Final Results - Share Price Return of 23.2%

British Assets Trust PLC
12 November 1999


Audited Results for the year ended 30 September 1999

Highlights

* Total dividends increased by 1.2 per cent, in line with the Company's
  objective to provide ordinary shareholders with an income stream that grows
  in real terms.
* Revenue reserves further strengthened.
* Ordinary share price total return of 23.2 per cent.
* In conjunction with the AITC marketing campaign the Company has launched
  ZeroCharge Investment Products

Results

The Company's earnings per ordinary share were 5.93p (5.82p) in respect of the
year ended 30 September 1999.  

The Board has proposed a final dividend of 1.30625p per ordinary share payable
on 7 January 2000 to ordinary shareholders on the register on 3 December 1999.
 This brings total dividends for the financial year to 5.045p (4.985p), an
increase of 1.2 per cent compared with an increase in the Retail Prices Index
of 1.1 per cent. Over the past five years the ordinary dividend has been
increased by 15.2% compared to a rise of 14.6% in the Retail Prices Index in
line with the Company's objective to provide ordinary shareholders with an
income that grows in real terms.  At 30 September 1999 the dividend yield of
the Company's ordinary shares was 3.7 per cent, 55 per cent higher than that
of the UK stock market as measured by the FTSE All-Share Index. 

Revenue reserves at 30 September 1999 amounted to 5.30p per ordinary share,
which exceeds the current year's total annual dividend.

There has been a substantial reduction in the discount on both the ordinary
and growth shares during the year which helped to provide share price total
returns of 23.2 per cent on the ordinary shares and 24.6 per cent on the
growth shares.

Over the year ended 30 September 1999, the Company's net asset value total
return was 18.5 per cent compared with 26.8 per cent total return for the
benchmark, a composite index of 75 per cent FTSE All-Share Index and 25 per
cent FT/S&P Actuaries World (ex UK) Index.

The majority of the underperformance occurred in the first half and was due to
three factors: the underweight positions in North America and the Far East;
the defensive positioning of the UK portfolio at a time when economically
sensitive cyclical sectors were performing strongly; and the underweight
positions in the small group of very large UK companies such as BP Amoco and
Vodafone Airtouch which were leading the market.

Asset allocation has been brought more into line with the benchmark.  £39.7
million was invested in North America to reduce the underweight position and
£13.9 million was invested in the Far East, taking the Company to an
overweight position.   The Company remains overweight in the UK and Europe (ex
UK).  

Over the year stock selection added value in each of the overseas portfolios
although for the UK, which accounted for three quarters of total assets, this
was not the case.

The Board and the Managers undertook a detailed review of the UK portfolio and
it was agreed that the risk profile of the portfolio should be reduced.

In the year to 30 September 1999, Investors Capital Trust, the Company's
largest holding representing some 30 per cent of its total assets, returned a
net asset value total return of 12.7 per cent.  As the Company values ICT at
its market price rather than its underlying asset value it benefited from the
narrowing of the discount on the ICT package from 17.8 per cent to 12.7 per
cent over the year.  

The Company has given its support to the Association of Investment Trust's
generic marketing initiative, the 'its' campaign.  The campaign is intended to
increase the general public's awareness of the benefits of investment trusts,
which offer their shareholders professional investment management at low cost.

In conjunction with the AITC's marketing campaign, the Company has launched
ZeroCharge investment products including an ISA and an investment plan.  All
running costs of the plans are borne by the Company and there are no charges
to investors.  

The Board has commenced buying back the Company's ordinary and growth shares. 
The principal aim of the buy-back facility is to enhance shareholder value.

To date, the Company has bought back 4.0 million ordinary shares (1.2%) and
3.5 million growth shares (5.7%) for a total consideration of £10.0 million.
The net asset value per share has been enhanced by approximately 0.5 pence
based on the discount to net asset value at the time of each purchase. Over
the period since the buy backs began in May 1999 up to 30 September 1999, the
discount, on a fully diluted basis, of the ordinary shares has narrowed from
14.5 per cent to 10.7 per cent and that of the growth shares has narrowed from
22.6 per cent to 14.8 per cent. 

The Board is seeking shareholder approval to buy back up to a further 14.99
per cent of shares in issue as the existing authority, to the extent not
utilised, will expire at this year's Annual General Meeting.

Not surprisingly, against the recent background of rising interest rates,
equity markets have been volatile.  Uncertainty arising from concerns about
the so-called Millennium Bug may also constrain markets until the new year. 
However, strong growth in corporate earnings and the prospect of a
significantly lower peak in the current interest rate cycle suggest that there
should be a reasonably strong performance from equities on a medium term view.

For further information, please contact:

John Stubbs
Friends Ivory & Sime plc :         Tel:  [phone]

Gordon Humphries :        
Friends Ivory & Sime plc:           Tel:  [phone]

Audited Statement of Total Return (Incorporating the revenue account)
for the Year ended 30 September 1999

                                      Notes         1999      1999       1999
                                                 Revenue   Capital      Total
                                                Pds '000  Pds '000   Pds '000
                            
                            
Gains/(losses) on investments                          -    78,716     78,716
Warrants purchased for cancellation                    -      (481)      (481)
Realised exchange differences                          -        56         56
Net movement in Loan Stock liability  3                -    (5,535)    (5,535)
Income                                            26,537       336     26,873
Investment management fee                           (785)   (1,210)    (1,995)
Other expenses                                      (581)     (182)      (763)
                                                  ______    ______     ______
Net return before finance costs & taxation        25,171    71,700     96,871
                            
Finance costs                                     (2,509)   (2,488)    (4,997)
                                                  ______    ______     ______
                         
Return on ordinary activities before tax          22,662    69,212     91,874
                            
Tax on ordinary activities                        (3,459)      977     (2,482)
                                                  ______    ______     ______
                            
Return on ordinary activities after tax 
for the financial year                             19,203   70,189     89,392
                            
Dividends in respect of non-equity shares             (88)       -        (88)
                                                   ______   ______     ______
Return attributable to equity shareholders         19,115   70,189     89,304
                            
Dividends in respect of equity shares        2    (16,194)       -    (16,194)
                                                   ______   ______     ______
Transfer to reserves                                2,921   70,189     73,110
                                                   ______   ______     ______
                            
Return per ordinary share                    1                     
                            
Basic                                                5.93p   18.42p     24.35p
                            
Diluted (FRS 14)                                     5.86p   18.21p     24.07p
                            
Return per growth share                            
                            
Basic                                                   -    18.42p     18.42p
                            
Diluted (FRS 14)                                        -    18.21p     18.21p
                            

 
Audited Statement of Total Return (Incorporating the revenue account)
for the Year ended 30 September 1998

                                       Notes        1998       1998       1998
                                                 Revenue    Capital      Total
                                                Pds '000   Pds '000   Pds '000
                            
                            
Gains/(losses) on investments                          -    (29,655)  (29,655)
Warrants purchased for cancellation                    -     (3,405)   (3,405)
Realised exchange differences                          -        333       333
Net movement in Loan Stock liability       3           -      3,197     3,197
Income                                            26,836         31    26,867
Investment management fee                           (760)    (1,259)   (2,019)
Other expenses                                      (431)         -      (431)
                                                ________   ________  ________
Net revenue before finance costs & taxation       25,645    (30,758)   (5,113)
                            
Finance costs                                     (2,004)    (1,578)   (3,582)
                                                ________   ________  ________
Return on ordinary activities before tax          23,641    (32,336)   (8,695)
                            
Tax on ordinary activities                        (4,691)       850    (3,841)
                                                ________   ________  ________
Return on ordinary activities after tax for 
the financial year                                18,950    (31,486)  (12,536)
                            
Dividends in respect of non -equity shares          (180)         -      (180)
                                                ________   ________  ________
Return attributable to equity shareholders        18,770    (31,486)  (12,716)
                            
Dividends in respect of equity shares            (16,080)         -   (16,080)
                                                ________   ________  ________
Transfer to / (from) reserves                      2,690    (31,486)  (28,796)
                                                ________   ________  ________
                            
                            
Return per ordinary share                  1                     
                            
Basic                                              5.82p    (8.20p)    (2.38p)
                            
Diluted (FRS 14)                                   5.75p    (8.12p)    (2.37p)
                            
Return per growth share                            
                            
Basic                                                 -     (8.20p)    (8.20p)
                            
Diluted (FRS 14)                                      -     (8.12p)    (8.12p)
                            
                            

Audited Balance Sheet as at 30 September                      1999       1998
                                                          Pds '000   Pds '000
              
Fixed assets              
              
Investments                                                663,210    587,902
              
Current assets              
              
Debtors                                                     12,659      8,554
Cash at bank and on deposit                                  5,590     21,012
                                                           _______    _______
                                                            18,249     29,566
              
Creditors: amounts falling due within one year             (12,456)   (11,072)
                                                           _______    _______
Net current assets                                           5,793     18,494
                                                           _______    _______
Total assets less current liabilities                      669,003    606,396
                                                           _______    _______
Creditors: amounts falling due after more than one year    (90,946)   (86,225)
                                                           _______    _______
                                                           578,057    520,171
                                                           _______    _______
Capital and reserves              
Called-up share capital                                     94,119    101,250
Share premium account                                        3,630      3,630
Other reserves -              
Capital reserve - realised                                 232,930    180,438
Capital reserve - unrealised                               228,619    220,896
Capital redemption reserve                                   1,881          -
Revenue reserve                                             16,878     13,957
                                                           _______    _______
Total shareholders' funds                                  578,057    520,171
                                                           _______   ________
Equity shareholders' funds                                 578,057    514,921
              
Non-equity shareholders' funds                                   -      5,250
                                                           _______    _______
Net asset value per share              
              
Ordinary and growth              
- Basic                                                     153.5p     134.1p
- Fully diluted                                             151.4p     132.7p
- Diluted (FRS 14)                                          151.9p     133.4p

 Notes

1. Basic revenue return per ordinary share is based on a weighted average of
   322,179,959 (1998: 322,560,000) ordinary shares in issue.  Diluted return
   per ordinary and growth share has been calculated in accordance with FRS 14
  (Earnings per share).

2. The final dividend, if approved by shareholders, will be paid on 7 January
   2000 to ordinary shareholders on the register at close of business on 3
   December 1999.

   For the year to 30 September 2000, the first three interim dividends will
   each be paid at the rate of 1.26125p per ordinary share, being 25 per cent
   of the total dividends payable in respect of the year ended 30 September
   1999.  It is intended that the final dividend will be paid at a rate
   consistent with the objective of providing real growth in income for
   ordinary shareholders.

3. The Company bought in 300,000 units of Equities Index Unsecured Loan Stock
   during the year ended 30 September 1999 at a cost of £876,000 (1998 -
   10,299,766 units at a cost of £23,350,000).  As at 30 September 1999 there
   were 11,139,892 units in issue.  The capital movement for the EIULS units
   during the year ended 30 September 1999 reflects the net movement in the
   EIULS liability.

4. The Company had the following equity or equity related securities in issue
   as at 30 September 1999:

   318,550,000     Ordinary Shares.  During the year to 30 September 1999 the
                   Company bought in 4,010,000 ordinary shares for
                   cancellation at a cost of £5,439,000.

   57,925,296      Growth Shares.  During the year to 30 September 1999 the
                   Company bought in 3,514,704 growth shares for cancellation
                   at a cost of £4,535,000.

   16,036,355      Warrants to subscribe for ordinary shares at 101 pence
                   during the period commencing 1 July 2001 and ending on 30
                   September 2001.  During the year to 30 September 1999 the
                   Company bought in 1,100,000 warrants for cancellation at a
                   cost of £481,000.

   During the year the Company repaid the Preference Stocks.

   Growth Shares rank pari passu with the ordinary shares, except that they
   are not entitled to receive any dividends.  Growth Shares automatically
   convert back to ordinary shares on 30 September 2001.  Net Asset Value per
   Share is based on 376,475,296 (1998: 384,000,000) Shares in issue, being
   the total number of ordinary shares and growth shares in issue.  Fully
   diluted net asset value assumes the exercise of the warrants outstanding.

   The diluted net asset values are calculated in accordance with FRS 14.

 
5. These are not full statutory accounts in terms of Section 240 of the
   Companies Act 1985.  The full audited accounts for the year to 30 September
   1998, which were unqualified, have been lodged with the Registrar of
   Companies.  The 1999 annual report will be sent to shareholders later this
   month and will be available for inspection at One Charlotte Square,
   Edinburgh, the registered office of the Company.

6. The Company's geographic exposure as a percentage of ordinary shareholders'
   funds at 30 September 1999 was as follows (comparative figures are for 30
   September 1998).

                                                         1999        1998

    UK (less Equities Index Unsecured 
       Loan Stock)                                       77.5        81.2
              
    Europe                                               10.7        10.1
              
    North America                                        13.6         6.1
              
    Japan                                                 3.0         0.0
              
    Pacific (ex Japan)                                    2.0         0.0
              
    Liquidity (less prior capital)                       (6.8)        2.6
                                                        _____       _____
                                                        100.0       100.0
                                                        _____       _____