Result of EGM

Result of General Meeting                           

                                  18 May 2010                                  

           Manchester & London Investment Trust plc (the "Company")            

                           Result of General Meeting                           

Following the General Meeting of the Company which was held today, the Board is
pleased to announce that the following resolution put to shareholders was
passed on a show of hands:

 i. the proposed Acquisition by the Company of the whole of the issued and to
    be issued share capital of Stakeholders' Momentum Investment Trust plc, on
    the terms and subject to the conditions of the Offer set out in the Offer
    Document dated 28 April 2010 (a copy of which document is produced to the
    meeting and signed for the purposes of identification by the Chairman of
    the meeting) or on the terms and subject to the conditions of any amended,
    extended, revised, renewed, additional or other offer or offers approved by
    the Directors of the Company (or any duly constituted committee thereof)
    (the "Offer") be and is hereby approved and the Directors of the Company
    (or any duly constituted committee thereof) be and are hereby authorised to
    waive or extend any of the terms and conditions of the Offer and to do all
    such things as they may consider necessary or desirable in connection with
    the Offer provided that no material changes to the terms of the Offer will
    be made without seeking further approval from MLIT Shareholders;
   
ii. the adoption by the Company of a new investment policy which is the same as
    the existing published investment policy save that MLIT may invest up to 50
    per cent. of its gross assets in other investment companies;
   
iii. the purchase pursuant to the Offer by the Company on the terms set out in
    the Circular of 2,347,532 SMIT Shares from Manchester & Metropolitan
    Investment Limited and 271,730 SMIT Shares from the B S Sheppard 1991
    Settlement be and is hereby approved for the purposes of section 190 of the
    Companies Act 2006;
   
iv. the purchase pursuant to the Offer by the Company on the terms set out in
    the Circular of 2,347,532 SMIT Shares from Manchester & Metropolitan
    Investment Limited and 271,730 Shares from the B S Sheppard 1991
    Settlement, being related party transactions for the purposes of the
    Listing Rules, be and is hereby approved; and
   
 v. in substitution for any existing and unexercised authorities, the Directors
    be and they are hereby generally and unconditionally authorised for the
    purposes of section 549 of the Companies Act 2006 (the "Act"), to exercise
    all the powers of the Company to allot shares in connection with the Offer
    and otherwise to such persons at such times and on such terms as the
    Directors think fit, up to an aggregate nominal amount of £1,625,000. The
    authorities conferred by this resolution shall expire on the earlier of the
    date following 15 months after the passing of this resolution and the
    conclusion of the annual general meeting of the Company to be held in 2010
    (save that the Company may before such expiry make any offer or agreement
    which would or might require relevant securities to be allotted after such
    expiry and the Directors may allot relevant securities in pursuance of any
    such offer or agreement as if the authority had not expired).
   
The total of proxy votes lodged prior to the meeting in respect of the
resolution was as follows:

Votes in favour: 3,826,332 (21.86%)

Votes against: 1,000 (0.01%)

Withheld votes: 24,300 (0.14%)

Total votes: 3,851,632 (22.00%)

Under listing rule 9.6.2 a copy of the resolution will be submitted to the UK
Listing Authority, and will shortly be available via the UK Listing Authority's
document viewing facility, which is situated at:

Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS

Tel: [phone]

All capitalised terms used in this announcement, but not otherwise defined,
shall have the same meaning as those contained in the circular to MLIT
Shareholders dated 28 April 2010.

For further information, please contact:

Peter Stanley, Chairman

Manchester & London Investment Trust plc

Telephone: [phone]

Mark Sheppard

Midas Investment Management Ltd

Telephone: [phone]

David Floyd, Rachel Rees

Fairfax I.S. PLC

Tel: [phone]