Reinvestment of Management Fee

Reinvestment of Management Fee                                
                                                                               
                                                                               
                                                                               
                                                                               


In the Manchester & London Investment Trust Plc's Placing and Offer for
Subscription document, ratified on the 11th August 2006, Midas Investment
Management Limited (the Investment Manager for Manchester & London Investment
Trust PLC) agreed that:

"provided it is lawful to do so, to reinvest each quarter's management fee
(excluding VAT) in Ordinary Shares through secondary market purchases during
the following quarter … (if) … the Ordinary Shares close at a mid price which
is at a discount to NAV per Share greater than 5 per cent, on more than ten
trading days in any month in that quarter."

The circumstance described above have occurred in the quarter to April 30th
2007 and pursuant to that, the following purchases in the quarter to 30th June
2007 have been undertaken:

Midas Investment Management Limited has purchased 9,266 Ordinary Shares

As a result of the share transactions shown above, the holding of Midas
Investment Management has increased to 0.07 per cent.

Manchester & Metropolitan Investment Trust Ltd (on behalf of Midas Investment
Management Ltd) has purchased 9,409 Ordinary Shares

As a result of the share transactions shown above, the holding of Manchester &
Metropolitan Investment Trust Ltd has increased to 54.81 per cent.

For enquiries:

Manchester & London Investment Trust Plc - 0161 242 2899

Midas Investment Management Limited - 0161 228 1709