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British & American (BAF)

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Tuesday 12 May, 2009

British & American

Interim Management Statement


British & American Investment Trust PLC

Interim Management Statement - 3 months to 31 March 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 January 2009 to
31 March 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 30 April 2009 the company published its Annual Financial Report for the year
ended 31 December 2008. The Annual Financial Report contained a proposed final
ordinary dividend of 3.9p payable on 25 June 2009 to shareholders on the
register at 29 May 2009. A dividend of 1.75p will be paid to preference
shareholders on 25 June 2009 resulting in a total payment for the year of 3.5p
per share.

Ten largest equity holdings at 31 March 2009 (group basis)

                                                     %                         
                                                                               
Geron Corporation - US$ 0.001                        28.2                      
                                                                               
Rit Capital Partners plc - Ord £1                    9.2                       
                                                                               
Alliance Trust PLC - Ord 2.5p                        7.6                       
                                                                               
Prudential PLC - Ord 5p                              6.2                       
                                                                               
Dunedin Income Growth Trust Plc - Ord 25p            5.3                       
                                                                               
British Assets Trust Plc Ord 25p                     5.1                       
                                                                               
St James's Place International Unit Trust - Income   4.5                       
units                                                                          
                                                                               
Electra Private Equity Ord GBP0.25                   3.3                       
                                                                               
Liberty International Plc - Ord 50p                  2.6                       
                                                                               
Scottish & American Investment Company Plc - Ord 25p 2.0                       
                                                                               
Total                                                74.0                      

Sector allocation as at 31 March 2009 (group basis)

                                         %                         
                                                                   
Investment Trusts                        40.24                     
                                                                   
Biomedical - USA                         28.15                     
                                                                   
Life Assurance                           8.41                      
                                                                   
Unit Trusts                              5.01                      
                                                                   
Property                                 2.62                      
                                                                   
Leisure, Entertainment, Hotels           2.60                      
                                                                   
Software and computer services           2.41                      
                                                                   
Telecommunications                       1.05                      
                                                                   
Banks retail                             0.51                      
                                                                   
Biotechnology                            0.30                      
                                                                   
Other Services & Businesses              0.28                      
                                                                   
Overseas                                 0.25                      
                                                                   
Other Financial                          0.21                      
                                                                   
Information technology - hardware        0.17                      
                                                                   
Construction                             0.13                      
                                                                   
Financial Services                       0.09                      
                                                                   
Pharmaceuticals                          0.05                      
                                                                   
Media                                    0.02                      
                                                                   
Oil exploration & production             0.01                      
                                                                   
Property units                           2.50                      
                                                                   
Fixed Interest Stocks excluding          2.42                      
Preference                                                         
                                                                   
Preference                               1.70                      
                                                                   
Permanent Interest Bearing               0.87                      
                                                                   
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
                         2009        2009        2008        2006        2004
                                 3 months      1 year     3 years     5 years
                                                                             
Total assets           26,519                                                
(000)                                                                        
                                                                             
Short term               £nil                                                
borrowings                                                                   
                                                                             
Actual gearing          nil %                                                
                                                                             
                         75.8       -5.8%      -28.4%      -44.8%       25.4%
NAV (p)                                                                      
                                                                             
                     1,984.00      -10.2%      -32.2%      -34.9%       -9.7%
FTSE All-Share                                                               
                                                                             
                         57.0       -5.0%      -37.4%      -54.8%       31.3%
Share price (p)                                                              
                                                                             
                        24.8%       25.5%       14.1%        8.2%       18.3%
Discount                                                                     
                                                                             
                       11.58%                   7.03%       4.40%       6.27%
Dividend yield                                                               
                                                                             
                        1.48%                                                
Total expense                                                                
ratio                                                                        
(year ended 31/12                                                            
/08)                                                                         
                                                                             
                                               1 year     3 years     5 years
                                                                             
Value of £100                                    67.8        54.5        94.3
invested                                                                     
(dividends                                                                   
reinvested)                                                                  

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 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

12 May 2009


           

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