Net Asset Value and Rule 21.20 (L)

    NET ASSET VALUE AND  RULE 21.20 (L)  DISCLOSURES



1.    NET ASSET VALUE

British & American Investment Trust PLC announces that, as at 31st December 2003, the value of the group's
investments and cash at banks was £34.7 million  and the unaudited consolidated net asset value of the company
was not less than 98.7 pence per £1 ordinary share (prior charges deducted at par) and 99.1 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 31st December 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                                           6.2   Undeclared
BFS Absolute Return Trust Ltd                                0.2   Undeclared
The Enhanced Zero Trust Plc                                  0.0 
Exeter Selective Assets Investment Trust Plc                 0.0   Undeclared
The Investment Trust of Investment Trusts Plc                0.0 
Media & Income Trust Plc                                     0.0   Undeclared
RIT Capital Partners Plc                                     5.8   Undeclared
Second Alliance Trust Plc                                    0.3   Undeclared
Shires Income Plc                                            1.3 
                                                                  
TOTAL                                                      13.8% 


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 31st December 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.


3.       RULE 21.20 (L) (ii) DISCLOSURE

In accordance with Listing Rule 21.20(1)(ii), British & American Investment Trust PLC announces that at 31
December 2003 the ten largest investments held were as follows :

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

LIBERTY INTL PLC                         4,163           12.0%
PRUDENTIAL CORP                          3,780           10.9%
ALLIANCE TRUST                           2,153            6.2%
RIT CAPITAL PARTNERS             2,005            5.8%
SECURITIES TRUST OF SCOTLAND      1,927            5.6%
DUNEDIN INC GROWTH INV TRUST      1,743            5.0%
ELECTRA INVESTMENT TRUST          1,688            4.9%
BRITISH ASSETS TRUST             1,553            4.5%
MATRIX CHATHAM ENT ZONE TRUST     1,250            3.6%
ST.JAMES INT  INCOME UNIT TRUST   974              2.8%
                                                        -------
TOTAL                                                   61.3%
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BRITISH & AMERICAN INVESTMENT TRUST PLC