Rule 2.10 Announcement

NET ASSET VALUE AND  RULE 21.20 (L)  DISCLOSURES

1.    NET ASSET VALUE

British & American Investment Trust PLC announces that, as at 31st May 2006, the value of the group's
investments and cash was £44.1 million  and the unaudited consolidated net asset value of the company was not
less than 136.5 pence per £1 ordinary share (prior charges deducted at par) and 126.1 pence per ordinary share
on a fully diluted basis.   Final and preference dividends totalling £987,500 or 3.25 pence per ordinary share
and 1.75 pence per preference share which are subject approval at the AGM on 15th June 2006 have not been
deducted from the above net asset value in recognition of the treatment of final dividends under IFRS.

2.   RULE 21.20 (L) (i) DISCLOSURE

British & American Investment Trust PLC announces that, as at 31st May 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                                           6.2   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                                                     14.4 % 

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.

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British & American Investment Trust Plc