AOT Anglo & Oseas

    INTERIM MANAGEMENT STATEMENT

Anglo & Overseas Plc

Interim Management Statement for the three months to 31 October 2008

The Board of Anglo & Overseas Plc ('the Company') announces its Interim
Management Statement for the period from 1 August 2008 to 31 October 2008 as
required by the UK Listing Authority's Disclosure and Transparency Rules.

Objective

The objective of Anglo & Overseas Plc is to provide shareholders with above
average returns over the longer term through both capital appreciation and
income growth.

Review of the Period

Results

The last three months have been turbulent, as the pressure on the financial
system has resulted in governments' intervention in an attempt to stabilise the
financial system. This has resulted in extreme volatility and some forced
selling by some leveraged investors, which has had the net effect of driving
global equity markets lower. In the period the net asset value total return was
-13.5%. This compares to a total return from the FTSE All Share Index of -19.7% 
and the FTSE All World ex UK Index of -15.5%. The average total return
from these two indices was -17.6%.

Share Price and Discount

In the three month period to 31 October 2008 during what was an extremely
volatile period in equity markets the share price decreased by 11.7% from 90.0p
to 79.5p. The share price discount to net asset value (including current period
revenue) narrowed from 14.3% at the end of July to 10.5% at the end of October
2008.

Your Board continues to believe that the shares of your Company should trade in
a relatively narrow range around net asset value and as a consequence it
continues to operate an active share buy back policy. During the period the
Company repurchased and cancelled 907,500 Shares. In addition 101,000 shares
were cancelled from treasury to ensure that the number of own shares held in
treasury did not exceed 10% of the issued share capital at any one time.

The total number of shares held in treasury as at 31 October 2008 totalled
8,792,438 shares. The total number of shares in circulation at 31 October 2008
was 79,137,881shares, with the total number of shares in issue, including
treasury shares, being 87,930,319 shares.

Dividend

At the Annual General Meeting of the Company held on 12 November 2008
shareholders approved a final dividend of 2.04p for the year to 31 July 2008.
This will be paid on 24 November 2008 to shareholders on the register as at the
close of business on 31 October 2008. The ex-dividend date was 29 October 2008.

Investment Outlook

There is no doubt now that the global economy is slowing rapidly, with a number
of major economies already in or close to entering recession. Inflationary
pressures are likely to ease substantially as commodity prices decline, which
will allow for further interest rate reductions.

Given our continued caution on the economic outlook, the Company's portfolio
remains exposed to some lower risk sectors, such as telecommunications and
utilities, where we continue to see value, principally from dividends, and
healthcare, where holdings have strong balance sheets and healthy cash flow.

In some investments, a lot of bad news is already being discounted in their
share prices. Looking ahead, we hope to gradually reduce the defensive
structure of the portfolio in favour of investments offering better longer term
value.

FINANCIAL SUMMARY

                                         31 October      31 July     % Change
                                                                             
                                               2008         2008             
                                                                             
Net asset value per share (including         88.83p      105.04p       -15.4%
current period revenue)                                                      
                                                                             
Share price                                  79.50p       90.00p       -11.7%
                                                                             
Share price discount to net asset             10.5%        14.3%             
value                                                                        
                                                                             
Net assets                                   �70.3m       �84.1m             

Past performance is not a guide to future performance.

13 November 2008

Enquiries:

Graham Campbell
Sandy Nairn
Kenneth Greig

Edinburgh Partners Limited
12 Charlotte Square
Edinburgh EH2 4DJ

Tel: 0131 270 3800

Registered Office of the Company:

Beaufort House
51 New North Road
Exeter EX4 4EP



END

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