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 31st December
2013, the value of the group's investments and cash at banks was £31.1 million
and the unaudited consolidated net asset value of the company was not less than
84.5 pence per £1 ordinary share (prior charges deducted at par) and 88.9 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
2013, 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                       2.5 Undeclared

RIT Capital Partners Plc                10.8 Undeclared

Shires Income Plc                        1.5

TOTAL                                  14.8%

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,
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.

End