Interim Results

GROUP INVESTMENT PORTFOLIO
Six months ended 30 June 2006                                                                                   

Company                                            Nature of Business                                 Percentage
                                                                                       Valuation   of portfolio
                                                                                           £'000              %

Prudential plc                                      Life Assurance                     4,890         11.70
Geron Corporation Inc                               Biomedical - USA                   4,661         11.15
Liberty International plc                           Property                           4,473         10.70
Electra Private Equity plc                          Investment Trust                   3,182         7.61
The Alliance Trust plc                              Investment Trust                   2,935         7.02

RIT Capital Partners plc                            Investment Trust                   2,901         6.94
Dunedin Income Growth Investment Trust plc          Investment Trust                   2,305         5.52
British Assets Trust plc                            Investment Trust                   1,935         4.63
Lloyds TSB plc                                      Banks retail                       1,594         3.81
St. James Place Capital - Unit Trust                Unit Trust                         1,408         3.37

Matrix Chatham Maritime Trust                       Enterprise Zone Trust              1,000         2.39
The Scottish American Investment Company plc        Investment Trust                   895           2.14
Shires Income plc                                   Investment Trust                   629           1.51
Invesco Income Growth Trust plc                     Investment Trust                   599           1.43
Georgica Plc                                        Leisure and hotels                 583           1.39

Royal & Sun Alliance Insurance Group PLC -          Insurance - Non-Life               519           1.24
Cumulative Irredeemable Preference
Rothschilds Continuation Finance - Notes            Financial                          508           1.22
Emblaze Systems Ltd                                 Software and computer services     506           1.21
Speymill Deutsche Immobilien Company plc            Property                           480           1.15
Merchants Trust plc                                 Investment Trust                   467           1.12

20 Largest investments                                                                 36,470        87.25
Other investments (number of holdings : 66)                                            5,331         12.75

Total investments                                                                      41,801        100.00

British & American Investment Trust Plc