Interim Management Statement

Manchester and London Investment Trust plc

30 April 2011

Interim Management Statement (Unaudited) for the three months ended 30 April
2011.

This interim management statement relates to the period from 1 February 2011 to
30 April 2011 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 total returns
    were 3.0 per cent and 2.1 per cent respectively. The FTSE All-Share Index
    return was 3.6 per cent (Source: Proquote International).
   
  * The interim dividend of 5.2p per share was declared on 16 March 2011 and
    paid on 28 April 2011.
   
  * New additions to the portfolio were HMS Hydraulic Systems plc, Millennium &
    Copthorne plc, Rolls-Royce Group plc and Schroders plc whilst an investment
    in RSA Insurance Group plc was sold. Vedanta Resources plc moved into the
    Top Ten Equity Holdings.
   
Investment Objective

The investment objective of the Company is to achieve capital appreciation
together with a reasonable level of income.

Financial Return to 30 April 2011 (%)

                 1 Month     3 Months       1 Year      3 Years      5 Years   
                                                                               
Share Price        1.1          0.9          24.2         15.5         12.4    
                                                                               
Net Asset          1.2          1.8          22.7         16.1         20.6    
Value                                                                          
                                                                               
Benchmark          2.8          3.6          10.2         7.8          3.5     

Financial Position

                          As at 30 April 2011        As at 31 January 2011     
                                                                               
Net Assets                £100.5m                    £98.7m                    
                                                                               
Share Price               413.0p                     409.5p                    
                                                                               
Net Asset Value           447.5p                     439.6p                    
                                                                               
Discount                  7.7%                       6.8%                      
                                                                               
Gearing                   116.3%                     108.5%                    

Share prices are based on closing mid price.

Portfolio Analysis.

Ten largest consolidated holdings as at 30 April 2011.

Stock Name               % of Net Assets     Sector                            
                                                                               
PZ Cussons plc                 12.7          Personal Goods                    
                                                                               
Weir Group plc                 7.2           Industrial Engineering            
                                                                               
Rio Tinto plc                  7.0           Mining                            
                                                                               
Smith & Nephew plc             6.8           Health Care Equipment & Services  
                                                                               
Standard Chartered             6.0           Banks                             
plc                                                                            
                                                                               
BG Group plc                   5.6           Oil & Gas Producers               
                                                                               
BSkyB Group plc                5.0           Media                             
                                                                               
BP plc                         4.9           Oil & Gas Producers               
                                                                               
Syngenta                       4.3           Agrosciences                      
International AG                                                               
                                                                               
Vedanta Resources plc          4.0           Mining                            

Sector Analysis.

Sector                                              % of Net Assets            
                                                                               
Personal Goods                                           19.1%                 
                                                                               
Mining                                                   16.8%                 
                                                                               
Oil & Gas Producers                                      14.9%                 
                                                                               
Oil Services                                             8.4%                  
                                                                               
Healthcare Services                                      7.9%                  
                                                                               
Banks                                                    7.0%                  
                                                                               
Media                                                    5.8%                  
                                                                               
General Industrial                                       5.5%                  
                                                                               
Agrosciences                                             4.9%                  
                                                                               
Gas, Water & Multi-Utilities                             4.4%                  
                                                                               
Beverages                                                4.1%                  
                                                                               
Food Producers                                           3.9%                  
                                                                               
Industrial Engineering                                   3.9%                  
                                                                               
Food & Drugs Retailers                                   3.8%                  
                                                                               
Travel & Services                                        2.6%                  
                                                                               
Financial Services                                       1.7%                  
                                                                               
Aerospace & Defence                                      1.4%                  
                                                                               
Others                                                   0.2%                  
                                                                               
Cash and Other Assets/Liabilities                       -16.3%                 

By order of the Board

Peter Thomas,

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

Secretary.

13 May 2011

Registered office: 2nd Floor, Arthur House, Chorlton Street, Manchester, M1
3FH.

Telephone: [phone].

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: [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]