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Welsh Indl.Inv.Tst (WII)

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Tuesday 10 February, 2009

Welsh Indl.Inv.Tst

Interim Management Statement

WELSH INDUSTRIAL INVESTMENT TRUST plc ("the Company")

Interim Management Statement for the three months ended 5 January, 2009
(Unaudited)

Introduction
This Interim Management Statement ("the Statement") has been prepared solely to
provide information to meet the requirements of the UK Listing Authority's
Disclosure and Transparency Rules. The Statement covers the three month period
to 5 January, 2009 together with relevant information up to the date of
publication.

Investment Objective
Welsh Industrial Investment Trust plc is an authorised investment trust listed
on the London Stock Exchange. The Company's objective is to provide shareholders
with long term capital and income growth by investing primarily in UK equities.

Material events and transactions
As at 5 January, 2009 the value of the securities portfolio had declined by
approximately 21.5% since 5 October, 2008 compared with a fall in the FTSE All
Share index of 9.3%.

The Company's interim results for the period ended 5 October, 2008 were
announced on 1 December, 2008.

The Directors are not aware of any other significant events or transactions
which have occurred in the period from 6 October, 2008 to the date of this
Statement that have had a material impact on the financial position of the
Company or Group other than the overall economic climate.

The Company has two classes of share capital: ordinary shares of 5p each; and
8.75% cumulative preference shares of 20p each. There have been no changes in
the issued share capital of the Company since 5 April, 2008, which as at today's
date, remains at 1,350,000 ordinary shares and 225,000 8.75% cumulative
preference shares.

Financial Information

Investments - Securities                            Market Values
                                                05.01.09       05.10.08
                                                   £'000          £'000
Listed securities - on the London Stock Exchange   1,671          1,845
Listed securities - on overseas markets                5             12
Securities dealt in under AIM                        969          1,839
Securities dealt in under PLUS Market                 60             76
Unlisted securities                                  370            360
                                                   -----          -----
TOTAL                                              3,075          4,132
                                                   =====          =====



Top Ten Investments at 5 January, 2009

                                          Market           % of
                                           Value      Portfolio
                                           £'000
British American Tobacco plc‡                553          18.00
SpaceandPeople plc *                         540          17.56
National Grid plc‡                           217           7.04
Treasury Stock 6.25% 2010‡                   203           6.61
Devro plc‡                                   162           5.28
United Utilities Group plc‡                  115           3.73
Xceed Imaging Limited **                     100           3.25
Anglo Pacific Group plc ‡                     99           3.22
Royal & Sun Alliance 7.375% pref ‡            96           3.14
Pactolus Hungarian Property plc *             93           3.01
                                           -----          -----
                                           2,178          70.84
                                           =====          =====

‡UK and Overseas Listed
* AIM traded securities
** Unlisted security


Sector Analysis at 5 January, 2009
                                        % of
                                         net
                                      assets
Real Estate                               18
Tobacco                                   18
Utilities                                 11
Foods                                      9
Government Stocks                          7
Information Technology                     5
Media                                      5
Property                                   5
Automotive                                 4
Electronic & Electrical Equipment          4
Insurance                                  3
Media                                      3
Leisure                                    2
Oil & Gas                                  2
Engineering                                1
Financial (Including Investment Trusts)    1
Building & Construction                    1
Retail                                     1
                                         ---
                                         100
                                         ===


Comparative movements
                                         05.10.2008  05.01.2009         %
                                         (Unaudited) (Unaudited)   change

Basic net asset value per ordinary share      350.3p      276.5p    -21.1
Share price (pence)                           260.0p      175.0p    -32.7
FTSE All Share index                                                 -9.3


Further information on the Company and Group, including a copy of this
Statement, can be found at www.welshindustrial.com.


A P Stirling
Chairman

10 February, 2009                                                                                                                                                                                                                      

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