Net Asset Value

MANCHESTER & LONDON INVESTMENT TRUST PLC

VALUATION AS AT 20 NOVEMBER 2012

The unaudited fully diluted net asset value per share (including income) was
355.4p as at 20 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