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British & American (BAF)

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Friday 04 November, 2011

British & American

Interim Management Statement


British & American Investment Trust PLC

Interim Management Statement - 3 months to 30 September 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 July 2011 to 30
September 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 29 August 2011 the company reported its Half Year results to 30 June 2011.
An interim ordinary dividend of 2.7p is to be paid on 10 November 2011 to
shareholders on the register at 14 October 2011. A dividend of 1.75p per share
is to be paid to preference shareholders on 10 November 2011.

Ten largest equity holdings at 30 September 2011 (group basis)

                                                     %                         
                                                                               
Geron Corporation - US$ 0.001                        18.8                      
                                                                               
Rit Capital Partners plc - Ord £1                    13.2                      
                                                                               
Prudential Plc - Ord 5p                              8.9                       
                                                                               
Dunedin Income Growth Trust Plc - Ord 25p            8.0                       
                                                                               
Electra Private Equity Ord - GBP0.25                 7.2                       
                                                                               
British Assets Trust Plc Ord - 25p                   7.0                       
                                                                               
St James's Place International Unit Trust - Income   5.4                       
units                                                                          
                                                                               
Scottish & American Investment Company Plc - Ord 25p 3.5                       
                                                                               
Invesco Income Growth Trust PLC - Ord 25p            2.3                       
                                                                               
Alliance Trust PLC - Ord 2.5p                        2.3                       
                                                                               
Total                                                76.6                      

Sector allocation as at 30 September 2011 (group basis)

                                         %                         
                                                                   
Investment Trusts                        48.11                     
                                                                   
Biomedical - USA                         18.76                     
                                                                   
Life Assurance                           9.51                      
                                                                   
Unit Trusts                              6.03                      
                                                                   
Software and computer services           1.78                      
                                                                   
Other Financial                          0.47                      
                                                                   
Telecommunications                       0.39                      
                                                                   
Leisure, Entertainment, Hotels           0.38                      
                                                                   
Property                                 0.17                      
                                                                   
Bank retail                              0.14                      
                                                                   
Oil exploration & production             0.08                      
                                                                   
Biotechnology                            0.06                      
                                                                   
Media                                    0.05                      
                                                                   
Pharmaceuticals                          0.04                      
                                                                   
Overseas                                 0.04                      
                                                                   
Construction                             0.04                      
                                                                   
Property Units                           1.35                      
                                                                   
Fixed Interest Stocks excluding          3.42                      
Preference                                                         
                                                                   
Preference                               2.10                      
                                                                   
Permanent Interest Bearing               0.97                      
                                                                   
Derivatives - traded options             6.11                      
                                                                   
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
                         2011        2011        2010        2008        2006
                              Year end to      1 year     3 years     5 years
                                     date                                    
                                                                             
Total assets           25,528                                                
(000)                                                                        
                                                                             
Short term               £nil                                                
borrowings                                                                   
                                                                             
Actual gearing          nil %                                                
                                                                             
                         72.9                                                
NAV (p)                                                                      
                                                                             
                     2,654.38                                                
FTSE All-Share                                                               
                                                                             
                         69.0       -5.5%      -11.5%      -16.4%      -41.9%
Share price (p)                                                              
                                                                             
                         5.3%                   15.5%       10.9%        4.2%
Discount                                                                     
                                                                             
                       10.43%                   8.85%       7.76%       4.84%
Dividend yield                                                               
                                                                             
                        1.68%                                                
Total expense                                                                
ratio                                                                        
(year ended 31/12                                                            
/10)                                                                         
                                                                             
                                               1 year     3 years     5 years
                                                                             
Value of £100                                    96.9       108.5        85.1
invested                                                                     
(dividends                                                                   
reinvested)                                                                  
                                                                             
FTSE ALL-Share                                   92.6       106.9        87.0

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 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

4 November 2011

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