Net Asset Value(s)

5 Oct 2009 12:18

NET ASSET VALUE AND RULE 21.20 (L) DISCLOSURES

1. NET ASSET VALUE

British & American Investment Trust PLC announces that, as at 30th September 2009, the value of the group's investments and cash was 33.6 million and the unaudited consolidated net asset value of the company was not less than 94.4 pence per 1 ordinary share (prior charges deducted at par) and 96 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 September 2009, 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 6.4 Undeclared RIT Capital Partners Plc 7.8 Undeclared Shires Income Plc 1.0 TOTAL 15.2%

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.