Interim Management Statement

Manchester and London Investment Trust plc

6 June 2012

Interim Management Statement (Unaudited) for the four months ended 31 May 2012.

This interim management statement relates to the period from 1 February 2012 to
31 May 2012 and contains information that covers that period, unless otherwise
stated.

Review of the Period

  * Over the period, the Group's net asset value and share price total returns
    were (10.3) per cent and (10.0) per cent respectively. The FTSE All-Share
    Index return was (5.9) per cent (Source: www.londonstockexchange.com).
   
  * The interim dividend of 5.2p per share was declared on 16 March 2012 and
    paid on 30 April 2012.
   
  * The investment holding in Tesco plc has been sold.
   
Investment Objective

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

Financial Return (%)

                  2012 YTD         2011         2010         2009         2008
                                                                              
Share Price         (27.1)         23.5          7.0        (8.4)        (7.1)
                                                                              
Net Asset           (23.5)         15.3         15.2        (3.7)        (9.3)
Value                                                                         
                                                                              
Benchmark            (8.8)         11.4         15.4       (14.5)       (16.3)

Periods are financial years to 31 July.

Financial Position

                                   As at 31 May 2012      As at 31 January 2012
                                                                               
Net Assets                                    £75.2m                     £83.8m
                                                                               
Share Price                                   289.2p                     321.2p
                                                                               
Net Asset Value                               334.7p                     373.3p
                                                                               
Discount                                       13.6%                      14.0%
                                                                               
Gearing                                        95.3%                      94.4%

Share prices source: www.londonstockexchange.com

Portfolio Analysis

Ten largest consolidated holdings as at 31 May 2012

Stock Name                   % of Net Assets                             Sector
                                                                               
PZ Cussons plc                          19.5                     Personal Goods
                                                                               
Xstrata plc                             10.0                             Mining
                                                                               
Smith & Nephew plc                       9.4                Healthcare Services
                                                                               
Weir Group plc                           9.0             Industrial Engineering
                                                                               
BG Group plc                             7.5                Oil & Gas Producers
                                                                               
Standard Chartered                       7.3                              Banks
plc                                                                            
                                                                               
Diageo plc                               6.9                          Beverages
                                                                               
Rio Tinto plc                            6.9                             Mining
                                                                               
BP plc                                   6.6                Oil & Gas Producers
                                                                               
Syngenta                                 6.5                          Chemicals
International AG                                                               

Sector Analysis

Sector                                                          % of Net Assets
                                                                               
Personal Goods                                                            25.5%
                                                                               
Mining                                                                    21.1%
                                                                               
Oil & Gas Producers                                                       18.6%
                                                                               
Industrial Engineering                                                    12.4%
                                                                               
General Industrial                                                         9.7%
                                                                               
Healthcare Services                                                        9.4%
                                                                               
Banks                                                                      8.0%
                                                                               
Chemicals                                                                  7.3%
                                                                               
Beverages                                                                  6.9%
                                                                               
Food Producers                                                             5.5%
                                                                               
Travel & Leisure                                                           3.3%
                                                                               
Financial Services                                                         3.1%
                                                                               
Media                                                                      1.9%
                                                                               
Investment Trust                                                           1.2%
                                                                               
Cash and Other Assets/Liabilities                                       (33.9)%

Analysis of NAV Underperformance since 1 August 2011, relative to the benchmark
index

Underperformance of mining investments:                                    5.9%
                                                                               
Glencore International plc, Rio Tinto plc, Vedanta Resources                   
plc, Xstrata plc.                                                              
                                                                               
Underperformance of industrial engineering investments:                    2.3%
                                                                               
Weir Group plc, HMS Group plc.                                                 
                                                                               
Underperformance of PZ Cussons plc.                                        1.0%
                                                                               
Underperformance of Essar Energy plc now sold.                             2.3%
                                                                               
Underperformance due to entering the period geared whereby                 2.7%
gross investments represented over 125 per cent of net                         
assets.                                                                        
                                                                               
Underperformance of the balance of the portfolio due to                    0.5%
having consistently been positioned to gain exposure to the                    
growth of the global economy rather than just the UK economy.                  
This positioning has meant that we have tended to be more                      
exposed to cyclical stocks (excluding financials) and                          
consumer goods stocks which have higher than average betas.                    
                                                                               
Total Underperformance.                                                   14.7%

By order of the Board

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

6 June 2012.

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]

Fairfax I.S. plc.

David Floyd

Tel: [phone]