Interim Management Statement

British & American Investment Trust PLC

Interim Management Statement - 3 months to 30 September 2009

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 July 2009 to 30
September 2009, 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 27 August 2009 the company reported its Half Year results to 30 June 2009.
An interim ordinary dividend of 2.7p is to be paid on 12 November 2009 to
shareholders on the register at 16 October 2009. A dividend of 1.75p per share
is to be paid to preference shareholders on 12 November 2009.

Ten largest equity holdings at 30 September 2009 (group basis)

                                                     %                         
                                                                               
Geron Corporation - US$ 0.001                        28.7                      
                                                                               
Prudential Plc - Ord 5p                              9.9                       
                                                                               
Rit Capital Partners plc - Ord £1                    8.3                       
                                                                               
Alliance Trust PLC - Ord 2.5p                        6.9                       
                                                                               
Dunedin Income Growth Trust Plc - Ord 25p            5.6                       
                                                                               
Electra Private Equity Ord - GBP0.25                 5.4                       
                                                                               
British Assets Trust Plc Ord - 25p                   5.2                       
                                                                               
St James's Place International Unit Trust - Income   4.6                       
units                                                                          
                                                                               
Scottish & American Investment Company Plc - Ord 25p 2.2                       
                                                                               
Invesco Income Growth Trust PLC - Ord 25p            1.6                       
                                                                               
Total                                                78.4                      

Sector allocation as at 30 September 2009 (group basis)

                                         %                         
                                                                   
Investment Trusts                        39.59                     
                                                                   
Biomedical - USA                         28.72                     
                                                                   
Life Assurance                           10.33                     
                                                                   
Unit Trusts                              5.13                      
                                                                   
Software and computer services           1.84                      
                                                                   
Telecommunications                       1.32                      
                                                                   
Leisure, Entertainment, Hotels           1.30                      
                                                                   
Engineering                              1.13                      
                                                                   
Property                                 0.84                      
                                                                   
Bank retails                             0.65                      
                                                                   
Insurance                                0.53                      
                                                                   
Pubs & Restaurants                       0.41                      
                                                                   
Other Financial                          0.32                      
                                                                   
Biotechnology                            0.31                      
                                                                   
Overseas                                 0.18                      
                                                                   
Electricity                              0.15                      
                                                                   
Construction                             0.13                      
                                                                   
Pharmaceuticals                          0.03                      
                                                                   
Media                                    0.03                      
                                                                   
Financial Services                       0.03                      
                                                                   
Oil exploration & production             0.01                      
                                                                   
Property Units                           1.94                      
                                                                   
Fixed Interest Stocks excluding          2.32                      
Preference                                                         
                                                                   
Preference                               1.81                      
                                                                   
Permanent Interest Bearing               0.95                      
                                                                   
Total                                    100.00                    

Key facts

Performance

                        As at       As at       As at       As at       As at
                           30          30          30          30          30
                    September   September   September   September   September
                         2009        2009        2008        2006        2004
                                  Year to      1 year     3 years     5 years
                                     date                                    
                                                                             
Total assets           33,589                                                
(000)                                                                        
                                                                             
Short term               £nil                                                
borrowings                                                                   
                                                                             
Actual gearing          nil %                                                
                                                                             
                         96.0                                                
NAV (p)                                                                      
                                                                             
                     2,634.79                                                
FTSE All-Share                                                               
                                                                             
                         90.0       50.0%        9.1%      -24.2%       13.2%
Share price (p)                                                              
                                                                             
                         6.3%                   10.9%        4.2%       19.5%
Discount                                                                     
                                                                             
                        7.33%                   7.76%       4.67%       6.54%
Dividend yield                                                               
                                                                             
                        1.48%                                                
Total expense                                                                
ratio                                                                        
(year ended 31/12                                                            
/08)                                                                         
                                                                             
                                               1 year     3 years     5 years
                                                                             
Value of £100                                   119.4        93.7       165.6
invested                                                                     
(dividends                                                                   
reinvested)                                                                  
                                                                             
FTSE ALL-Share                                  106.1        86.4       116.0

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 30 September 2009 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

11 November 2009