Interim Results

BRITISH & AMERICAN INVESTMENT TRUST PLC

GROUP FINANCIAL HIGHLIGHTS*
For the six months ended 30 June 2005

1
                                                                            Unaudited    Unaudited      Unaudited+
                                                                          6 months to  6 months to     Year  ended
                                                                              30 June      30 June     31 December
                                                                                 2005         2004            2004
                                                                                £'000        £'000           £'000

Revenue                                                                                                            

Return before tax                                                               1,068           661           1,487

Earnings per £1 ordinary shares - basic                                        3.55p                       
                                                                                      1.91p             4.33p

Earnings per £1 ordinary shares - fully                                        3.03p                
diluted                                                                               1.87p        4.09p

Capital                                                                                                            

Investments at fair value and cash at bank                                     39,728        34,122          37,793

Revenue reserve (note 7)                                                        2,660         2,470           2,548

Capital reserve - realised (note 7)                                            13,312        12,065          13,114

Capital reserve - unrealised (note 7)                                        (11,018)      (15,268)        (12,793)

Net assets per ordinary share (note 5)                                                              
-Basic                                                                         £1.20                
                                                                                      £0.97        £1.11

- Fully diluted                                                                 £1.14         £0.98           £1.08

Fully diluted net assets per ordinary share at                                                      
23 September 2005                                                                                  
                                                                        £1.21

Dividends**                                                                                                        

Dividends per ordinary share (note 3)                                            2.3p          2.1p            5.2p

Special dividend per ordinary share (note 3)                                     1.0p          0.0p            0.0p

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

*   The 30 June 2004 and 31 December 2004 figures are restated, in accordance with IFRS.
** Dividends declared for the period. Dividends shown in the accounts are, by contrast, dividends paid
     in the period (relating to declarations made in a previous period for that period).
+   Throughout this report the Unaudited Year ended 31 December 2004 comparative information has been derived
     from audited UK GAAP information adjusted for the impact of IFRS.

British & American Investment Trust Plc