Interim Management Statement

Manchester and London Investment Trust plc 20 December 2013 Interim Management Statement (Unaudited) for the period ended 17 December 2013. This interim management statement relates to the period from 1 August 2013 to 17 December 2013 and contains information that covers that period, unless otherwise stated. Subsequent to that period, the NAV per share increased to 312.7p as at 19 December 2013. Review of the Period * Over the period, the Group's net asset value and share price total returns were (6.8) per cent and (9.9) per cent respectively. The Dow Jones U.K. Total Stock Market Index return was (1.2) per cent. * The final dividend of 8.25p per share was declared on 13 November 2013 and paid on 6 December 2013. * New additions to the portfolio were Interpublic Group of Companies Inc, Ithaca Energy Inc and KWS SAAT AG, whilst holdings in Rolls Royce Holdings plc, Vodafone Group plc and Burberry Group plc were disposed of. * FTSE 100 and S&P 500 short positions of £4.8m and £13.1m respectively have been closed. Investment Objective The investment objective of the Company is to achieve capital appreciation together with a reasonable level of income. Financial Return (%) 2014 YTD 2013 2012 2011 2010 Share Price (9.9) 2.0 (25.9) 23.5 7.0 Net Asset Value (6.8) (0.6) (23.1) 15.3 15.2 Benchmark (1.2) 20.1 (2.8) 11.5 15.0 Periods are financial years to 31 July. Financial Position As at 17 December 2013 As at 31 July 2013 Net Assets £70.0m £75.0m Share Price 270.3p 299.9p Net Asset Value 311.5p 334.2p Discount 13.2% 10.3% Gearing 95.4% 90.8% Share prices source: FactSet Research Systems Inc. Benchmark with thanks to: S&P Dow Jones Indices. Portfolio Analysis Top 15 Net Positions as at 17 December 2013 Stock Name % of Net Assets Sector S&P Market Hedge (49.3) Index Short PZ Cussons plc 23.7 Personal Goods Cash Holdings 17.7 Currency Glencore Xstrata plc 11.0 Mining Rio Tinto plc 9.5 Mining Afren plc 8.4 Oil & Gas Producers BG Group plc 7.9 Oil & Gas Producers Syngenta AG 7.8 Chemicals Standard Chartered plc 7.8 Banks Unilever plc 7.2 Food Producers and Processors FTSE 100 Index Longs 7.1 Index Long Smith & Nephew plc 6.0 Healthcare Services Jardine Matheson Holdings Ltd 5.4 General Industrial BP plc 4.9 Oil & Gas Producers Ocado Group plc (4.4) Food & Drug Retailers Sector Analysis as at 17 December 2013 Sector % of Net Assets Oil & Gas Producers 29.8% Personal Goods 23.7% Mining 22.8% Beverages 12.4% Index Longs 9.9% Chemicals 9.5% Food Producers 8.6% General Industrial 8.0% Banks 7.8% Healthcare Services 6.0% Industrial Engineering 5.1% Support 3.9% Travel & Leisure 2.2% Cash and Other Assets/Liabilities (49.7)% Analysis of NAV Underperformance since 1 August 2013, relative to the benchmark index Divergence of S&P Index Hedge from benchmark index. 3.8% Underperformance of PZ Cussons plc. 1.3% Combined other factors. 0.5% Total Underperformance. 5.6% By order of the Board Michael Kurt Camp, for and on behalf of Manchester & London Investment Trust plc, Secretary. 20 December 2013. Registered office: Arthur House, Chorlton Street, Manchester, M1 3FH. Telephone: 0161 228 1709. 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: 0161 228 1709 Midas Investment Management Limited (Investment Manager to MNL). Mark Sheppard Tel: 0161 242 2895

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