Net Asset Value and Top Ten Holdings

MANCHESTER & LONDON INVESTMENT TRUST PLC

VALUATION AS AT 28th DECEMBER 2007

The unaudited fully diluted N.A.V. per share as at 28th December 2007 was
405.5p

The ten largest investments of the Trust as at the 28th December 2007 were:

Biffa

Mouchel Parkman

Northumbrian Water

Premier Oil

PZ Cussons

Scottish & Newcastle

SSL

Smiths Group

Standard Chartered

Xchanging

For enquiries:

Manchester & London Investment Trust Plc - 0161 242 2899

Midas Investment Management Limited - 0161 228 1709