Net Asset Value and Top Ten Holdings

MANCHESTER & LONDON INVESTMENT TRUST PLC

VALUATION AS AT 28th SEPTEMBER 2007

The unaudited fully diluted N.A.V. per share as at 28th September 2007 was
374.69p

The ten largest investments of the Trust as at the last business day of the
month were:

PZ Cussons

Standard Chartered

Mouchel Parkman

ICI

Xchanging

Smiths Group

Northumbrian Water

SSL International

Scottish & Newcastle

TDG

For enquiries:

Manchester & London Investment Trust Plc - 0161 242 2899

Midas Investment Management Limited - 0161 228 1709