British & American Investment Trust PLC announces that, as at 31st October 2003, the value of the group's investments
and cash at banks was �33.6 million (net of the interim and preference dividends payable on 13th November of �675,000,
representing 1.9 pence per share) and the unaudited consolidated net asset value of the company was not less than 94.3
pence per �1 ordinary share (prior charges deducted at par) and 95.9 pence per ordinary share on a fully diluted basis.