Dividend Declaration

Manchester & London Investment Trust Plc
Dividend Declaration

Following our announcement dated 5th June 2014, which is partly reproduced
below, it is possible that under the lower leverage conditions we have chosen
to adopt to comply with the partial exemption, sub threshold regulations within
the AIFM directive, Manchester & London Investment Trust plc ( the "Company")
may have less capital with which to generate trading income.

The Company's income is comprised of both (1) dividend income from investments
(considered ordinary investment income) and (2) income from trading activity
which includes gains and losses on the trading of shares, options, futures and
contracts for differences, net of commissions, interest and other costs
expensed (considered trading income or special income).  In the future, the
Board has decided to pay ordinary dividends from the income from the more
consistent dividend income from investments less our corporate expenses and, if
allowing, special dividends from any surplus trading income generated.  The
Board believes this split makes the nature of the dividends received by
shareholders more transparent.

With our year end of the 31st July 2014 approaching, we estimate that our
aggregate ordinary and special dividends for the year will be in the region of
13.75p, with the 5.5p already paid as the interim dividend being treated as an
ordinary dividend.  The special dividend which may become payable for the 2013/
2014 financial year is estimated to be in the region of 6.4p.  It should be
noted that all of the above figures are purely estimates and are not finalised,
nor audited.  Nonetheless, the Board has decided to announce an interim special
dividend of 5p, with the following calendar details:

Ex-dividend date:           Wednesday 6th August 2014

Record date:                Friday 8th August 2014

Payment date:               Friday 22nd August 2014

We anticipate the final dividend for the 2013/2014 financial year to be paid
after the AGM later in the fourth quarter of this calendar year (2013: paid 6th
December 2013).  However, final details of the dividends for the year to 31st
July 2014, which may differ from the foregoing, will be announced in due course
when the accounts have been finalised.

Relevant text from announcement released on 5th June 2014:

"AIFMD approaches so we have slimmed down our gross assets to fit below the
Euro 100m threshold. This reduction in exposure will reduce our trading
activity and hence it is very likely to affect the level of dividends paid out
for future financial periods. Nonetheless, we will strive to do our very best
to overcome the roadblocks that the EU seems intent on presenting to us."

Notes from Wikipedia:

The Alternative Investment Fund Managers Directive 2011/61/EU ("AIFMD") is a 
European Union Directive that entered into force on 22th July 2013. The Directive
regulates:

ï‚·         EU fund managers that manage alternative investment funds
(essentially hedge funds and private equity funds) ("AIFs") (wherever they are
based);

ï‚·         fund managers (wherever they are based) that manage AIFs established
in the EU ; and

ï‚·         fund managers (wherever they are based) that market the units or
shares of an AIF in the EU .

Enquiries:
Manchester & London Investment Trust plc.
Michael Kurt Camp
Tel: [phone]

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