Half-yearly Report

BRITISH & AMERICAN INVESTMENT TRUST PLC GROUP FINANCIAL HIGHLIGHTS For the six months ended 30 June 2007 Unaudited Unaudited Audited 6 months 6 months Year ended to 30 to 30 31 June June December 2007 2006 2006 Â£'000 Â£'000 Â£'000 Revenue Return before tax 1,050 1,360 1,829 Earnings per Â£1 ordinary shares - 3.49p 4.70p 5.85p basic (note 4) Earnings per Â£1 ordinary shares - 2.99p 3.86p 5.18p diluted (note 4) Capital Total equity 44,554 43,170 47,647 Revenue reserve (note 7) 2,073 2,664 2,076 Capital reserve - realised (note 7) 17,974 15,343 17,154 Capital reserve - unrealised (note 7) (10,493) (9,837) (6,583) Net assets per ordinary share (note 5) - Basic Â£1.38 Â£1.33 Â£1.51 - Diluted Â£1.27 Â£1.23 Â£1.36 Diluted net assets per ordinary share Â£1.26 at 25 September 2007 Dividends* Dividends per ordinary share (note 3) 2.7p 2.5p 6.0p Special dividend per ordinary share 0.0p 1.0p 1.0p (note 3) Dividends per preference share (note 1.75p 1.75p 3.5p 3) * Dividends declared for the period. Dividends shown in the accounts are, by contrast, dividends paid or approved in the period. Copies of this report will be posted to shareholders and be available for download at the company's website: www.baitgroup.co.uk. GROUP INVESTMENT PORTFOLIO As at 30 June 2007 Company Nature of Business Percentage Valuation of Â£'000 portfolio % Geron Corporation Biomedical - USA 7,151 16.38* Prudential Corporation Life Assurance 4,784 10.95 Liberty International Property 4,122 9.44 RIT Capital Partners Investment Trust 3,072 7.03 The Alliance Trust Investment Trust 2,763 6.33 Dunedin Income Growth Investment Investment Trust 2,670 6.11 Trust Electra Private Equity Investment Trust 2,435 5.58 British Assets Trust Investment Trust 2,160 4.95 St. James Place Capital - Unit Unit Trust 1,596 3.65 Trust Lloyds TSB Banks retail 1,140 2.61 The Rank Group Other services & 1,031 2.36 businesses The Scottish American Investment Investment Trust 1,018 2.33 Company Matrix Chatham Maritime Trust Enterprise Zone Trust 1,000 2.29 Invesco Income Growth Trust Investment Trust 730 1.67 Shires Income Investment Trust 620 1.42 Merchants Trust Investment Trust 505 1.16 Royal & Sun Alliance Insurance Insurance - Non - Life 497 1.14 Group - Cumulative Irredeemable Preference Rothschilds Continuation Finance - Financial 480 1.10 Notes Georgica Other services & 408 0.93 businesses Edinburgh Investment Trust Investment Trust 364 0.83 20 Largest investments 38,546 88.26 Other investments (number of 5,124 11.74 holdings : 58) Total investments 43,670 100.00 * 12.52% held by the company and 3.86% held by subsidiaries. BRITISH & AMERICAN INVESTMENT TRUST PLC30 June 20022002 Unaudited Interim Report 30 June 2007 Registered number : 433137 Directors Registered office J Anthony V Townsend (Chairman) Wessex House Jonathan C Woolf (Managing Director) 1 Chesham Street Dominic G Dreyfus (Non-executive) London SW1X 8ND Ronald G Paterson (Non-executive) Telephone: 020 7201 3100 Website: www.baitgroup.co.uk Chairman's Statement I report our results for the 6 months to 30 June 2007. Revenue The profit on revenue account before tax amounted to Â£1.0 million (30 June 2006: Â£1.4 million), a decrease of 23 percent. This decrease reflects the receipt of lower levels of special dividends compared to the same period in the previous year. A deficit of Â£3.1 million (30 June 2006: Â£0.04 million profit) was registered on the capital account, including both realised profit of Â£0.1 million (30 June 2006: Â£0.24 million loss) and unrealised loss of Â£3.2 million (30 June 2006: Â£ 0.35 million profit). The net result, including both income and capital for the period, was therefore a deficit of Â£2.0 million (profit Â£1.4 million). The earnings per ordinary share were 3.5 pence on an undiluted basis (4.7 pence) and 3.0 pence on a fully diluted basis (3.9 pence). Net Assets Group net assets were Â£44.6 million (Â£47.7 million, at 31 December 2006), a decrease of 6.7 percent. This compares to an increase over the same six month period of 6.2 percent in the FTSE 100 share and 5.7 percent in the All Share index. This underperformance was principally due to relative declines in the value of our principal US investment and weakness in the US dollar which resulted in declines in sterling terms of 22 percent in this investment, as reported earlier this year. Since the period end, however, as noted below, greater relative stability in the US dollar and a modest recovery in the stock price has begun to reverse this effect, allowing the portfolio to outperform its benchmarks since the period end, as discussed more fully in the Managing Director's statement below. On a total return basis, after adding back dividends paid out in the period, net assets declined by 3.8 percent. The net asset value per Â£1 ordinary share was 138 pence (prior charges deducted at par) and 127 pence on a fully diluted basis. Dividends We intend to pay an interim dividend of 2.7 pence per ordinary share on 15 November 2007 to shareholders on the register at 19 October 2007. This represents an increase of 8.0 percent from last year's interim dividend. A preference dividend of 1.75 pence will be paid to preference shareholders on the same date. Discount and performance Our discount remained relatively stable again over the period at between 4 and 8 percent which was in line with the market for smaller size income and growth investment trusts. However, during the period of severe market turbulence in the recent months since the period end, our discount and those of most other investment trusts widened considerably as higher levels of volatility and risk aversion were experienced in financial markets generally. As at 25 September, group net assets were Â£44.0 million, a decrease of 1.2 percent since 30 June. This compares with a decrease of 3.2 percent in the FTSE 100 index and a decrease of 3.6 percent in the All Share index over the same period, and is equivalent to 136 pence per share (prior charges deducted at par) and 126 pence per share on a fully diluted basis. The market turbulence experienced in July and August arising out of severe instability in credit markets has stabilised somewhat as central banks have provided liquidity to markets and the US Federal Reserve also provided further monetary stimulus with a larger than expected cut in US dollar interest rates. Further periods of short term turbulence can be expected as the effects of the credit market illiquidity make themselves manifest. CREST On 17 July, our shares were admitted to trading through the CREST system. We hope that this will facilitate dealing in our shares and permit great numbers of retail and institutional investors to hold our shares. Anthony Townsend Managing Director's Report Performance In the six months to 30 June 2007, UK and US equity markets advanced strongly by approximately 6 and 8 percent, respectively, although this growth was achieved in two approximately equal stages with a significant but short term reversal at the end of the first quarter, temporarily taking the indices below their year opening levels. As reported in our April statement, equities had continued their upward trend from the previous year reflecting the strength in global economies but experienced a sudden reversal in February precipitated by concerns over growth in China and the US housing market. These concerns proved short lived as fears centred on these specific areas did not seem to affect general economic performance or conditions in other financial markets which continued to grow strongly. Financial markets continued to be buoyed by high levels of international corporate activity based on firm levels of corporate profitability and accommodating credit markets. Advances in the equity markets over the period were broadly based, with as before, particular strength in the commodities and energy sectors. Our portfolio under-performed the market over the period by 12 percent, reflecting a sharp drop of 20 percent in the market value in our largest US investment, Geron Corporation, in the month of June together with the decline of the US dollar over the period as a whole of 2.5 percent. This price decline in our US investment has begun to be reversed, however, and, as noted below, our portfolio has outperformed in recent months since the period end. As noted previously, our portfolio is likely to be subject to higher degrees of volatility given our current exposure to US investments and the US dollar together with the higher levels of volatility being seen in markets in general at this time. Dividends/Total return With the absence of special dividends from investee companies during the period, we have returned to our normal pattern of distributions. Our interim dividend has increased by 8 percent and, together with the previous year's final and special dividends, is equivalent to an income return of 5.9 percent over 12 months on a fully diluted basis. Outlook Since the period end, international equity and other financial markets have experienced a period of substantial turbulence arising out of instability in the credit markets. This instability was caused by growing levels of delinquency and value deterioration in the sub-prime mortgage market in the US, exposure to which had been transferred through derivative instruments to other lenders world-wide, including non-US banks and hedge funds. As the precise level of the delinquency was unknown as well as the ultimate location of the exposures, a rapid deterioration in sentiment and risk appetite occurred resulting in a sudden tightening of the credit markets over the summer months and prompting central banks to implement emergency credit provision procedures. This led to substantial volatility and falls in the equities markets in the US, UK and worldwide. The central banks' prompt actions including the first US dollar interest rate reduction by the US Federal Reserve after 3 years of monetary tightening and the unprecedented provision by the Bank of England of longer maturity liquidity and retail bank depositor guarantees have served to restore a measure of calm to the markets. Equity valuations have stabilised after declining by 12 percent in the UK and 10 percent in the US. At this stage, it is unknown whether the turbulence of the summer months will continue through the autumn but concerted efforts by central banks in the monetary arena, and continuing firm levels of corporate profitability can be seen as offering a floor to valuations; however, much will depend on the extent to which disruption to markets, particularly credit provision tightening and housing in the US, effects the wider economy by precipitating a slow down in economic growth. As a traditional fund with a balance of exposures to UK and US equities as well as fixed interest and property, we will continue with our current investment strategy to achieve a balance of income and growth against the short-term uncertainties currently presented by the global markets. Jonathan C Woolf 28 September 2007 CONSOLIDATED INCOME STATEMENT Six months ended 30 June 2007 Unaudited Unaudited Audited 6 months to 30 June 6 months to 30 June Year ended 31 December 2007 2006 2006 Note Revenue Capital Revenue Capital Revenue Capital return return Total return return Total return return Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Investment 2 1,200 - 1,200 1,510 - 1,510 2,105 - 2,105 income (Losses)/gains on investments at fair value through profit - (3,164) (3,164) - 358 358 - 5,159 5,159 or loss - unrealised Realised gains/ (losses) on - 147 147 - (242) (242) - 97 97 sales Other expenses (150) (73) (223) (150) (75) (225) (276) (150) (426) (Loss)/profit 1,050 (3,090) (2,040) 1,360 41 1,401 1,829 5,106 6,935 before tax Taxation (3) - (3) (9) - (9) (15) - (15) (Loss)/profit for the period 1,047 (3,090) (2,043) 1,351 41 1,392 1,814 5,106 6,920 Earnings per 4 ordinary share Basic 3.49p (12.36) (8.87)p 4.70p 0.16p 4.86p 5.85p 20.42p 26.27p p Diluted 2.99p (8.83)p (5.84)p 3.86p 0.12p 3.98p 5.18p 14.59p 19.77p The total column of this statement is the Group's Income Statement, prepared in accordance with IFRS. The supplementary revenue return and capital return columns are both prepared under guidelines published by the Association of Investment Companies. All items in the above statement derive from continuing operations. All income is attributable to the equity holders of the parent company. There are no minority interests. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Six months ended 30 June 2007 Unaudited Six months ended 30 June 2007 Share Capital Capital Retained Total capital reserve reserve earnings realised unrealised Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Balance at 31 December 2006 35,000 17,154 (6,583) 2,076 47,647 Loss for the period - 820 (3,910) 1,047 (2,043) Ordinary dividend paid - - - (875) (875) Preference dividend paid - - - (175) (175) Balance at 30 June 2007 35,000 17,974 (10,493) 2,073 44,554 Unaudited Six months ended 30 June 2006 Share Capital Capital Retained Total capital reserve reserve earnings realised unrealised Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Balance at 31 December 2005 35,000 15,141 (9,676) 2,300 42,765 Profit for the period - 202 (161) 1,351 1,392 Ordinary dividend paid - - - (812) (812) Preference dividend paid - - - (175) (175) Balance at 30 June 2006 35,000 15,343 (9,837) 2,664 43,170 Audited Year ended 31 December 2006 Share Capital Capital Retained Total capital reserve reserve earnings realised unrealised Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Balance at 31 December 2005 35,000 15,141 (9,676) 2,300 42,765 Profit for the period - 2,013 3,093 1,814 6,920 Ordinary dividend paid - - - (1,688) (1,688) Preference dividend paid - - - (350) (350) Balance at 31 December 2006 35,000 17,154 (6,583) 2,076 47,647 CONSOLIDATED BALANCE SHEET As at 30 June 2007 Unaudited Unaudited Audited 30 June 30 June 31 2007 2006 December Â£'000 Â£'000 2006 Â£'000 Non-current assets Investments - fair value through profit or loss (note 43,670 41,801 45,876 1) Current assets Receivables 626 389 553 Cash and cash equivalents 2,200 1,376 1,554 2,826 1,765 2,107 Total assets 46,496 43,566 47,983 Current liabilities (1,942) (396) (336) Total assets less current 44,554 43,170 47,647 liabilities Net assets 44,554 43,170 47,647 Equity attributable to equity holders Ordinary share capital 25,000 25,000 25,000 Convertible preference share 10,000 10,000 10,000 capital Capital reserve - realised 17,974 15,343 17,154 Capital reserve - unrealised (10,493) (9,837) (6,583) Retained earnings 2,073 2,664 2,076 Total equity 44,554 43,170 47,647 Net assets per ordinary share Â£1.38 Â£1.33 Â£1.51 - basic Net assets per ordinary share Â£1.27 Â£1.23 Â£1.36 - diluted CONSOLIDATED CASHFLOW STATEMENT Six months ended 30 June 2007 Unaudited Unaudited Audited 6 months 6 months Year to to 30 ended 30 June June 31 2007 2006 December Â£'000 Â£'000 2006 Â£'000 Cash flow from operating activities (Loss)/profit before tax (2,040) 1,401 6,935 Adjustment for: Losses/(gains) on investments 3,017 (116) (5,256) Scrip dividends (2) (2) (27) Film income tax deducted at source (2) (4) (4) Proceeds on disposal of investments at fair value through profit or loss 5,129 14,778 20,510 Purchases of investments at fair value through profit or loss (5,157) (14,527) (19,452) Operating cash flows before movements in working capital 945 1,530 2,706 (Increase)/decrease in receivables (18) 108 13 Increase/(decrease) in payables 761 (2,523) (2,305) Net cash from operating activities before income taxes 1,688 (885) 414 Income taxes received/(paid) 8 (15) (85) Net cash from operating activities 1,696 (900) 329 Cash flow from financing activities Dividends paid on ordinary shares (875) (812) (1,688) Dividends paid on preference shares (175) (175) (350) Net cash used in financing activities (1,050) (987) (2,038) Net increase/(decrease) in cash and cash 646 (1,887) (1,709) equivalents Cash and cash equivalents at 1,554 3,263 3,263 beginning of period Cash and cash equivalents at end of 2,200 1,376 1,554 period NOTES TO THE gROUP RESULTS Accounting policies Basis of preparation This interim report is prepared in accordance with IAS 34 and on the basis of the accounting policies set out in the group and company's annual Report and Accounts at 31 December 2006. Basis of consolidation The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertakings made up to 31 December each year. Control is achieved where the company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Significant accounting policies In order better to reflect the activities of an investment trust company and in accordance with guidance issued by the Association of Investment Companies (AIC), supplementary information which analyses the income statement between items of a revenue and capital nature has been presented alongside the income statement. In accordance with the company's status as a UK investment company under section 266 of the Companies Act 1985, net capital returns may not be distributed by way of dividend. Investments held at fair value through profit or loss are initially recognised at fair value. Investments are classified as either fair value through profit or loss or available-for-sale. As the entity's business is investing in financial assets with a view to profiting from their total return in the form of interest, dividends or increases in fair value, listed equities and fixed income securities are designated as fair value through profit or loss on initial recognition. The entity manages and evaluates the performance of these investments on a fair value basis in accordance with its investment strategy, and information about the group is provided internally on this basis to the entity's key management personnel. After initial recognition, investments, which are designated as at fair value through profit or loss, are measured at fair value. Gains or losses on investments designated as at fair value through profit or loss are included in net profit or loss as a capital item, and material transaction costs on acquisition and disposal of investments are expensed and included in the capital column of the income statement. For investments that are actively traded in organised financial markets, fair value is determined by reference to Stock Exchange quoted market bid prices or last traded prices, depending upon the convention of the exchange on which the investment is quoted at the close of business on the balance sheet date. Investments in units of unit trusts or shares in OEICs are valued at the closing price released by the relevant investment manager. In respect of unquoted investments, or where the market for a financial instrument is not active, fair value is established by using an appropriate valuation technique. Where no reliable fair value can be estimated for such unquoted equity instruments, they are carried at cost, subject to any provision for impairment. Investments in subsidiary companies are held at directors' valuation. All purchases and sales of investments are recognised on the trade date i.e. the date that the group commits to purchase or sell an asset. Realised gains on sales of investments in the group financial statements are based on historical cost to the group and on brought forward market value. Dividend income from investments is recognised as income when the shareholders' rights to receive payment has been established, normally the ex-dividend date. Interest income on fixed interest securities is recognised on a time apportionment basis so as to reflect the effective interest rate of the security. Property unit trust income is recognised on the date the distribution is receivable. Film royalty income is recognised on receipt of royalty statements covering periods ending in the financial year. When special dividends are received, the underlying circumstances are reviewed on a case by case basis in determining whether the amount is capital or income in nature. Amounts recognised as income will form part of the company's distribution. Any tax thereon will follow the accounting treatment of the principal amount. All expenses are accounted for on an accruals basis. Expenses are charged as revenue items in the income statement except as follows: - material transaction costs which are incurred on the purchase or sale of an investment designated as fair value through profit or loss are expensed and included in the capital column of the income statement; - expenses are split and presented partly as capital items where a connection with the maintenance or enhancement of the value of the investments held can be demonstrated, and accordingly investment management and related costs have been allocated 50% (2006 - 50%) to revenue and 50% (2006 - 50%) to capital, in order to reflect the directors' long-term view of the nature of the expected investment returns of the company. The 3.5% cumulative convertible non-redeemable preference shares issued by the company are classified as equity instruments in accordance with IAS 32 `Financial Instruments - Disclosure and Presentation' and FRS 25 as the company has no contractual obligation to redeem the preference shares for cash or pay preference dividends unless similar dividends are declared to ordinary shareholders. Segmental reporting The directors are of the opinion that the Group is engaged in a single segment of business, that is investment business, and therefore no segmental reporting is provided. 2. Investment income Unaudited Unaudited Audited 6 months 6 months Year to 30 to 30 ended June June 31 2007 2006 December Â£'000 Â£'000 2006 Â£'000 Income from investments 1,185 1,455 2,020 Other income 15 55 85 1,200 1,510 2,105 3. Proposed dividends Unaudited Unaudited 6 months to 30 June 6 months to 30 June 2007 2006 Pence per Pence per share Â£ share Â£ Ordinary shares - interim 2.7 675,000 2.5 625,000 Ordinary shares - special - - 1.0 250,000 Preference shares - fixed 1.75 175,000 1.75 175,000 850,000 1,050,000 The directors have declared an interim dividend of 2.7p (2006 - 2.5p) per ordinary share, payable on 15 November 2007 to shareholders registered on 19 October 2007. The shares will be quoted ex-dividend on 17 October 2007. The dividends on ordinary shares are based on 25,000,000 ordinary Â£1 shares. Dividends on preference shares are based on 10,000,000 non-voting 3.5% convertible preference shares of Â£1. The holders of the 3.5% convertible preference shares will be paid a dividend of Â£175,000 being 1.75p per share. The payment will be made on the same date as the dividend to the ordinary shareholders. Amounts recognised as distributions to ordinary shareholders in the period: Unaudited Unaudited 6 months to 30 June 6 months to 30 2007 June 2006 Pence per Pence per share Â£ share Â£ Ordinary shares - final 3.5 875,000 3.25 812,500 Preference shares - fixed 1.75 175,000 1.75 175,000 1,050,000 987,500 4. Earnings per ordinary share Unaudited Unaudited Audited 6 months 6 months Year to 30 to ended June 30 June 31 2007 2006 December Â£'000 Â£'000 2006 Â£'000 Basic earnings per share Calculated on the basis of: Net revenue profit after preference 872 1,176 1,464 dividends Net capital (loss)/profit (3,090) 41 5,106 Net total earnings after preference (2,218) 1,217 6,570 dividends Ordinary shares in issue 25,000 25,000 25,000 Diluted earnings per share Calculated on the basis of: Net revenue profit 1,047 1,351 1,814 Net capital (loss)/profit (3,090) 41 5,106 (Loss)/profit after taxation (2,043) 1,392 6,920 Ordinary and preference shares in issue 35,000 35,000 35,000 Diluted earnings per share is calculated taking into account the preference shares which are convertible to ordinary shares on a one for one basis, under certain conditions, at any time during the period 1 January 2006 to 31 December 2025 (both dates inclusive). 5. Net asset value attributable to each share Basic net asset value attributable to each share has been calculated by reference to 25,000,000 ordinary shares, and group net assets attributable to shareholders as follows: Unaudited Unaudited Audited 30 June 30 June 31 2007 2006 December Â£'000 Â£'000 2006 Â£'000 Total net assets 44,554 43,170 47,647 Less convertible preference shares (10,000) (10,000) (10,000) Net assets attributable to ordinary 34,554 33,170 37,647 shareholders Diluted net asset value is calculated on the total net assets in the table above and on 35,000,000 shares, taking into account the preference shares which are convertible to ordinary shares on a one for one basis, under certain conditions, at any time during the period 1 January 2006 to 31 December 2025 (both dates inclusive). 6. Financial information This interim statement is not the company's statutory accounts. The statutory accounts for the year 31 December 2006 have been delivered to the Registrar of Companies and received an audit report which was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report, and did not contain statements under section 237(2) and (3) of the Companies Act 1985. The Interim Report will be sent to the company's shareholders shortly, and members of the public may obtain a copy at that time on application to the company's registered office or by download at the company's website www.baitgroup.co.uk. 7. Retained earnings The table below shows the movement in the retained earnings analysed betweenrevenue and capital items. Unaudited Unaudited Unaudited Unaudited Capital Capital Revenue Total reserve reserve - -unrealised realised Â£'000 Â£'000 Â£'000 Â£'000 At 1 January 2007 17,154 (6,583) 2,076 12,647 Movement during the period: Net loss for the period 74 (3,164) 1,047 (2,043) Transfer on disposal between reserves 746 (746) - - Dividends paid on ordinary shares - - (875) (875) Dividends paid on preference shares - - (175) (175) At 30 June 2007 17,974 (10,493) 2,073 9,554 INDEPENDENT REVIEW REPORT TO BRITISH & AMERICAN INVESTMENT TRUST PLC Introduction We have been instructed by the company to review the financial information for the six months ended 30 June 2007 which comprises the Consolidated Income Statement, the Consolidated Statement of Changes in Equity, the Consolidated Balance Sheet, the Consolidated Cashflow Statement and the related notes 1 to 7. We have read the other information contained in the interim report which comprises the Group Financial Highlights, Group Investment Portfolio, the Chairman's Statement and the Managing Directors Report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Our responsibilities do not extend to any other information. This report is made solely to the company in accordance with guidance contained in APB Bulletin 1999/4 "Review of Interim Financial Information". Our review work has been undertaken so that we might state to the company those matters we are required to state to them in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusion we have formed. Directors' responsibilities The interim report including the financial information contained therein is the responsibility of, and has been approved by, the directors. The Listing Rules of the Financial Services Authority require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/ 4 "Review of Interim Financial Information" issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with International Standards of Auditing (UK & Ireland) and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2007. Grant Thornton UK LLP Chartered Accountants London 28 September 2007 C C BRITISH & AMERICAN INVESTMENT TRUST PLC CONSOLIDATED STATEMENT OF CHANGES IN EQUITY BRITISH & AMERICAN INVESTMENT TRUST PLC CONSOLIDATED CASH FLOW STATEMENT Six month ended 30 June 2007

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