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 31st October 2006, the value of the group's
investments and cash at banks was £46.3 million (net of the interim and preference dividends payable on 16th
November and the special dividend payable on 14th December totaling £1,050,000 and  representing 3.0 pence per
share, fully diluted) and the unaudited consolidated net asset value of the company was not less than 132.2
pence per £1 ordinary share (prior charges deducted at par) and 145.0 pence per ordinary share on a fully
diluted basis, ex dividend

2.   RULE 21.20 (L) (i) DISCLOSURE

British & American Investment Trust PLC announces that, as at 31st October 2006, 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                                           5.9   Undeclared
RIT Capital Partners Plc                                     6.2   Undeclared
Shires Income Plc                                            1.3 

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.

British & American Investment Trust Plc