Rule 2.10 Announcement

RULE 21.20 (L)  DISCLOSURES

1.   RULE 21.20 (L) (i) DISCLOSURE

British & American Investment Trust PLC announces that, as at 24th September 2004, 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                                           6.0   Undeclared
BFS Absolute Return Trust Ltd                                0.2   Undeclared
The Enhanced Zero Trust Plc                                  0.0 
Exeter Selective Assets Investment Trust Plc                 0.0   Undeclared
The Investment Trust of Investment Trusts Plc                0.0 
Media & Income Trust Plc                                     0.0   Undeclared
RIT Capital Partners Plc                                     6.2   Undeclared
Second Alliance Trust Plc                                    0.3   Undeclared
Shires Income Plc                                            1.3 

TOTAL                                                      14.0% 

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.

2.       RULE 21.20 (L) (ii) DISCLOSURE

In accordance with Listing Rule 21.20(1)(ii), British & American Investment Trust PLC announces that at 24th
September the ten largest investments held were as follows :

Top Ten Investments                                £'000           Percentage of
                                                                   Gross Assets
---------------------------                       -------         ----------------

LIBERTY INTL PLC                                   4,478           12.9%
PRUDENTIAL CORP                                    3,664           10.6%
RIT CAPITAL PARTNERS                               2,160            6.2%
ALLIANCE TRUST                                     2,076            6.0%
ELECTRA INVESTMENT TRUST                           2,010            5.8%
SECURITIES TRUST OF SCOTLAND                       1,874            5.4%
DUNEDIN INC GROWTH INV TRUST                       1,767            5.1%
BRITISH ASSETS TRUST                               1,515            4.4%
MATRIX CHATHAM ENT ZONE TRUST                      1,250            3.6%
ST.JAMES INT  INCOME UNIT TRUST                    1,002            2.9%
                                                                  -------
TOTAL                                                              62.9%
                                                                   ====

British & American Investment Trust Plc