Interim Management Statement

Manchester and London Investment Trust plc

30 November 2011

Interim Management Statement (Unaudited) for the four months ended 30 November
2011.

This interim management statement relates to the period from 1 August 2011 to
30 November 2011 and contains information that covers that period, unless
otherwise stated.

Review of the Period

  * Over the period, the Group's net asset value and share price total returns
    were (13.7) per cent and (18.0) per cent respectively. The FTSE All-Share
    Index return was (6.3) per cent (Source: Proquote International).
   
  * The final dividend of 7.3p per share was declared on 26 October 2011 and
    paid on 1 December 2011.
   
  * A new addition to the portfolio was London Stock Exchange plc, whilst
    investments in British Sky Broadcasting Group plc, Tesco plc and
    Rolls-Royce Group plc were sold.
   
Investment Objective

The investment objective of the Company is to achieve capital appreciation
together with a reasonable level of income.

Financial Return to 30 November 2011 (%)

                   1 Month      3 Months       1 Year      3 Years      5 Years
                                                                               
Share Price            0.0         (6.4)       (11.3)         49.4          3.8
                                                                               
Net Asset            (2.3)         (3.1)        (9.2)         51.0         15.1
Value                                                                          
                                                                               
Benchmark            (0.9)           1.3        (0.9)         32.9        (9.1)

Financial Position

                              As at 30 November 2011         As at 31 July 2011
                                                                               
Net Assets                                    £83.2m                     £98.3m
                                                                               
Share Price                                   318.0p                     396.5p
                                                                               
Net Asset Value                               370.4p                     437.6p
                                                                               
Discount                                       14.1%                       9.4%
                                                                               
Gearing                                       118.8%                     126.4%

Share prices are based on closing mid price.

Portfolio Analysis

Ten largest consolidated holdings as at 30 November 2011

     Stock Name              % of Net Assets                             Sector
                                                                               
PZ Cussons plc                          19.4                     Personal Goods
                                                                               
Weir Group plc                          10.9              Mining & Oil Services
                                                                               
Smith & Nephew plc                       8.4                Healthcare Services
                                                                               
Rio Tinto plc                            7.5                             Mining
                                                                               
BG Group plc                             7.3                Oil & Gas Producers
                                                                               
Standard Chartered                       7.2                              Banks
plc                                                                            
                                                                               
BP plc                                   6.9                Oil & Gas Producers
                                                                               
Diageo plc                               5.5                          Beverages
                                                                               
Syngenta                                 5.3                       Agrosciences
International AG                                                               
                                                                               
Unilever plc                             5.2                     Food Producers

Sector Analysis

Sector                                                          % of Net Assets
                                                                               
Personal Goods                                                            26.5%
                                                                               
Oil & Gas Producers                                                       16.2%
                                                                               
Mining                                                                    14.6%
                                                                               
Mining & Oil Services                                                     10.9%
                                                                               
General Industrial                                                         9.7%
                                                                               
Healthcare Services                                                        8.4%
                                                                               
Banks                                                                      8.2%
                                                                               
Financial Services                                                         5.7%
                                                                               
Beverages                                                                  5.5%
                                                                               
Agrosciences                                                               5.3%
                                                                               
Food Producers                                                             5.2%
                                                                               
Travel & Services                                                          3.4%
                                                                               
Gas, Water & Multi-Utilities                                               3.2%
                                                                               
Industrial Engineering                                                     2.9%
                                                                               
Aerospace & Defence                                                        2.5%
                                                                               
Others                                                                     1.8%
                                                                               
Cash and Other Assets/Liabilities                                       (30.0)%

Analysis of NAV Underperformance over 1 Year, relative to the benchmark index

Underperformance of mining investments:                                    4.3%
                                                                               
Glencore International plc, Rio Tinto plc, Vedanta Resources                   
plc, Xstrata plc                                                               
                                                                               
Underperformance of Emerging Market focused investments:                   4.8%
                                                                               
HMS Hydraulic Machines and Systems plc, Essar Energy plc                       
                                                                               
Underperformance due to the gearing of the portfolio                       0.1%
                                                                               
Overperformance of the balance of the portfolio                          (0.9)%
                                                                               
Total Underperformance                                                     8.3%

By order of the Board

Peter Thomas, for and on behalf of Manchester & London Investment Trust plc,
Secretary.

9 December 2011

Registered office: Arthur House, Chorlton Street, Manchester, M1 3FH.

Telephone: [phone].

This interim statement has been prepared solely to provide information to meet
the requirements of the UK Listing Authority's Disclosure and Transparency
Rules.

Please note that the up to date information on the Company, including
factsheets and portfolio information can be found on the Company's website at:

http://www.manchesterandlondon.co.uk/investorRelations.php

Enquiries:

Manchester & London Investment Trust plc

Peter Stanley

Tel: [phone]

Midas Investment Management Limited (Investment Manager to MLIT)

Mark Sheppard

Tel: [phone]

Fairfax I.S. plc

David Floyd

Tel: [phone]