Net Asset Value and Rule 21.20 (L) (i)

    NET ASSET VALUE AND  RULE 21.20 (L) (i) DISCLOSURE



1.    NET ASSET VALUE

British & American Investment Trust PLC announces that, as at 28th November 2003, the value of the group's
investments and cash at banks was £33.7 million  and the unaudited consolidated net asset value of the company
was not less than 95.0 pence per £1 ordinary share (prior charges deducted at par) and 96.4 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 28th November 2003, 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                                           6.3   Undeclared
BFS Absolute Return Trust Ltd                                0.2   Undeclared
Electra Investment Trust Plc                                 3.9   Undeclared
The Enhanced Zero Trust Plc                                  0.0 
Exeter Selective Assets Investment Trust Plc                 0.0   Undeclared
Invesco Leveraged High Yield Fund Ltd                        0.3   Undeclared
The Investment Trust of Investment Trusts Plc                0.0 
Media & Income Trust Plc                                     0.0   Undeclared
RIT Capital Partners Plc                                     5.3   Undeclared
Second Alliance Trust Plc                                    0.3   Undeclared
Shires Income Plc                                            1.4 
                                                                  
TOTAL                                                      17.7% 


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 at 28th November 2003,  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