Br.amer.inv.tst Regulatory News (BAF)

NET ASSET VALUE AND RULE 21.20 (L) DISCLOSURES AND ANNUAL REPORT 1. NET ASSET VALUE British & American Investment Trust PLC announces that, as at 28th February2014, the value of the group's investments and cash at banks was £30.6 million and the unaudited consolidated net asset value of the company was notless than 82.4 pence per £1 ordinary share (prior charges deducted at par) and87.4 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 February2014, it held the following investments in UK listed investment companies,including investment trusts, which have not declared an investment policy toinvest less than 15% of their gross assets in other UK listed investmentcompanies, including investment trusts. INVESTMENT % GROSS ASSETS POLICY The Alliance Trust 2.6 Undeclared RIT Capital Partners Plc 11.2 Undeclared Shires Income Plc 1.6 TOTAL 15.4% In accordance with Listing Rule 21.20 (L) (i), as the total investment ofBritish & American Investment Trust PLC in UK listed investment companies,including investment trusts, which have not declared an investment policy toinvest less than 15% of their gross assets in other UK listed investmentcompanies, including investment trusts, was greater than 10% of Gross Assets,no further investments in such companies will be made until such time as thetotal investments in such companies is below 10% of gross assets.

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