Offer Update

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, REPUBLIC OF
SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF A RESTRICTED JURISDICTION

15 July 2010

                             Recommended offer by                              

               Manchester & London Investment Trust PLC ("MLIT")               

        to acquire the entire issued and to be issued share capital of         

             Stakeholders' Momentum Investment Trust PLC ("SMIT")              

                          Offer update and extension                           

Manchester & London Investment Trust PLC ("MLIT") made an offer for the whole
of the issued and to be issued share capital of Stakeholders' Momentum
Investment Trust PLC ("SMIT") which was declared unconditional on 19 May 2010.
The Offer comprised the Basic Offer of 0.8784 new MLIT Shares for every SMIT
Share and a Cash Alternative Offer of 217.5 pence per SMIT Share.

The Cash Alternative Offer closed and was not extended on 2 June 2010. The
Basic Offer, which remains subject to the terms and conditions set out or
referred to in the Offer Document, is being extended and will remain open for
acceptance until 1.00 p.m. on 28 July 2010 following which date the Offer shall
not be extended.

MLIT has served notice to compulsorily acquire all remaining SMIT Shares in
issue. All remaining SMIT Shares will be transferred to MLIT on 28 July 2010.

Levels of Acceptances

As at 1.00 p.m. on 14 July 2010, MLIT had received valid acceptances of the
Offer in respect of 5,545,619 SMIT Shares representing 96.82 per cent. of the
current issued share capital of SMIT.

The above include acceptances in respect of 2,619,262 SMIT Shares representing
45.73 per cent. of the SMIT Shares in issue which were subject to irrevocable
undertakings to accept the Offer signed by parties who were acting in concert
with MLIT; and in respect of 237,780 SMIT Shares representing 5.91 per cent. of
SMIT's issued share capital in relation to which non binding letters of intent
to accept the Offer had been received. Fairfax which is also acting in concert
with MLIT accepted the Offer in respect of 5,859 SMIT Shares representing 0.1
per cent. of its issued share capital.

MLIT Shares in issue

31,531 New MLIT Shares will be allotted in respect of valid acceptances of the
Basic Offer received between 1.00 p.m. on 1 July 2010 and 1.00 p.m. on 14 July
2010 in respect of which application has been made to the UK Listing Authority
and the London Stock Exchange for Admission to Listing and trading. These
allotments will increase the number of MLIT Shares in issue to 22,324,179,
excluding the 44 MLIT Shares held in Treasury.

Compulsory acquisition

Having received acceptances in respect of over 5,389,678 SMIT Shares to which
the Offer relates (i.e. 90% of the SMIT Shares which were not held by its
holding company when the Offer was made), MLIT announced on 16 June 2010 it had
commenced proceedings to compulsorily acquire all remaining SMIT Shares in
issue, pursuant to the provisions of section 979 of the Companies Act 2006. All
remaining shares will be transferred to MLIT on 28 July 2010.

As set out in the compulsory acquisition notice, SMIT Shareholders whose SMIT
Shares are being compulsorily acquired may apply to receive 217.5p per SMIT
Share in cash as an alternative to New MLIT Shares on the terms of the Basic
Offer.

SMIT Shareholders wishing to receive their New MLIT Shares sooner than would be
the case if such persons await the completion of the compulsory acquisition
procedure are recommended to accept the Basic Offer, which closes at 1.00 p.m.
on 28 July 2010.

Upon completion of the compulsory acquisition, any future dividends paid by
SMIT will be sent to MLIT (not to dissenting SMIT Shareholders). Any future
dividends in respect of MLIT Shares allotted under the compulsory acquisition
process will be sent directly to the administrator of the dissenting
shareholders' register and not to any SMIT Shareholders who have neither
accepted the Offer nor responded to the compulsory acquisition notice.

Acceptance Procedure

SMIT Shareholders who have not already done so are urged to accept the
recommended Offer by 1.00 p.m. on 28 July 2010.

Holders of SMIT Shares in certificated form who are eligible to do so can
accept the Offer in respect of such shares by completing and returning a Form
of Acceptance in accordance with the procedure set out in paragraph 10 of Part
2 on pages 15 to 18 of the Offer Document as soon as possible to Computershare
Investor Services PLC, Corporate Actions Projects, Bristol BS99 6AH or (during
normal business hours only) by hand to Computershare Investor Services PLC, The
Pavilions, Bridgwater Road, Bristol BS13 8AE and, in any event, so as to be
received by 1.00 p.m. (BST) on 28 July 2010.

Holders of SMIT Shares in certificated form, but under different designations,
should complete a separate Form of Acceptance for each designation.

Holders of SMIT Shares in uncertificated form (that is, in CREST) who are
eligible to do so can accept the Offers in respect of such shares by TTE
Instruction in accordance with the procedure set out in paragraph 12 (ii) on
pages 22 to 24 of the Offer Document as soon as possible and, in any event, so
that the TTE Instruction settles no later than 1.00 p.m. (BST) on 28 July 2010.
If those shares are held under different member account IDs, a separate TTE
Instruction should be sent for each member account ID. Holders that are CREST
sponsored members should refer to their CREST sponsor before taking any action.
Only a CREST sponsor will be able to send the TTE Instructions to Euroclear in
relation to such holders' of SMIT Shares.

Further details of the acceptance procedure can be found in the Offer Document.
Copies of the Offer Document can be obtained from (i) the offices of
Computershare Investor Services PLC, Corporate Actions Projects, Bristol BS99
6AH; and (ii) in electronic form on MLIT's website at http://
www.manchesterandlondon.co.uk/investorrelations.

Additional copies of the Forms of Acceptance can be obtained from Computershare
Investor Services who can be contacted from 8.30 a.m. to 5.00 p.m. (BST) Monday
to Friday (except UK public holidays) on 0870 707 1797 (from within the UK) and
[phone] (from outside the UK).

Enquiries:

Manchester & London Investment Trust PLC                  Tel: [phone]
                                                                            
Peter Stanley                                  www.manchesterandlondon.co.uk
                                                                            
Midas Investment Management Limited                       Tel: [phone]
                                                                            
(fund manager to MLIT and SMIT)                                             
                                                                            
Mark Sheppard                                                               
                                                                            
Fairfax I.S. PLC                                          Tel: [phone]
                                                                            
David Floyd, Rachel Rees                                                    

Further Information

Unless otherwise defined in this announcement, capitalised words and phrases
used herein have the same meanings given to them in the document dated 28 April
2010 containing the Offer (the "Offer Document").

Fairfax I.S. PLC ("Fairfax") is acting for MLIT and no-one else in connection
with the Offer and will not be responsible to anyone other than MLIT for
providing the protections afforded to clients of Fairfax or for providing
advice in relation to the Offer.

The Offer is not being made, and will not be made, directly or indirectly, in
or into the United States, Australia, Canada, Republic of South Africa, Japan
or any other jurisdiction if to do so would constitute a violation of the
relevant laws of such jurisdiction. None of this announcement, Offer Document,
any Form of Acceptance, or the Equivalent Document constitutes an offer in the
United States, Australia, Canada, Republic of South Africa, Japan or any other
jurisdiction where such offer would constitute a violation of the relevant laws
of such jurisdiction, and the Offer will not be capable of acceptance from or
within the United States, Australia, Canada, Republic of South Africa, Japan or
any other jurisdiction if to do so would constitute a violation of the relevant
laws of such jurisdiction. Accordingly, except as required by applicable law,
copies of this announcement, the Offer Document, any Form of Acceptance and the
Equivalent Document are not being, and may not be, mailed, forwarded or
otherwise distributed or sent in, into or from, the United States, Australia,
Canada, Japan or any other jurisdiction if to do so would constitute a
violation of the relevant laws of such jurisdiction, including to SMIT
Shareholders with registered addresses in the aforementioned jurisdictions or
to persons whom MLIT knows to be nominees holding SMIT Shares for such persons.
Persons receiving the Offer Document, any Form of Acceptance or the Equivalent
Document (including without limitation nominees, trustees or custodians) must
not forward, distribute or send them into the United States, Australia, Canada,
Japan or any other jurisdiction if to do so would constitute a violation of the
relevant laws of such jurisdiction.

All SMIT Shareholders (including, without limitation, nominees, trustees or
custodians) who would, or otherwise intend to or who may have a contractual or
legal obligation to, forward the Offer Document or the Equivalent Document to
any jurisdiction outside the United Kingdom, should read the details in this
regard which are contained on page 2 of the Offer Document.

This is an advertisement and not a prospectus and SMIT Shareholders should not
subscribe for New MLIT Shares pursuant to an acceptance of the Offer, except on
the basis of information in the Equivalent Document and Offer Document
published by MLIT on the 28 April 2010 in connection with the Offer. Copies of
the Offer Document and the Equivalent Document are available to SMIT
Shareholders from (i) Computershare Investor Services PLC, Corporate Actions
Projects, Bristol BS99 6AH; and (ii) in electronic form on MLIT's website at
www.manchesterandlondon.co.uk/investorrelations.

The persons responsible for this announcement are the MLIT Directors. To the
best of the knowledge and belief of the MLIT Directors (who have taken all
reasonable care to ensure that such is the case), the information contained in
this announcement is in accordance with the facts and does not omit anything
likely to affect the import of such information.

This announcement has been approved for the purposes of section 21 of the
Financial Services and Markets Act 2000 by Fairfax I.S. PLC which is authorised
and regulated in the UK by FSA.