WELSH INDUSTRIAL INVESTMENT TRUST plc ("the Company")

Interim Management Statement for the three months ended 5 July, 2008 (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 July, 2008 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 July, 2008 the value of the securities portfolio had declined by
approximately 4% since 5 April, 2008 compared with a fall in the FTSE All Share
index of 10%.

The Company's annual results for the year ended 5 April, 2008 were announced on
11 July, 2008.

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

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
                                               05.07.08     05.04.08
                                                  �'000        �'000
Listed securities - on the London Stock Exchange  1,890        1,938
Listed securities - on overseas markets              21           26
Securities dealt in under AIM                     2,600        2,761
Securities dealt in under PLUS Market               138          164
Unlisted securities                                 580          535
                                                  -----        -----
TOTAL                                             5,229        5,424
                                                  =====        =====


Top Ten Investments at 5 July 2008

                                Market        % of
                                 Value   portfolio
                                �'000s      �'000s
SpaceandPeople plc*              1,350       25.82
British American Tobacco plc      516        9.87
Anglo Pacific Group               210        4.01
National Grid plc                 200        3.84
Treasury Stock 6.25% 2010         190        3.64
Avesco Group plc*                  180        3.45
London & Assoc Properties plc     168        3.21
Image Scan Holdings plc*           165        3.16
United Utilities plc              159        3.04
Portland plc*                      153        2.92
                                 -----       -----
                                 3,291       62.96
                                 =====       =====
UK and Overseas Listed                      
* AIM Traded Securities     
                                                             
                                             

Sector Analysis at 5 July 2008
                                        % of
                                         net
                                      assets
Media                                     31
Tobacco                                   10
Utilities                                  7
Foods                                      6
Mining                                     6
Automotive                                 5
Electronic & Electrical Equipment          5
Information Technology                     5
Oil & Gas                                  5
Property                                   5
Government Stocks                          4
Engineering                                3
Insurance                                  2
Chemicals                                  1
Financial (Including Investment Trusts)    1
Leisure                                    1
Paper                                      1
Pharmaceuticals                            1
Retail                                     1
                                         ---
                                         100
                                         ===

Comparative movements

                                                05.04.08  05.07.08       %
                                                                    change
Basic net asset value per ordinary share          461.8p    437.6p    -5.2
Share price (pence)                               385.0     315.0    -18.2
FTSE All Share index                                                 -10.0


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


A P Stirling
Chairman

22 August, 2008
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