Interim Management Statement

Manchester and London Investment Trust plc                      

11th December 2014

     Trading Statement (Unaudited) for the period ended 10th December 2014.

This statement relates to the period from 1st August 2014 to 10th December 2014
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
    (8.0) per cent and (8.7) per cent respectively. The Dow Jones U.K. Total
    Stock Market Index return was (3.0) per cent.
   
  * An interim 2014 special dividend of 5p per share was paid on 22nd August
    2014.
   
  * The final ordinary 2014, second special 2014 and quarter 1 special 2015
    dividends (totaling 5.55p per share) were paid on 28th November 2014.
   
  * Removing the effect of the dividend pay out ratio for the Company exceeding
    the benchmark, the fund underperformed it's benchmark by 2.7 per cent.
   
  * Prior top 10 holdings Afren plc, Glencore plc and bioMérieux SA have been
    fully divested.  Holdings in Jardine Matheson Holdings Ltd and PZ Cussons
    plc have been materially reduced. New top 10 holdings Damille Investments
    II Ltd and Smith & Nephew plc were purchased during the period.
   
  * The portfolio has been refocused on Consumer Goods, Healthcare and
    Technology (including Agrisciences). The number of holdings has been
    increased and the size of individual holdings reduced.
   
Investment Objective

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

Financial Return (%)

                         2015 YTD         2014       2013       2012       2011
                                                                               
Share Price                 (8.7)       (14.5)        2.0     (25.9)       23.5
                                                                               
Net Asset Value             (8.0)       (12.3)      (0.6)     (23.1)       15.3
                                                                               
Benchmark                   (3.0)          1.9       20.1      (2.8)       11.5

Periods are financial years to 31st July excluding YTD which is to the 10th
December 2014.

Financial Position

                            As at 10th December 2014       As at 31st July 2014
                                                                               
Net Assets                                    £58.4m                     £64.4m
                                                                               
Share Price                                   234.0p                     256.3p
                                                                               
Net Asset Value                               269.7p                     293.2p
                                                                               
Discount                                       13.2%                      12.6%
                                                                               
Gearing                                        90.3%                     104.0%

Share prices source: FactSet Research Systems Inc.

Benchmark with thanks to: S&P Dow Jones Indices.



Portfolio Analysis

Top 15 Gross Asset Exposures as at 10th December 2014

Stock Name                       % of Net Assets                         Sector
                                                                               
PZ Cussons plc                              13.1                 Consumer Goods
                                                                               
Damille Investments II Ltd                   6.4                     Financials
                                                                               
AstraZeneca plc                              6.0                     Healthcare
                                                                               
Smith & Nephew plc                           5.8                     Healthcare
                                                                               
Diageo plc                                   5.0                 Consumer Goods
                                                                               
Unilever plc                                 4.6                 Consumer Goods
                                                                               
Syngenta AG                                  4.3           Speciality Chemicals
                                                                               
Pernod Ricard SA                             4.1                 Consumer Goods
                                                                               
KWS SAAT AG                                  3.6           Speciality Chemicals
                                                                               
BG Group plc                                 3.4                      Oil & Gas
                                                                               
Jardine Matheson Holdings Ltd                3.2                 Consumer Goods
                                                                               
Davide Campari-Milano S.p.A.                 2.9                 Consumer Goods
                                                                               
Shire plc                                    2.7                     Healthcare
                                                                               
Beiersdorf AG                                2.5                 Consumer Goods
                                                                               
Tsingtao Brewery Co., Ltd.                   2.5                 Consumer Goods

* now fully disposed of.



Sector Analysis as at 10th December 2014

Sector                                                          % of Net Assets
                                                                               
Consumer Goods                                                             45.7
                                                                               
Healthcare                                                                 14.4
                                                                               
Technology                                                                 11.0
                                                                               
Speciality Chemicals                                                        8.0
                                                                               
Cash and Other Assets/Liabilities                                           7.9
                                                                               
Financials                                                                  6.4
                                                                               
Oil and Gas                                                                 4.2
                                                                               
Consumer Services                                                           1.5
                                                                               
Industrials                                                                 0.9

Removing the effect of the dividend pay out ratio for the Company exceeding the
benchmark, the fund underperformed it's benchmark by 2.7 per cent, this equated
to a reduction in NAV per share of 5.7 per cent. The constituents of this
decrease since 1st August 2014 can be broken down as follows (shown in
percentage terms):

Performance of Oil & Gas investments                                      (4.5)
                                                                               
Performance of PZ Cussons plc                                             (2.1)
                                                                               
Combined other factors                                                      0.9
                                                                               
Total performance.                                                        (5.7)

11th December 2014.


Registered office: Arthur House, Chorlton Street, Manchester, M1 3FH.
Telephone: [phone].

This 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 MNL).
Mark Sheppard
Tel: [phone]