Interim Management Statement

Manchester and London Investment Trust plc

19 June 2014

Interim Management Statement (Unaudited) for the period ended 11 June 2014.

This interim management statement relates to the period from 1 February 2014 to
11 June 2014 and contains information that covers that period, unless otherwise
stated. Subsequent to that period, the NAV per share decreased to 301.6p as at
18 June 2014.

Review of the Period

  * Over the period, the Group's net asset value and share price returns were
    2.0 per cent and (4.1) per cent respectively. The Dow Jones U.K. Total
    Stock Market Index return was 4.4 per cent.
   
  * The interim dividend of 5.5p per share was declared on 27 March 2014 and
    paid on 30 April 2014.
   
  * Prior top 10 holdings Rio Tinto plc and Standard Chartered plc have been
    fully divested.  Top 10 holdings BG Group plc, Diageo plc, Glencore plc,
    Syngenta AG and Unilever plc have been materially reduced.  New top 10
    holding AstraZeneca plc was purchased during the period.
   
  * Due to the reduction in long exposure, and therefore reduced hedging
    requirements, £30.1m of S&P 500 index shorts were closed in the period. 
    All index short positions have now been exited, though the portfolio has £
    26.9m notional value in short dated, out of the money index puts as a
    partial hedge against a large downwards market move.
   
Investment Objective

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

Financial Return (%)

                         2014 YTD         2013       2012       2011       2010
                                                                               
Share Price                (13.9)          2.0     (25.9)       23.5        7.0
                                                                               
Net Asset Value             (8.5)        (0.6)     (23.1)       15.3       15.2
                                                                               
Benchmark                     3.8         20.1      (2.8)       11.5       15.0

Periods are financial years to 31 July.

Financial Position

                                  As at 11 June 2014      As at 31 January 2014
                                                                               
Net Assets                                    £68.7m                     £67.4m
                                                                               
Share Price                                   258.1p                     269.1p
                                                                               
Net Asset Value                               306.0p                     299.9p
                                                                               
Discount                                       15.7%                      10.3%
                                                                               
Gearing                                        90.9%                      93.5%

Share prices source: FactSet Research Systems Inc.

Benchmark with thanks to: S&P Dow Jones Indices.

Portfolio Analysis

Top 15 Asset Values as at 11 June 2014.

("Asset Values" being positions reduced by the marked to market value of
covered call options.)

Stock Name                      % of Net Assets                          Sector
                                                                               
PZ Cussons plc                             23.8                  Personal Goods
                                                                               
Afren plc                                   7.0             Oil & Gas Producers
                                                                               
AstraZeneca plc                             6.9 Pharmaceuticals & Biotechnology
                                                                               
Diageo plc                                  6.7                       Beverages
                                                                               
Jardine Matheson Holdings Ltd               6.4              General Industrial
                                                                               
Glencore plc                                5.7                          Mining
                                                                               
BG Group plc                                5.3             Oil & Gas Producers
                                                                               
Unilever plc                                4.3                  Food Producers
                                                                               
bioMerieux SA                               4.2              Medical Technology
                                                                               
Syngenta AG                                 4.1                       Chemicals
                                                                               
KWS SAAT AG                                 3.0                    Agrisciences
                                                                               
Ishares FTSE 100 Ucits ETF                  2.9              Equity Instruments
(Inc)                                                                          
                                                                               
Pernod Ricard SA                            2.3                       Beverages
                                                                               
Svenska Cellulosa AB                        2.1             Household Utilities
                                                                               
Echo Entertainment Group Ltd*               1.4                Travel & Leisure

* now fully disposed of.

Sector Analysis as at 11 June 2014

Sector                                                          % of Net Assets
                                                                               
Personal Goods                                                            23.8%
                                                                               
Oil & Gas Producers                                                       14.4%
                                                                               
Cash and Other Assets/Liabilities                                          9.1%
                                                                               
Beverages                                                                  9.0%
                                                                               
Pharmaceuticals & Biotechnology                                            6.9%
                                                                               
General Industrial                                                         6.4%
                                                                               
Mining                                                                     5.7%
                                                                               
Equity Instruments                                                         4.4%
                                                                               
Food Producers                                                             4.3%
                                                                               
Medical Technology                                                         4.2%
                                                                               
Chemicals                                                                  4.1%
                                                                               
Agrisciences                                                               3.0%
                                                                               
Household Utilities                                                        2.1%
                                                                               
Travel & Leisure                                                           1.4%
                                                                               
IT Hardware                                                                1.2%

Analysis of NAV Underperformance since 1 August 2013, relative to the benchmark
index

Divergence of S&P Index Hedge from Benchmark Index.*                       3.7%
                                                                               
Underperformance of PZ Cussons plc.                                        3.4%
                                                                               
Underperformance of Standard Chartered plc.*                               1.6%
                                                                               
Underperformance of Medical, Technology & Agrisciences                     1.5%
Investments.                                                                   
                                                                               
Underperformance of Capital Goods Investments.                             1.0%
                                                                               
Underperformance of Diageo plc.                                            1.0%
                                                                               
Underperformance of Burberry Group plc.*                                   0.9%
                                                                               
Combined Other Factors.                                                    0.8%
                                                                               
Underperformance of Other Consumer Goods Investments.                      0.8%
                                                                               
Underperformance due to Net Long to Net Asset Leverage being               0.2%
below 100% as the market rose.                                                 
                                                                               
Underperformance of Oil & Gas Investments.                               (0.0)%
                                                                               
Overperformance of Mining Investments.                                   (0.7)%
                                                                               
Overperformance of Event Driven Investments and Other Hedges.            (1.9)%
                                                                               
Total Underperformance.                                                   12.3%

* now fully disposed of.

By order of the Board

Michael Kurt Camp, for and on behalf of Manchester & London Investment Trust
plc, Secretary.

19 June 2014.

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.
Michael Kurt Camp
Tel: [phone]

Midas Investment Management Limited (Investment Manager to MNL).
Mark Sheppard
Tel: [phone]