Director/PDMR Shareholding

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITIES AND CONNECTED PERSONS

1.        Name of the issuer:                                                  
                                                                               
          Manchester & London Investment Trust plc                             
                                                                               
2.        State whether the notification relates to (i) a transaction notified 
          in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance 
          with LR 9.8.6R(1) or (iii) a disclosure made in accordance with      
          section 793 of the Companies Act (2006):                             
                                                                               
          Disclosure in accordance with (i) above                              
                                                                               
3.        Name of person discharging managerial responsibilities/director:     
                                                                               
          Mark Sheppard (Investment Manager)                                   
                                                                               
          Manchester & Metropolitan Investment Ltd (Parent Company)            
                                                                               
4.        State whether notification relates to a person connected with a      
          person discharging managerial responsibilities/director named in 3   
          and identify the connected person:                                   
                                                                               
          Notification re company named in 3                                   
                                                                               
5.        Indicate whether the notification is in respect of a holding of the  
          person referred to in 3 or 4 above or in respect of a non-beneficial 
          interest:                                                            
                                                                               
          Holding of the Parent Company referred to in 3.                      
                                                                               
6.        Description of shares (including class), debentures or derivatives or
          financial instruments relating to shares:                            
                                                                               
          Ordinary shares of 25p each                                          
                                                                               
7.        Name of registered shareholders(s) and, if more than one, the number 
          of shares held by each of them:                                      
                                                                               
          Pershing Nominees Ltd (MDCLT)                                        
                                                                               
8.        State the nature of the transaction:                                 
                                                                               
          Purchase of shares by Parent Company                                 
                                                                               
9.        Number of shares, debentures or financial instruments relating to    
          shares acquired:                                                     
                                                                               
          78,597 ordinary shares                                               
                                                                               
10.       Percentage of issued class acquired (treasury shares of that class   
          should not be taken into account when calculating percentage):       
                                                                               
          0.35%                                                                
                                                                               
11.       Number of shares, debentures or financial instruments relating to    
          shares disposed:                                                     
                                                                               
          N/A                                                                  
                                                                               
12.       Percentage of issued class disposed (treasury shares of that class   
          should not be taken into account when calculating percentage):       
                                                                               
          N/A                                                                  
                                                                               
13.       Price per share or value of transaction:                             
                                                                               
          £2.6139                                                              
                                                                               
14.       Date and place of transaction:                                       
                                                                               
          19 and 20 June 2014, Manchester                                      
                                                                               
15.       Total holding following notification and total percentage holding    
          following notification (any treasury shares of that class should not 
          be taken into account when calculating percentage):                  
                                                                               
          13,231,108 (58.92%) Ordinary shares of 25p each                      
                                                                               
16.       Date issuer informed of transaction:                                 
                                                                               
          20 June 2014                                                         
                                                                               
17.       Date of grant:                                                       
                                                                               
          N/A                                                                  
                                                                               
18.       Period during which or date on which it can be exercised:            
                                                                               
          N/A                                                                  
                                                                               
19.       Total amount paid (if any) for grant of the option:                  
                                                                               
          N/A                                                                  
                                                                               
20.       Description of shares or debentures involved (class and number):     
                                                                               
          N/A                                                                  
                                                                               
21.       Exercise price (if fixed at time of grant) or indication that price  
          is to be fixed at the time of exercise:                              
                                                                               
          N/A                                                                  
                                                                               
22.       Total number of shares or debentures over which options held         
          following notification:                                              
                                                                               
          N/A                                                                  
                                                                               
23.       Any additional information:                                          
                                                                               
          N/A                                                                  
                                                                               
24.       Name of contact and telephone for queries                            
                                                                               
          M K Camp                                                             
          Company Secretary                                                    
          Manchester & London Investment Trust plc                             
          Tel: [phone]                                                   

Date: 20 June 2014