Net Asset Value(s)

MANCHESTER & LONDON INVESTMENT TRUST PLC                    

                       VALUATION AS AT 22 NOVEMBER 2011                        

The unaudited fully diluted net asset value per share (including income) was
343.7p as at 22 November 2011.

The final dividend of 7.3 pence per share is payable on 1 December 2011 and the
shares are now quoted ex-dividend.         

For enquiries:

Manchester & London Investment Trust Plc - 0161 242
2899                                        

Midas Investment Management Limited - 0161 228 1709