Net Asset Value(s)

MANCHESTER & LONDON INVESTMENT TRUST PLC                    

                         VALUATION AS AT 20 MARCH 2012                         

The unaudited fully diluted net asset value per share (including income) was
384.2p as at 20 March 2012.                                                         

For enquiries:

Manchester & London Investment Trust Plc - 0161 242 2899

Midas Investment Management Limited - 0161 228 1709