Net Asset Value

NET ASSET VALUE AND  RULE 21.20 (L)  DISCLOSURES

1.   RULE 21.20 (L) (i) DISCLOSURE

British & American Investment Trust PLC announces that, based on net assets already announced of £42.4 million
as at 23rd September 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                                           5.8   Undeclared
The Enhanced Zero Trust Plc                                  0.0 
Exeter Selective Assets Investment Trust Plc                 0.0   Undeclared
Media & Income Trust Plc                                     0.0   Undeclared
RIT Capital Partners Plc                                     5.9   Undeclared
Second Alliance Trust Plc                                    0.3   Undeclared
Shires Income Plc                                            1.4 
TOTAL                                                      13.4% 

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.

2.       RULE 21.20 (L) (ii) DISCLOSURE

In accordance with Listing Rule 21.20(1)(ii), British & American Investment Trust PLC announces that at 23rd
September 2005 the ten largest investments held were as follows :

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

LIBERTY INTL PLC                         4,878           11.5%
PRUDENTIAL CORP                          4,026            9.5%
GERON CORPORATION                        3,194            7.5%
ELECTRA INVESTMENT TRUST                 2,834            6.7%
RIT CAPITAL PARTNERS                     2,516            5.9%
ALLIANCE TRUST                           2,469            5.8%
DUNEDIN INC GROWTH INV TRUST             2,008            4.7%
BRITISH ASSETS TRUST                     1,845            4.4%
ST.JAMES INT  INCOME UNIT TRUST          1,259            3.0%
MATRIX CHATHAM ENT ZONE TRUST            1,250            3.0%

                                                        -------
TOTAL                                                    62.0%
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British & American Investment Trust Plc