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 June  2006, the value of the group's
investments and cash at banks was £44.0 million  and the unaudited consolidated net asset value of the company
was not less than 136.1 pence per £1 ordinary share (prior charges deducted at par) and 125.8 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 June 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                                           6.7   Undeclared
Media & Income Trust Plc                                     0.0   Undeclared
RIT Capital Partners Plc                                     6.6   Undeclared
Shires Income Plc                                            1.4 

TOTAL                                                      14.7% 

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
June 2006 the ten largest investments held were as follows :

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

PRUDENTIAL CORP                                    4,890           11.1%
GERON CORPORATION                                  4,653           10.6%
LIBERTY INTL PLC                                   4,473           10.2%
ELECTRA INVESTMENT TRUST                           3,183            7.2%
ALLIANCE TRUST                                     2,935            6.7%
RIT CAPITAL PARTNERS                               2,901            6.6%
DUNEDIN INC GROWTH INV TRUST                       2,305            5.2%
BRITISH ASSETS TRUST                               1,935            4.4%
LLOYDS BANK                                        1,595            3.6%
ST.JAMES INT  INCOME UNIT TRUST                    1,408            3.2%
                                                                   ------
TOTAL                                                              68.8%
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British & American Investment Trust Plc