Offer Document and Circular Posted

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART INTO ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS
OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE                                            28 April 2010

                   Manchester & London Investment Trust PLC                    

                                   Offer for                                   

                  Stakeholders' Momentum Investment Trust PLC                  

          Posting of Offer Document, Prospectus Equivalent Document and 
                         Circular to Shareholders                                  

Earlier today the boards of Manchester & London Investment Trust PLC ("MLIT")
and Stakeholders' Momentum Investment Trust PLC ("SMIT") announced a proposal
to merge MLIT and SMIT. The merger is to be effected by way of a recommended
offer by MLIT (the "Offer") for the whole of the issued and to be issued share
capital of SMIT.

The Offer Document has been posted today to SMIT Shareholders together with a
Prospectus Equivalent Document containing information about MLIT, SMIT and the
Enlarged Group. SMIT Shareholders whose shares are held in certificated form
have also been sent a Form of Acceptance.

An offer letter has also been posted today to the holder of Management Warrants
in SMIT.

The first closing of the Offer is at 1.00 p.m. on 19 May 2010.

The acquisition of SMIT by MLIT is conditional on the approval of MLIT
Shareholders in general meeting. The Circular containing notice of the General
Meeting to approve the Offer and other related matters is being posted today to
MLIT Shareholders together with the Prospectus Equivalent Document.

Forms of Proxy have been enclosed with the Circular and should be completed and
returned by MLIT Shareholders so as to be received by Computershare Investor
Services PLC by 11.00 a.m. on 16 May 2010. The General Meeting will take place
at the offices of Midas Investment Management Ltd, 1st Floor, Arthur House,
Chorlton Street, Manchester M1 3FH, at 11.00 a.m. on 18 May 2010.

If the Offer is unconditional as to acceptances on the first closing date,
being 19 May 2010 and the Resolution is passed at the MLIT General Meeting on
18 May 2010, it is expected that the New MLIT Shares will be admitted to
listing and the Offer will be unconditional in all respects on 21 May 2010.

Copies of the Offer Document, Prospectus Equivalent Document and Circular to
MLIT Shareholders are available at:

http://www.manchesterandlondon.co.uk/investorRelations.php

Enquiries:

Manchester & London Investment Trust PLC 
Peter Stanley                                       Tel: [phone]

Stakeholders' Momentum Investment Trust PLC         Tel: [phone]
Liam Murray

Midas Investment Management Limited (fund manager to MLIT and SMIT)
Mark Sheppard                                       Tel: [phone]

Fairfax I.S. PLC (sponsor and adviser to MLIT) 
David Floyd, James King and Rachel Rees             Tel: [phone]

Libertas Capital Corporate Finance Limited (adviser to SMIT) 
Sandy Jamieson and Andrew McLennan                  Tel: [phone]


The MLIT Directors accept responsibility for the information contained in this
announcement. To the best of the knowledge and belief of the MLIT Directors
(who have taken all reasonable care to ensure that such is the case), the
information contained in this announcement for which they accept responsibility
is in accordance with the facts and does not omit anything likely to affect the
import of such information.

Fairfax I.S. PLC ("Fairfax"), which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting exclusively for MLIT and
no one else in connection with the Offer and will not be responsible to anyone
other than MLIT for providing the protections afforded to customers of Fairfax
or for providing advice in relation to the Offer or any other matter referred
to herein. The principal place of business of Fairfax I.S. PLC is 46 Berkeley
Square, London W1J 5AT.

Libertas Capital Corporate Finance Limited ("Libertas"), which is authorised
and regulated in the United Kingdom by the Financial Services Authority, is
acting exclusively for SMIT and no one else in connection with the Offer and
will not be responsible to anyone other than SMIT for providing the protections
afforded to customers of Libertas or for providing advice in relation to the
Offer or any other matter referred to herein. The principal place of business
of Libertas Capital Corporate Finance Limited is 16 Berkeley Street, London W1J
8DZ.

This announcement does not constitute, or form part of, an offer or an
invitation to purchase or subscribe for any securities.

All capitalised terms used in this announcement but not otherwise defined shall
have the same meaning as in the Offer Document.