Net Asset Value

MANCHESTER & LONDON INVESTMENT TRUST PLC

VALUATION AS AT 21 NOVEMBER 2013

Please note that on the Valuation as at 19 November 2013 released on 20
November 2013, we omitted to stipulate that the final dividend of 8.25p per
share is payable on 6 December 2013 and the shares are now quoted ex-dividend.

The unaudited fully diluted net asset value per share (including income) was
322.4p as at 21 November 2013.

For enquiries:

Manchester & London Investment Trust Plc - 0161 242 2899

Midas Investment Management Limited - 0161 228 1709