Interim Management Statement

Manchester and London Investment Trust plc

31 May 2013

Interim Management Statement (Unaudited) for the four months ended 31 May 2013.

This interim management statement relates to the period from 1 February 2013 to
31 May 2013 and contains information that covers that period, unless otherwise
stated. Subsequent to that period, the NAV per share decreased to 337.4p as at
12 June 2013.

Review of the Period

  * Over the period, the Group's net asset value and share price total returns
    were (10.1) per cent and (9.6) per cent respectively. The FTSE All-Share
    Index return was 5.7 per cent (Source: www.londonstockexchange.com).
   
  * The interim dividend of 5.5p per share was declared on 19 March 2013 and
    paid on 29 April 2013.
   
  * Vodafone Group plc was a new addition to the portfolio, whilst prior
    holdings in Valiant Petroleum plc and Sportingbet plc were sold.
   
  * The Glencore International plc and Xstrata plc merger was completed in this
    period.
   
Investment Objective

The investment objective of the Company is to achieve capital appreciation
together with a reasonable level of income.

Financial Return (%)

                  2013 YTD         2012         2011         2010         2009
                                                                              
Share Price            6.3       (25.9)         23.5          7.0        (8.4)
                                                                              
Net Asset              6.5       (23.1)         15.3         15.2        (3.7)
Value                                                                         
                                                                              
Benchmark             18.7        (3.3)         11.4         15.4       (14.5)

Periods are financial years to 31 July.

Financial Position

                                   As at 31 May 2013      As at 31 January 2013
                                                                               
Net Assets                                    £80.4m                     £89.4m
                                                                               
Share Price                                   312.5p                     345.8p
                                                                               
Net Asset Value                               358.1p                     398.1p
                                                                               
Discount                                       12.7%                      13.1%
                                                                               
Gearing                                        83.8%                      80.0%

Share prices source: www.londonstockexchange.com

Portfolio Analysis

Ten largest consolidated holdings as at 31 May 2013

Stock Name                   % of Net Assets                             Sector
                                                                               
PZ Cussons plc                          20.8                     Personal Goods
                                                                               
Weir Group plc                          12.7             Industrial Engineering
                                                                               
Glencore Xstrata plc                     9.5                             Mining
                                                                               
Diageo plc                               8.3                          Beverages
                                                                               
Smith & Nephew plc                       8.1                 Medical Technology
                                                                               
Standard Chartered                       8.0                              Banks
plc                                                                            
                                                                               
Syngenta AG                              7.7                       Agrisciences
                                                                               
BP plc                                   7.2                Oil & Gas Producers
                                                                               
BG Group plc                             7.1                Oil & Gas Producers
                                                                               
Unilever plc                             7.0      Food Producers and Processors

Sector Analysis as at 31 May 2013

Sector                                                          % of Net Assets
                                                                               
Personal Goods                                                            26.8%
                                                                               
Oil & Gas Producers                                                       25.7%
                                                                               
Mining                                                                    20.6%
                                                                               
Industrial Engineering                                                    15.0%
                                                                               
General Industrial                                                        10.8%
                                                                               
Beverages                                                                  8.3%
                                                                               
Medical Technology                                                         8.1%
                                                                               
Banks                                                                      8.0%
                                                                               
Agrisciences                                                               7.7%
                                                                               
Food Producers                                                             7.2%
                                                                               
Mobile Telecommunications                                                  6.0%
                                                                               
Travel & Leisure                                                           4.0%
                                                                               
Index Longs                                                                3.4%
                                                                               
Financials                                                                 0.1%
                                                                               
Cash and Other Assets/Liabilities                                       (51.7)%

Analysis of NAV Underperformance since 1 August 2012, relative to the benchmark
index

Underperformance of consumer goods investments including:                  1.2%
                                                                               
Burberry Group plc, Diageo plc, PZ Cussons plc, Unilever plc.                  
                                                                               
Underperformance of mining investments including:                          2.7%
                                                                               
Glencore Xstrata plc, Rio Tinto plc, Vedanta Resources plc.                    
                                                                               
Underperformance of oil & gas investments including:                       4.3%
                                                                               
Afren plc, BG Group plc, BP plc.                                               
                                                                               
Overperformance of capital goods investments including:                  (0.8%)
                                                                               
HMS Group plc, Smiths Group plc, Weir Group plc.                               
                                                                               
Underperformance of financial investments including:                       0.8%
                                                                               
Standard Chartered plc.                                                        
                                                                               
Underperformance due to reducing net long to net asset                     3.2%
leverage as the market rose.                                                   
                                                                               
Trading result for the period plus loss on position in Ocado               0.5%
Group plc.                                                                     
                                                                               
Combined other factors.                                                    0.3%
                                                                               
Total Underperformance.                                                   12.2%

By order of the Board

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

14 June 2013.

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

Telephone: [phone].

This interim statement has been prepared solely 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 on the Company's website at:

http://www.manchesterandlondon.co.uk/investorRelations.php

Enquiries:

Manchester & London Investment Trust plc.

Peter Stanley

Tel: [phone]

Midas Investment Management Limited (Investment Manager to MNL).

Mark Sheppard

Tel: [phone]