Interim Management Statement

British & American Investment Trust PLC

Interim Management Statement - 3 months to 31 March 2010

To the members of British & American Investment Trust PLC

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency Rules.
It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 January 2010 to
31 March 2010, and contains information that covers this period, and up to the
date of publication of this interim management statement, unless otherwise
specified.

Investment objective

To achieve a balance of growth of income and capital from a portfolio invested
predominantly in companies listed or quoted in the United Kingdom.

Benchmark

FTSE All-Share Index

Material developments

On 29 April 2010 the company published its Annual Financial Report for the year
ended 31 December 2009. The Annual Financial Report contained a proposed final
ordinary dividend of 4.2p payable on 24 June 2010 to shareholders on the
register at 28 May 2010. A dividend of 1.75p will be paid to preference
shareholders on 24 June 2010 resulting in a total payment for the year of 3.5p
per share.

Ten largest equity holdings at 31 March 2010 (group basis)

                                                     %                         
                                                                               
Geron Corporation - US$ 0.001                        27.0                      
                                                                               
Rit Capital Partners plc - Ord £1                    9.5                       
                                                                               
Prudential Plc - Ord 5p                              8.9                       
                                                                               
Alliance Trust PLC - Ord 2.5p                        7.8                       
                                                                               
Dunedin Income Growth Trust Plc - Ord 25p            6.3                       
                                                                               
Electra Private Equity Ord - GBP0.25                 6.2                       
                                                                               
British Assets Trust Plc Ord - 25p                   5.8                       
                                                                               
St James's Place International Unit Trust - Income   5.1                       
units                                                                          
                                                                               
Scottish & American Investment Company Plc - Ord 25p 2.7                       
                                                                               
Invesco Income Growth Trust PLC - Ord 25p            1.7                       
                                                                               
Total                                                81.0                      

Sector allocation as at 31 March 2010 (group basis)

                                         %                         
                                                                   
Investment Trusts                        45.02                     
                                                                   
Biomedical - USA                         27.00                     
                                                                   
Life Assurance                           9.37                      
                                                                   
Unit Trusts                              5.57                      
                                                                   
Telecommunications                       1.12                      
                                                                   
Leisure, Entertainment, Hotels           1.11                      
                                                                   
Software and computer services           0.99                      
                                                                   
Property                                 0.90                      
                                                                   
Pubs & Restaurants                       0.52                      
                                                                   
Other Financial                          0.50                      
                                                                   
Bank retails                             0.40                      
                                                                   
Overseas                                 0.17                      
                                                                   
Construction                             0.12                      
                                                                   
Electricity                              0.12                      
                                                                   
Biotechnology                            0.09                      
                                                                   
Media                                    0.04                      
                                                                   
Pharmaceuticals                          0.03                      
                                                                   
Oil exploration & production             0.01                      
                                                                   
Property Units                           1.29                      
                                                                   
Fixed Interest Stocks                    2.74                      
                                                                   
Fixed Interest Stocks (unquoted)         0.06                      
                                                                   
Preference shares                        1.92                      
                                                                   
Permanent Interest Bearing               0.91                      
                                                                   
Total                                    100.00                    

Key facts

Performance

                        As at       As at       As at       As at       As at
                     31 March    31 March    31 March    31 March    31 March
                         2010        2010        2009        2007        2005
                                  Year to      1 year     3 years     5 years
                                     date                                    
                                                                             
Total assets           32,957                                                
(000)                                                                        
                                                                             
Short term               £nil                                                
borrowings                                                                   
                                                                             
Actual gearing          nil %                                                
                                                                             
                         94.2                                                
NAV (p)                                                                      
                                                                             
                     2,910.19                                                
FTSE All-Share                                                               
                                                                             
                         77.0      -14.4%       35.1%      -40.9%      -24.5%
Share price (p)                                                              
                                                                             
                        18.3%                   24.8%        1.7%       10.5%
Discount                                                                     
                                                                             
                        8.96%                  11.58%       4.60%       5.10%
Dividend yield                                                               
                                                                             
                        1.78%                                                
Total expense                                                                
ratio                                                                        
(year ended 31/12                                                            
/09)                                                                         
                                                                             
                                               1 year     3 years     5 years
                                                                             
Value of £100                                   146.3        72.9       105.3
invested                                                                     
(dividends                                                                   
reinvested)                                                                  
                                                                             
FTSE ALL-Share                                  146.7        88.6       118.4

Total Return; Net Income Reinvested, GBP

Source: Walker Crips Stockbrokers Limited and Fundamental Data Limited.

The Board is not aware of any significant events or transactions which have
occurred between 31 March 2010 and the date of publication of this interim
management statement which would have a material impact on the financial
position of the Company. For latest performance information, please refer to
the Company's website, www.baitgroup.co.uk.

For British & American Investment Trust PLC

12th May 2010