing an increase of 19.8 percent.  Total return before
tax, which includes both realised and unrealised capital appreciation,
amounted to #4.6 million (1998: #8.8 million).

The return on revenue account per ordinary share was 3.59 pence on an
undiluted basis (1998: 2.63 pence) and 3.06 pence on a fully diluted basis
(1998: 2.38 pence).

Group net assets were #50.0 million compared to #46.1 million at the end of
the last financial year, an increase of 8.4 percent. This compares to an
increase over the same six month period of 7.4 percent in the FTSE 100 share
index and a fall of 2.1 percent in the FTSE All Share index. 
The net asset value per #1 ordinary share (prior charges deducted at par) was
160 pence, equivalent to 143 pence per share on a fully diluted basis. 

We intend to pay an interim dividend of 1.525p per ordinary share on 18
November 1999 to shareholders on the register at 29 October 1999.  This
represents an increase of 10.8 percent over last years interim dividend.  A
preference dividend of 1.75p will be paid to preference shareholders on the
same date.

The UK equity market made moderate if uneven progress in the first half of
1999.  Gains were almost entirely confined to leading stocks, particularly in
the telecommunications and hi-tech industries, with the FTSE 100 and FTSE 350
rising by some 7 percent and 9 percent, respectively.  Smaller and medium size
company stocks performed significantly less well resulting in the small fall
in the FTSE All Share index noted above.  Since July, however, a reversal of
this situation has occurred with the FTSE 100 falling, at one stage, by some
700 points or 10 percent below the high achieved early in that month.  This
reversal, which was also accompanied by increased levels of volatility,
followed the general change in market sentiment which occurred when the 
downward trend in interest rates in major markets, particularly the USA, came
to an end.

As at 12 October 1999, group net assets were #51.6 million, an increase of 3.1
percent.  This compares to an increase of 2.3 percent in the FTSE 100 share
index over the same period and is equivalent to 166.4 pence per share (prior
charges deducted at par) and 147.4 pence per share on a fully diluted basis.

For the time being, the outlook for investment appears uncertain.  Continued
buoyant levels of growth in the UK and USA together with expectations of
further interest rises are likely to unsettle markets which continue to trade
at high historic multiples.  In addition, in the short term, worries about the
effect of the Millennium related software problems are likely to depress
activity in the final months of the year resulting in significantly lower
levels of liquidity.  Consequently, further high levels of volatility against
a background of potentially weak markets can be expected.  These conditions
may provide opportunities for selective investment; however, in the absence of
demonstrable long-term value, we will continue to maintain a cautious stance.

Finally, I am very pleased to welcome Anthony Townsend to the Board.  His wide
experience of the investment trust industry and long service in leading
financial and insurance businesses will be a great benefit to our company.

Jonathan C Woolf                                          



Financial Highlights
--------------------

                              6 months to       6 months to        Year ended 
                                  30 June           30 June       31 December
                                     1999              1998              1998
                                     #000              #000              #000

Return before taxation              1,230             1,027             1,956
                               __________        __________        __________
Earnings per #1 ordinary share
    - basic                         3.59p             2.63p             5.06p
                               __________        __________        __________
Earnings per #1 ordinary share
   - fully diluted                  3.06p             2.38p             4.61p
                               __________        __________        __________
Investments at valuation 
 and cash at bank                  51,175            54,324            47,550
                               __________        __________        __________
Net assets per ordinary share
   - deducting preference 
      shares at par                 #1.60             #1.69             #1.45
                               __________        __________        __________

   -  fully diluted                 #1.43             #1.49             #1.32
                               __________        __________        __________
Fully diluted net assets 
   per ordinary share at
   12 October 1999                  #1.47
                               __________




Group Balance Sheet
-------------------
                                 30 June            30 June       31 December
                                    1999               1998              1998
                                    #000               #000              #000

FIXED ASSETS
Investments
                                  49,319             50,812            46,818

NET CURRENT ASSETS                 1,965              3,212               572
                              __________         __________        __________
Total assets less 
 current liabilities              51,284             54,024            47,390
Creditors: amounts falling 
  due after more than one 
  year                            (1,250)            (1,750)           (1,250)
                              __________         __________        __________

Net assets                        50,034             52,274            46,140
                              __________         __________        __________
CAPITAL AND RESERVES (Note 5)     50,034             52,274            46,140
                              __________         __________        __________



Group Investment Portfolio at 30 June 1999
------------------------------------------

Company                Nature of Business         Valuation        Percentage
                                                       #000      of portfolio

First Leisure                     Leisure        (i)  4,962             10.13
                                                (ii)  2,662              5.43
Prudential                 Life Assurance             7,475             15.26
Liberty International     Other Financial             3,168              6.47
Alliance Trust           Investment Trust             2,515              5.13
Securities Trust of 
 Scotland                Investment Trust             2,510              5.12
Dunedin Income Growth    Investment Trust             2,210              4.51
British Assets Trust     Investment Trust             2,074              4.23
Electra                  Investment Trust             1,890              3.86
Aberdeen Preferred
 - loan stock            Investment Trust             1,383              2.82
Aberdeen Preferred
 - ordinary              Investment Trust             1,204              2.46
Geared Income            Investment Trust             1,139              2.32
Shires Income            Investment Trust               960              1.96
Scottish American        Investment Trust               940              1.92
St James Place           Investment Trust               926              1.89
Murray International     Investment Trust               917              1.87
St James Place           Unit Trust                     896              1.83
RIT Capital Partners     Investment Trust               850              1.73
Invesco Convertible      Investment Trust               510              1.04
St Andrew                Investment Trust               509              1.04
RIT Capital Partners
 - Loan stock            Investment Trust               496              1.01
                                                   --------          --------
20 Largest investments                               40,196             82.03
Other investments                                     8,803             17.97
                                                   --------          --------
Total investments                                    48,999            100.00
                                                   ________          ________

Notes: (i)   Held by British & American Investment Trust PLC
       (ii)  Held by BritAm Investments Limited



Consolidated Statement of Total Return
--------------------------------------

                        6 months to 30 June 1999     6 months to 30 June 1998
                        Revenue  Capital   Total     Revenue  Capital   Total
                           #000     #000    #000        #000     #000    #000

Income (note 2)           1,468        -   1,468       1,296        -   1,296
Realised gains 
 on investments               -    1,892   1,892           -    3,192   3,192
Increase in 
 unrealised appreciation      -    1,483   1,483           -    4,613   4,613
Other expenses             (195)       -    (195)       (193)       -    (193)
                         ______   ______ _______      _______  ______  ______
Net return before finance
 costs and taxation       1,273    3,375   4,648        1,103   7,805   8,908
Interest payable and 
 similar charges            (43)       -     (43)         (76)      -     (76)
                         ______   ______ _______      _______  ______  ______

Return before taxation    1,230    3,375   4,605        1,027   7,805   8,832
Taxation                   (158)       -    (158)        (193)      -    (193)
                         ______   ______  _______      _______  _____  ______
Return on ordinary 
 activities after tax     1,072    3,375   4,447          834   7,805   8,639

Dividend and other 
 appropriations in respect 
 of preference shares      (175)       -    (175)        (175)      -    (175)
                          ______   ______   _____       ______   _____  _____
Return attributable to 
 ordinary shareholders      897     3,375   4,272          659   7,805  8,464
Dividend in respect 
 of ordinary shares        (381)        -    (381)        (344)      -   (344)
                          ______   ______   ______      ______   _____  _____
Transfer to reserves 
 after dividends paid
 and proposed               516     3,375   3,891          315   7,805  8,120
                          ______   ______   ______      ______   _____  _____
Return per ordinary share
 Basic                    3.59p    13.50p   17.09p        2.63p  31.22p 33.85p
 Fully diluted (Note 4)   3.06p     9.65p   12.71p        2.38p  22.30p 24.68p
 


                     Year ended 31 December 1998
                        Revenue  Capital   Total
                           #000     #000    #000

Income (note 2)           2,480        -   2,480
Realised gains 
 on investments               -    3,243   3,243
Increase in 
 unrealised appreciation      -   (1,449) (1,449)
Other expenses             (375)       -    (375)
                         ______   ______ _______ 
Net return before finance
 costs and taxation       2,105    1,794   3,899 
Interest payable and 
 similar charges           (149)       -    (149)
                         ______   ______ _______ 
Return before taxation    1,956    1,794   3,750 
Taxation                   (341)       -    (341)
                         ______   ______  _______
Return on ordinary 
 activities after tax     1,615    1,794    3,409

Dividend and other 
 appropriations in respect 
 of preference shares      (350)       -     (350)
                          ______   ______   ______
Return attributable to 
 ordinary shareholders    1,265    1,794    3,059
Dividend in respect 
 of ordinary shares        (969)        -    (969)
                          ______   ______    ______    
Transfer to reserves 
 after dividends paid
 and proposed               296     1,794    2,090    
                          ______   ______    ______    
Return per ordinary share
 Basic                    5.06p     7.17P    12.23p 
 Fully diluted (Note 4)   4.61p     5.13p     9.74p



Notes to the Group Results
--------------------------

1 Accounting policies
The results are based on unaudited Group consolidated accounts prepared under
the historical cost convention as modified by the revaluation of investments. 
The results have been prepared in accordance with applicable Accounting
Standards and with the Statement of Recommended Practice, 'Financial 
Statements of Investment Trust Companies'.

2 Total income
                              6 months to       6 months to        Year ended 
                                  30 June           30 June       31 December
                                     1999              1998              1998
                                     #000              #000              #000

Turnover - film revenue                94                51               242
Income from investments             1,311             1,118             1,913
Interest receivable                    51               112               295
Other income                           12                15                30
                               __________        __________        __________
                                    1,468             1,296             2,480
                               __________        __________        __________

3 Dividends

                         6 months to 30 June 1999    6 months to 30 June 1998
                         Pence per                   Pence per
                             share              #        share              #
Ordinary shares
 - interim                   1.525        381,250        1.375        344,000

Preference shares
 - paid                       1.75        175,000        1.375        138,000
 - accumulated                   -              -        0.375         37,000
                                         ________                    ________
                                          556,250                     519,000
                                         ________                    ________


The dividends on ordinary shares are based on 25,000,000 ordinary #1 shares. 
Dividends on preference shares are based on 10,000,000 non-voting 3.5%
convertible preference shares of #1. 

The holders of the 3.5% convertible preference shares will be paid a dividend
of #175,000 being 1.75 pence per share.  The payment will be made on the same
date as the dividend to the ordinary shareholders.



4 Return per ordinary share

                              6 months to       6 months to        Year ended 
                                  30 June           30 June       31 December
                                     1999              1998              1998
Standard earnings per share

Calculated on the basis of:

Net income after taxation 
 and preference dividends        #897,000          #659,000        #1,265,000
                               __________        __________        __________
Ordinary shares in issue       25,000,000        25,000,000        25,000,000
                               __________        __________        __________


Fully diluted earnings per share

Calculated on the basis of:

Net income after taxation      #1,072,000          #834,000        #1,615,000
                               __________        __________        __________
Ordinary and preference 
 shares in issue               35,000,000        35,000,000        35,000,000
                               __________        __________        __________


5 Capital and reserves

                              6 months to       6 months to        Year ended 
                                  30 June           30 June       31 December
                                     1999              1998              1998
                                     #000              #000              #000
   

Called up share capital
 - ordinary                        25,000            25,000            25,000
 - preference                      10,000            10,000            10,000
Capital reserve - realised          6,547             4,604             4,654
Capital reserve - unrealised        4,380             8,975             2,897
Dividend equalisation                   -                87                 -
Profit and loss account             4,107             3,608             3,589
                               __________        __________         _________
                                   50,034            52,274            46,140
                               __________        __________         _________


6 Net asset value attributable to each share

Basic net asset value attributable to each share has been calculated by
reference to 25,000,000 ordinary shares, and net assets attributable to
shareholders as follows:

                              6 months to       6 months to        Year ended 
                                  30 June           30 June       31 December
                                     1999              1998              1998
                                     #000              #000              #000

Total net assets                   50,034            52,274            46,140
Less preference shares and 
 dividend equalisation reserve    (10,000)          (10,085)          (10,000)
                               __________        __________        __________
Net assets attributable 
 to ordinary shareholders          40,034            42,189            36,140
                               __________        __________        __________


Fully diluted net asset value attributable to each share has been calculated
by reference to total net assets and 35,000,000 ordinary and preference
shares. 

In both cases the effective net assets of the group have been calculated
taking investments at their market value and after making certain other
adjustments.


7       The financial information set out above is unaudited and does not
constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985.  Statutory accounts for the year ended 31 December 
1998 which received an unqualified auditors report, have been filed with the
Registrar of Companies.


8       A copy of this statement has been sent today to the company's
shareholders, and members of the public may obtain a copy on application to
the companys registered office.