Net Asset Value

MANCHESTER & LONDON INVESTMENT TRUST PLC

VALUATION AS AT 7 NOVEMBER 2012

The unaudited fully diluted net asset value per share (including income) was
356.7p as at 7 November 2012.

The final dividend of 7.8 pence per share is payable on 30 November 2012 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