Net Asset Value(s)

RNS Number:4753T
American Investment Trust Limited
19 December 2003

Aberdeen Asset Management Limited announces the unaudited net asset value of
the following Investment Trust as at close of business on 17 December 2003

                                                                                            
American Investment Trust                0.00p      XD Ordinary 
American Investment Trust                36.523p    ZDP         
American Investment Trust**              0.00p      XD Annuity  

**"As disclosed in the recently published 2002 Annual Report, in the event of a
winding up of the Company, the Articles of Association give a priority
participation right in the assets of the Company to holders of Annuity Shares,
after payment of the liabilities and satisfying the claims of creditors
(including payment of amounts due to American ZDP Limited in respect of its
liability on the Zero Dividend Preference Shares). Any surplus is used to pay 1p
per share to Annuity shareholders, together with arrears of dividends not
declared. At present valuations, no such surplus would be available."






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