British & American Investment Trust PLC announces that, as at 31st May 2003, the value of the group's investments and
cash at banks (ex the final and preference dividends representing �925,000 or 2.6 pence per share, fully diluted) was
�31.0 million and the unaudited consolidated net asset value of the company was not less than  84.1 pence per �1
ordinary share (prior charges deducted at par) and  88.7 pence per ordinary share on a fully diluted basis.