Director/PDMR Shareholding

Manchester & London Investment Trust plc                    

                         Director / PDMR Shareholding                          

18 June 2012

Manchester & London Investment Trust plc (the "Company" or "MNL") has been
notified today that Brian Stephen Sheppard, a director of the Company, is no
longer a direct shareholder in Manchester & Metropolitan Investment Limited ("M
&M"), MNL's holding company.

On 18 June 2012, Brian Stephen Sheppard transferred all his shares in M&M to
his wife Mrs. Patricia Sheppard for no consideration. Brian Sheppard and Mrs.
Patricia Sheppard are connected persons (for the purposes of the Listing Rules
and Disclosure & Transparency Rules) and there is no change to their combined
beneficial interests in MNL.

M&M continues to hold 11,325,630 shares in MNL, which represents 50.43 per cent
of the current issued share capital of the Company.

M&M remains exclusively under the control of the Sheppard family and its
associates, Mr. Brian Sheppard remains a director of M&M and M&M has no charges
on any of its assets.

The above disclosures are made in accordance with DTR 3.1.2R and LR 9.8.6R (1).

Enquiries:

Manchester & London Investment Trust plc.
Tel: [phone]

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

Fairfax I.S. plc.
Tel: [phone]