TIDMWII 
 
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 
                                                   GBP'000          GBP'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 
                                           GBP'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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