Issue of Equity

MANCHESTER AND LONDON INVESTMENT TRUST PLC (the “Company”)

24 January 2018

Issue of Equity

The Board of Manchester and London Investment Trust plc announces that the Company has issued 125,000 ordinary shares of 25p each (the "New Shares") on a non-pre-emptive basis, subject to listing, in order to meet ongoing market demand. The New Shares, which will rank pari passu with the Company's existing shares, are being issued at a price of 480.5p per ordinary share and at a premium to the prevailing live net asset value.

Applications have been made for the New Shares to be admitted to the premium listing segment of the Official List and to trading on the London Stock Exchange's main market for listed securities ("Admission"). It is expected that Admission will become effective and that unconditional dealings in these shares will commence at 8.00 a.m. (London time) on 30 January 2018.

Following Admission, the total number of ordinary shares in issue will be 23,660,891 and therefore, the total number of voting rights in the Company will be 23,660,891. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

For enquiries:

Manchester and London Investment Trust PLC                        0161 228 2389
M&L Capital Management Limited                                           0207 584 5733

LEI: 213800HMBZXULR2EEO10