Interim Management Statement

Manchester and London Investment Trust plc

31 October 2009

Interim Management Statement (Unaudited) for the three months ended 31 October
2009.

This interim management statement relates to the period from 1 August 2009 to
31 October 2009 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 returns were
    4.1 per cent and 2.3 per cent respectively. The FTSE All-Share Index return
    was 9.8 per cent (Source: FTSE).
   
  * The final dividend of 6.0p per share was approved at the AGM on 28 August
    2009 and will be paid on 27 November 2009. The 6p final dividend has been
    accrued against the net asset value used in the return calculation shown
    above, hence the actual total return for the period from 1 August 2009 to
    31 October 2009 was 5.9 per cent.
   
  * New additions to the portfolio were Resolution Limited, Autonomy
    Corporation plc, Xstrata plc and Rio Tinto plc; the investments in Cable &
    Wireless plc, BAE Systems plc, Smiths Group plc and Aveva Group plc were
    sold. Rio Tinto plc and SSL International plc moved into the Top Ten Equity
    Holdings following additional investment.  Net equity investment during the
    period was £1.4 million.
   
  * Net cash fell from £2.8 million to £2.1 million, representing 3.5 per cent
    of shareholders' funds at the end of October 2009.
   
  * Since the period end, the net asset value of the Group has slightly
    underperformed the increase in the FTSE All-Share index by 0.2%.
   
Financial Return

                   1 Month      3 Months       1 Year      3 Years      5 Years
                                                                               
Share Price         (1.6%)          4.6%        23.8%      (13.5%)        17.2%
                                                                               
Net Asset           (4.0%)          4.1%        26.3%       (4.7%)        19.5%
Value                                                                          
                                                                               
Benchmark           (1.9%)         9.8.%        18.2%      (17.7%)        12.5%

Financial Position

                               As at 31 October 2009         As at 31 July 2009
                                                                               
Net Assets                                    £60.0m                     £57.6m
                                                                               
Share Price                                   307.0p                     300.0p
                                                                               
Net Asset Value                               342.7p                     329.2p
                                                                               
Discount/Premium                               10.4%                       7.1%
                                                                               
Gearing                                         0.0%                       0.0%

Share prices are based on closing mid price.

Portfolio Analysis

Ten largest consolidated holdings as at 31 October 2009.

Stock Name                 % of Net Assets   Sector                            
                                                                               
PZ Cussons                 18.9              Personal Goods                    
                                                                               
Rio Tinto                  6.9               Mining                            
                                                                               
BP                         6.9               Oil & Gas Producers               
                                                                               
Vodafone                   6.7               Mobile Telecommunications         
                                                                               
BG Group                   5.7               Oil & Gas Producers               
                                                                               
Syngenta                   5.6               Pharmaceutical & Biotechnical     
                                                                               
Aberdeen Asset Management  5.0               General Financial                 
                                                                               
SSL International          4.7               Personal Goods                    
                                                                               
Tesco                      4.6               Food & Drug Retailers             
                                                                               
Yahoo                      4.4               Software & Computer Services      

Portfolio Analysis

Sector                                  % of Net Assets                        
                                                                               
Personal Goods                          23.6                                   
                                                                               
Oil & Gas Producers                     20.1                                   
                                                                               
Mining                                  9.2                                    
                                                                               
General Financial                       6.9                                    
                                                                               
Software and Computing Services         6.7                                    
                                                                               
Mobile Telecommunications               6.7                                    
                                                                               
Pharmaceutical & Biotechnical           5.6                                    
                                                                               
Food & Drug Retailers                   4.6                                    
                                                                               
Life Insurance                          3.8                                    
                                                                               
Support Services                        2.7                                    
                                                                               
Oil Equipment Services and Distribution 1.6                                    
                                                                               
Electronic & Electrical Equipment       1.4                                    
                                                                               
Cash and other assets                   7.1                                    
                                                                               

By order of the Board

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

Secretary.

24 November 2009.

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

Telephone: [phone].

This interim statement has been prepared soley 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, Gillian McCarthy, Andrew Cox

Tel: [phone]