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)

M&M Investment Company Plc (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:

1,800 ordinary shares

10. Percentage of issued class acquired (treasury shares of that class
should not be taken into account when calculating percentage):

0.008%

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:

£2.49

14. Date and place of transaction:

30 March 2015, 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):

13,481,307 (62.70%) Ordinary shares of 25p each

16. Date issuer informed of transaction:

30 March 2015

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]