Interim Results

GROUP FINANCIAL HIGHLIGHTS
For the six months ended 30 June 2006                                                                              

                                                                            Unaudited    Unaudited         Audited
                                                                          6 months to  6 months to     Year  ended
                                                                              30 June      30 June     31 December
                                                                                 2006         2005            2005
                                                                                £'000        £'000           £'000

Revenue                                                                                                             

Return before tax                                                                1,360         1,068           1,759

Earnings per £1 ordinary shares - basic (note 4)                                4.70p                       
                                                                                               3.55p           5.41p

Earnings per £1 ordinary shares - diluted (note 4)                              3.86p                
                                                                                               3.03p           4.86p

Capital                                                                                                             

Total equity                                                                    43,170        39,954          42,765

Revenue reserve (note 7)                                                         2,414         2,660           2,300

Capital reserve - realised (note 7)                                             15,343        14,693          15,141

Capital reserve - unrealised (note 7)                                          (9,837)      (12,399)         (9,676)

Net assets per ordinary share (note 5)                                                               
-Basic                                                                          £1.33                
                                                                                               £1.20        £1.31

- Diluted                                                                        £1.23         £1.14           £1.22

Diluted net assets per ordinary share at 25 September 2006                                          
                                                                                 £1.24

Dividends*                                                                                                          

Dividends per ordinary share (note 3)                                             2.5p          2.3p           5.55p

Special dividend per ordinary share (note 3)                                      1.0p          1.0p            1.0p

Dividends per preference share (note 3)                                          1.75p         1.75p            3.5p

* Dividends declared for the period. Dividends shown in the accounts are, by contrast, dividends
paid or approved in the period.

British & American Investment Trust Plc