Net Asset Value

NET ASSET VALUE AND  RULE 21.20 (L)  DISCLOSURES

1.    NET ASSET VALUE

British & American Investment Trust PLC announces that, as at 30th December 2005, the value of the group's
investments and cash at banks was £43.5 million  and the unaudited consolidated net asset value of the company
was not less than 134.3 pence per £1 ordinary share (prior charges deducted at par) and 124.5 pence per
ordinary share on a fully diluted basis.

2.   RULE 21.20 (L) (i) DISCLOSURE

British & American Investment Trust PLC announces that, as at 30th December 2005, it held the following
investments in UK listed investment companies, including investment trusts, which have not declared an
investment policy to invest less than 15% of their gross assets in other UK listed investment companies,
including investment trusts.

INVESTMENT                                               % GROSS      POLICY
                                                          ASSETS

The Alliance Trust                                           6.3   Undeclared
Media & Income Trust Plc                                     0.0   Undeclared
RIT Capital Partners Plc                                     6.5   Undeclared
Second Alliance Trust Plc                                    0.3   Undeclared
Shires Income Plc                                            1.4 
                                                           -----       
TOTAL                                                      14.5% 

In accordance with Listing Rule 21.20 (L) (i),  as the total investment of British & American Investment Trust
PLC in UK listed investment companies, including investment trusts, which have not declared an investment
policy to invest less than 15% of their gross assets in other UK listed investment companies, including
investment trusts, was greater than 10% of Gross Assets,  no further investments in such companies will be made
until such time as the total investments in such companies is below 10% of gross assets.

3.       RULE 21.20 (L) (ii) DISCLOSURE

In accordance with Listing Rule 21.20(1)(ii), British & American Investment Trust PLC announces that at 30th
December 2005 the ten largest investments held were as follows :

Top Ten Investments                      £'000           Percentage of
                                                            Gross Assets
---------------------------              -------         ----------------

LIBERTY INTL PLC                         4,903           11.4%
PRUDENTIAL CORP                          4,402           10.1%
GERON CORPORATION                        3,494            8.0%
ELECTRA INVESTMENT TRUST                 2,857            6.6%
RIT CAPITAL PARTNERS                     2,823            6.5%
ALLIANCE TRUST                           2,736            6.3%
GUS                                      2,667            6.1%
DUNEDIN INC GROWTH INV TRUST             2,120            4.9%
BRITISH ASSETS TRUST                     2,014            4.6%
ST.JAMES INT  INCOME UNIT TRUST          1,344            3.1%
                                                         -----
TOTAL                                                    67.6%
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British & American Investment Trust Plc