Net Asset Value(s)

MANCHESTER & LONDON INVESTMENT TRUST PLC

VALUATION AS AT 23RD MAY 2008

The unaudited fully diluted N.A.V. per share as at 23rd May 2008 was 390.1p

For enquiries:

Manchester & London Investment Trust Plc - 0161 242 2899

Midas Investment Management Limited - 0161 228 1709