Net Asset Value

MANCHESTER & LONDON INVESTMENT TRUST PLC

VALUATION AS AT 25 JUNE 2013

The unaudited fully diluted net asset value per share (including income) was
319.9 as at 25 June 2013.

PZ Cussons Plc fell 13.5 per cent during the period since the last net asset
value per share release contributing a negative performance for the fund of 3.1
per cent.

For enquiries:

Manchester & London Investment Trust Plc - 0161 242 2899

Midas Investment Management Limited - 0161 228 1709