Re Directorate

Manchester & London Inv Tst PLC
4 October 2000

                               BOARD CHANGES

At a Board Meeting of Manchester & London Investment Trust plc held on the 4th
October 2000, John R. L. Lee was appointed an additional non-executive director
of the company with immediate effect. John Lee is currently a director of James
Halstead plc and Paterson Zochonis plc and has in the past 5 years been a
director of Falcon Holdings plc and M.S. International plc. No facts relating to
John Lee are required to be disclosed in accordance with paragraph 6.F.2(b) to
(g) of the Listing Rules.

It was noted at the Board Meeting that Lord Carlisle of Bucklow intends to
retire as director and chairman of the company with effect from the end of the
company's AGM to be held on 15th November 2000. Maurice Webb will retire as a
director at the AGM and Ellis Bor, who retires by rotation, does not intend to
seek re-election to the Board. Peter Stanley, an existing director of the
company, will succeed Lord Carlisle as chairman on his retirement.