Net Asset Value(s)

4 Aug 2010 12:44

NET ASSET VALUE AND RULE 21.20 (L) DISCLOSURES

1. NET ASSET VALUE

British & American Investment Trust PLC announces that, as at 30th July 2010, the value of the group's investments and cash at banks was £31.4 million and the unaudited consolidated net asset value of the company was not less than 85.5 pence per £1 ordinary share (prior charges deducted at par) and 89.6 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 30th July 2010,it held the following investments in UK listed investment companies, includinginvestment trusts, which have not declared an investment policy to invest lessthan 15% of their gross assets in other UK listed investment companies,including investment trusts.INVESTMENT % GROSS POLICY ASSETS The Alliance Trust 7.1 Undeclared RIT Capital Partners Plc 10.1 Undeclared Shires Income Plc 1.1 TOTAL 18.3%

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.