Interim Results

CONSOLIDATED INCOME STATEMENT
Six months ended 30 June 2006                                                                                                                      

                                                                        Unaudited                           Unaudited                           Audited
                                                                6 months to 30 June 2006            6 months to 30 June 2005          Year ended 31 December 2005

                                                      Note     Revenue     Capital                Revenue     Capital                 Revenue     Capital            
                                                                return      return       Total     return      return       Total      return      return       Total
                                                                 £'000       £'000       £'000      £'000       £'000       £'000       £'000       £'000       £'000

Investment income                                   2        1,510       -           1,510       1,202       -           1,202       2,032       -           2,032
Gains on investments at fair value                           -           358         358         -           1,764       1,764       -           4,665       4,665
through profit or loss - unrealised
Realised (losses)/gains on sales                             -           (242)       (242)       -           275         275         -           618         618
Other expenses                                               (150)       (75)        (225)       (134)       (66)        (200)       (273)       (139)       (412)

Profit before tax                                            1,360       41          1,401       1,068       1,973       3,041       1,759       5,144       6,903
Taxation                                                     (9)         -           (9)         (6)         -           (6)         (57)        -           (57)

Profit for the period                                        1,351       41          1,392       1,062       1,973       3,035       1,702       5,144       6,846

Earnings per ordinary share                         4                                                                                                        
Basic                                                             4.7p                                3.5p                                5.4p   20.6p       26.0p
                                                                       0.2p        4.9p                   7.9p        11.4p
Diluted                                                           3.9p                                3.0p                                4.9p   14.7p       19.6p
                                                                       0.1p        4.0p                   5.7p        8.7p

The total column of this statement is the Group's Income Statement, prepared in accordance with IFRS.
The supplementary revenue return and capital return columns are both prepared under guidelines published by the
Association of Investment Trust Companies.
All items in the above statement derive from continuing operations.
All income is attributable to the equity holders of the parent company. There are no minority interests.

British & American Investment Trust Plc