Interim Management Statement

Manchester & London Investment Trust PLC

9 July 2009

Interim Management Statement (Unaudited)

For the five months ended 30 June 2009.

This interim management statement relates to the period from 1 February 2009 to
30 June 2009 and contains information that covers that period, unless otherwise
stated.

Financial performance - Cumulative Total Return

                      1 Month  3 Months       1 Year     3 Years      5 years
                                                                             
Share price             -6.7%     11.8%       -15.4%      -25.6%        17.8%
                                                                             
Net Asset Value         -0.8%      5.7%        -7.8%       -1.4%        31.6%
                                                                             
Benchmark               -3.6%      9.4%       -23.9%      -26.8%        -2.5%

(Source: FTSE All Share Index, Proquote )

Cumulative total return calculated above is consistent with any net dividend
reinvested.

Financial Position

                               As at 31 January 2009         As at June 30 2009
                                                                               
Total Assets                                  £43.4m                     £53.9m
                                                                               
Share Price                                   263.5p                     287.5p
                                                                               
Net Asset Value                               311.4p                     309.3p
                                                                               
Discount/Premium                              -16.9%                      -7.9%
                                                                               
Gearing                                      (16.0%)                     (2.7%)

(Source: MLIT Management and Interim Accounts )

Share prices are based on closing mid price. Negative gearing figures indicate
Net Cash.

Material Events

On 5 May 2009, Manchester and London Investment Trust plc ("MLIT") made a
recommended offer for Osprey Smaller Companies Income Fund Limited ("Osprey"),
which on 26 May 2009 led to the offer becoming unconditional in all respects.
On 2 July 2009, MLIT compulsorily acquired the minority shareholders interests
in Osprey, and now Osprey is a wholly owned subsidiary.

Changes to Share Capital

                                            Issued Shares
                                                         
As at 31 January 2009                          13,946,338
                                                         
Shares Issued on Offer                          3,484,504
                                                         
As at 30 June 2009                             17,430,842

(Source: Computershare, MLIT)

As at 1 February 2009, the Company held 44 shares in Treasury. Following the
acquisition of Osprey Smaller Companies Income Fund Ltd, a further 103 shares
have now been added to Treasury.

Portfolio Analysis

Ten largest consolidated holdings as at 30 June 2009.

Stock Name                         % of Net  Sector                     
                                     Assets                            
                                                                       
PZ Cussons                            16.6% Household Goods            
                                                                       
Premier Oil                            7.2% Oil & Gas Producers        
                                                                       
Syngenta                               6.3% Pharmaceutical &           
                                            Biotechnical               
                                                                       
Aberdeen Asset Management              5.3% Financial Sevices          
                                                                       
Vodaphone                              5.3% Mobile Telecommunications  
                                                                       
Yahoo                                  4.9% Software & Computer        
                                            Services                   
                                                                       
BG Group                               4.6% Oil & Gas Producers        
                                                                       
BP Group                               4.6% Oil & Gas Producers        
                                                                       
Tesco                                  3.9% Food & Drug Retailers      
                                                                       
Venture Production                     3.7% Oil & Gas Producers        

Portfolio Analysis as at 30 June 2009.

Sector                                  % of Net Assets
                                                       
Oil & Gas Producers                               21.4%
                                                       
Household Goods                                   18.3%
                                                       
Financial Services                                 7.7%
                                                       
Pharmaceutical & Biotechnical                      6.3%
                                                       
Software & Computer Services                       6.2%
                                                       
Mobile Telecommunications                          5.3%
                                                       
Aerospace & Defence                                5.2%
                                                       
Support Services                                   4.7%
                                                       
Food & Drug Retailers                              3.9%
                                                       
Fixed Line Telecommunications                      3.7%
                                                       
Life Insurance                                     3.5%
                                                       
Health Care Equipment & Services                   1.7%
                                                       
Gas, Water & Multi-utilities                       1.5%
                                                       
Industrial Engineering                             1.4%
                                                       
Electronic & Electrical Equipment                  1.1%
                                                       
Oil Equipment Services & Distribution              1.0%
                                                       
Cash & other Net Assets                            7.3%
                                                       
                                                 100.0%

By order of the Board

Peter Thomas, for and on behalf of Manchester and London Investment Trust PLC,
Secretary.

9 July 2009.

Registered office: Arthur House, Chorlton Street, Manchester, M1 3FH.

Telephone: [phone].

This interim statement has been prepared soley to provide information to meet
the requirements of the UK Listing Authority's Disclosure and Transparency
Rules.

Please note that the up to date information on the Company, including
factsheets and portfolio information can be found at
www.manchesterandlondon.co.uk

Enquiries:

Manchester & London Investment Trust PLC      

Peter Stanley

Tel: [phone]

Midas Investment Management Limited (fund manager to MLIT)

Mark Sheppard

Tel: [phone]

Fairfax I.S. PLC

David Floyd, Gillian McCarthy, Andrew Cox

Tel: [phone]