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British & American (BAF)

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Monday 09 May, 2011

British & American

Interim Management Statement


British & American Investment Trust PLC

Interim Management Statement - 3 months to 31 March 2011

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 2011 to
31 March 2011, 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 invest predominantly in investment trusts and other leading UK quoted
companies to achieve a balance of income and growth.

Benchmark

FTSE All-Share Index and FTSE 100 Index.

Material developments

On 27 April 2011 the company published its Annual Financial Report for the year
ended 31 December 2010. The Annual Financial Report contained a proposed final
ordinary dividend of 4.5p payable on 23 June 2011 to shareholders on the
register at 27 May 2011. A dividend of 1.75p will be paid to preference
shareholders on 23 June 2011 resulting in a total payment for the year of 3.5p
per share.

Ten largest equity holdings at 31 March 2011 (group basis)

                                             %                     
                                                                   
Geron Corporation - US$ 0.001                22.8                  
                                                                   
Rit Capital Partners plc - Ord £1            11.6                  
                                                                   
Prudential Plc - Ord 5p                      10.2                  
                                                                   
Alliance Trust PLC - Ord 2.5p                8.3                   
                                                                   
Electra Private Equity Ord - GBP0.25         7.6                   
                                                                   
Dunedin Income Growth Trust Plc - Ord 25p    7.4                   
                                                                   
British Assets Trust Plc Ord - 25p           6.6                   
                                                                   
St James's Place International Unit Trust -  5.3                   
Income units                                                       
                                                                   
Scottish & American Investment Company Plc - 3.1                   
Ord 25p                                                            
                                                                   
Invesco Income Growth Trust PLC - Ord 25p    1.9                   
                                                                   
Total                                        84.8                  

Sector allocation as at 31 March 2011 (group basis)

                                  %                     
                                                        
Investment Trusts                 50.51                 
                                                        
Biomedical - USA                  22.76                 
                                                        
Life Assurance                    10.72                 
                                                        
Unit Trusts                       5.87                  
                                                        
Software and computer services    1.41                  
                                                        
Other Financial                   0.55                  
                                                        
Leisure, Entertainment, Hotels    0.36                  
                                                        
Telecommunications                0.31                  
                                                        
Property                          0.30                  
                                                        
Electricity                       0.13                  
                                                        
Oil exploration & production      0.10                  
                                                        
Bank retail                       0.09                  
                                                        
Biotechnology                     0.06                  
                                                        
Media                             0.05                  
                                                        
Pharmaceuticals                   0.04                  
                                                        
Construction                      0.03                  
                                                        
Overseas                          0.02                  
                                                        
Property Units                    1.05                  
                                                        
Fixed Interest Stocks             2.87                  
                                                        
Fixed Interest Stocks (unquoted)  0.06                  
                                                        
Preference shares                 1.90                  
                                                        
Permanent Interest Bearing        0.81                  
                                                        
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
                          2011        2011        2010        2008        2006
                                   Year to      1 year     3 years     5 years
                                      date                                    
                                                                              
Total assets (000)      32,972                                                
                                                                              
Short term                £nil                                                
borrowings                                                                    
                                                                              
Actual gearing           nil %                                                
                                                                              
NAV (p)                   94.2                                                
                                                                              
FTSE All-Share        3,062.00                                                
                                                                              
Share price (p)           75.0        2.7%       -2.6%      -17.6%      -40.5%
                                                                              
Discount                 20.4%                   18.3%       14.1%        8.2%
                                                                              
Dividend yield           9.60%                   8.96%       7.03%       4.40%
                                                                              
Total expense            1.68%                                                
ratio                                                                         
(year ended 31/12/                                                            
10)                                                                           
                                                                              
As at 31 March                      1 year     3 years     5 years            
2011:                                                                         
                                                                              
Value of £100                        106.3       105.4        84.8            
invested                                                                      
(dividends                                                                    
reinvested)                                                                   
                                                                              
FTSE ALL-Share                       105.2       104.6       100.5            

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 2011 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

9 May 2011


                                                                                                                                      

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