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:

          3,290 ordinary shares

10.       Percentage of issued class acquired (treasury shares of that class

          should not be taken into account when calculating percentage):

          0.015%

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:

          £2.4165

14.       Date and place of transaction:

          8 December 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):

          13,623,814 (63.37%) Ordinary shares of 25p each

16.       Date issuer informed of transaction:

          8 December 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

          Name of contact and telephone for queries

          M K Camp

          Company Secretary

          Manchester & London Investment Trust plc

          Tel: [phone]