Interim Management Statement

British & American Investment Trust PLC

Interim Management Statement - 3 months to 30 September 2010

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 2010 to 30
September 2010, 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

Material developments

On 20 August 2010 the company reported its Half Year results to 30 June 2010.
An interim ordinary dividend of 2.7p is to be paid on 11 November 2010 to
shareholders on the register at 15 October 2010. A dividend of 1.75p per share
is to be paid to preference shareholders on 11 November 2010.

Ten largest equity holdings at 30 September 2010 (group basis)

                                                     %                         
                                                                               
Geron Corporation - US$ 0.001                        25.9                      
                                                                               
Prudential Plc - Ord 5p                              10.6                      
                                                                               
Rit Capital Partners plc - Ord £1                    10.0                      
                                                                               
Alliance Trust PLC - Ord 2.5p                        7.7                       
                                                                               
Dunedin Income Growth Trust Plc - Ord 25p            6.8                       
                                                                               
Electra Private Equity Ord - GBP0.25                 6.4                       
                                                                               
British Assets Trust Plc Ord - 25p                   6.3                       
                                                                               
St James's Place International Unit Trust - Income   5.0                       
units                                                                          
                                                                               
Scottish & American Investment Company Plc - Ord 25p 2.9                       
                                                                               
Invesco Income Growth Trust PLC - Ord 25p            1.9                       
                                                                               
Total                                                83.5                      

Sector allocation as at 30 September 2010 (group basis)

                                         %                         
                                                                   
Investment Trusts                        46.03                     
                                                                   
Biomedical - USA                         25.92                     
                                                                   
Life Assurance                           11.13                     
                                                                   
Unit Trusts                              5.53                      
                                                                   
Software and computer services           1.34                      
                                                                   
Property                                 0.92                      
                                                                   
Other Financial                          0.54                      
                                                                   
Leisure, Entertainment, Hotels           0.49                      
                                                                   
Telecommunications                       0.30                      
                                                                   
Electricity                              0.13                      
                                                                   
Bank retail                              0.12                      
                                                                   
Construction                             0.09                      
                                                                   
Biotechnology                            0.07                      
                                                                   
Oil exploration & production             0.06                      
                                                                   
Pharmaceuticals                          0.05                      
                                                                   
Media                                    0.04                      
                                                                   
Overseas                                 0.01                      
                                                                   
Property Units                           1.37                      
                                                                   
Fixed Interest Stocks excluding          2.97                      
Preference                                                         
                                                                   
Preference                               1.95                      
                                                                   
Permanent Interest Bearing               0.94                      
                                                                   
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
                         2010        2010        2009        2007        2005
                                  Year to      1 year     3 years     5 years
                                     date                                    
                                                                             
Total assets           32,318                                                
(000)                                                                        
                                                                             
Short term               £nil                                                
borrowings                                                                   
                                                                             
Actual gearing          nil %                                                
                                                                             
                         92.3                                                
NAV (p)                                                                      
                                                                             
                     2,867.58                                                
FTSE All-Share                                                               
                                                                             
                         78.0      -13.3%      -13.3%      -29.7%      -26.4%
Share price (p)                                                              
                                                                             
                        15.5%                    6.3%       11.9%       12.4%
Discount                                                                     
                                                                             
                        8.85%                   7.33%       5.59%       5.09%
Dividend yield                                                               
                                                                             
                        1.78%                                                
Total expense                                                                
ratio                                                                        
(year ended 31/12                                                            
/09)                                                                         
                                                                             
                                               1 year     3 years     5 years
                                                                             
Value of £100                                    93.8        88.9       104.4
invested                                                                     
(dividends                                                                   
reinvested)                                                                  
                                                                             
FTSE ALL-Share                                  108.8        87.4       104.4

Total Return; Net Income Reinvested, GBP

Source: Walker Crips Stockbrokers Limited and Fundamental Data Limited.

Change of Registrars

Please note that as from Monday 22 November 2010 the company's new registrars
will be:-

                               Neville Registrars Limited    
                                                             
                               Neville House                 
                                                             
                               18 Laurel Lane                
                                                             
                               Halesowen                     
                                                             
                               West Midlands B63 3DA         
                                                             
Telephone:                     0121 585 1131                 
                                                             
Fax:                           0121 585 1132                 
                                                             
Contact:                       Jenny Cieslik/Anne Eades      
                                                             
                               (Assistant Registrars)        
                                                             
Email:                         [e-mail] 
                                                             
                               [e-mail]  

The Board is not aware of any significant events or transactions which have
occurred between 30 September 2010 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

10 November 2010