Interim Management Statement

Manchester and London Investment Trust plc

30 November 2012

Interim Management Statement (Unaudited) for the four months ended 30 November
2012.

This interim management statement relates to the period from 1 August 2012 to
30 November 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 8.5 per cent and 5.8 per cent respectively. The FTSE All-Share Index
    return was 4.7 per cent (Source: www.londonstockexchange.com).
   
  * The final dividend of 7.8p per share was declared on 16 October 2012 and
    paid on 30 November 2012.
   
  * A new addition to the portfolio was Echo Entertainment Group Ltd, whilst
    the holding in Aberdeen Asset Management plc was sold.
   
Investment Objective

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

Financial Return (%)

                       YTD         2012         2011         2010         2009
                                                                              
Share Price            5.8       (25.9)         23.5          7.0        (8.4)
                                                                              
Net Asset              8.5       (23.1)         15.3         15.2        (3.7)
Value                                                                         
                                                                              
Benchmark              4.7        (3.3)         11.4         15.4       (14.5)

Periods are financial years to 31 July.

Financial Position

                              As at 30 November 2012         As at 31 July 2012
                                                                               
Net Assets                                    £82.0m                     £75.5m
                                                                               
Share Price                                   311.0p                     294.0p
                                                                               
Net Asset Value                               365.0p                     336.3p
                                                                               
Discount                                       14.8%                      12.6%
                                                                               
Gearing                                       100.5%                      87.9%

Share prices source: www.londonstockexchange.com

Portfolio Analysis

Ten largest consolidated holdings as at 30 November 2012

Stock Name                   % of Net Assets                             Sector
                                                                               
PZ Cussons plc                          19.8                     Personal Goods
                                                                               
Xstrata plc                             10.7                             Mining
                                                                               
Weir Group plc                          10.1             Industrial Engineering
                                                                               
Smith & Nephew plc                       9.4                Healthcare Services
                                                                               
BG Group plc                             8.2                Oil & Gas Producers
                                                                               
Diageo plc                               7.6                          Beverages
                                                                               
Jardine Matheson Holdings                7.6                 General Industrial
Ltd                                                                            
                                                                               
Standard Chartered plc                   7.5                              Banks
                                                                               
Syngenta International AG                7.3                          Chemicals
                                                                               
Rio Tinto plc                            7.0                             Mining

Sector Analysis

Sector                                                          % of Net Assets
                                                                               
Personal Goods                                                             25.0
                                                                               
Mining                                                                     21.4
                                                                               
Oil & Gas Producers                                                        19.2
                                                                               
Industrial Engineering                                                     12.5
                                                                               
General Industrial                                                         12.3
                                                                               
Medical Technology                                                          9.4
                                                                               
Banks                                                                       8.7
                                                                               
Beverages                                                                   7.6
                                                                               
Agrisciences                                                                7.3
                                                                               
Travel & Leisure                                                            6.5
                                                                               
Food Producers                                                              6.0
                                                                               
Financial Services                                                          3.5
                                                                               
Investment Trusts                                                           1.6
                                                                               
Cash and Other Assets/Liabilities                                        (41.0)

By order of the Board

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

5 December 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]