Top 15 Holdings

Manchester & London Investment Trust plc

Top 15 Holdings - 5 June 2014

AIFMD approaches so we have slimmed down our gross assets to fit below the Euro
100m threshold. This reduction in exposure will reduce our trading activity and
hence it is very likely to affect the level of dividends paid out for future
financial periods. Nonetheless, we will strive to do our very best to overcome
the roadblocks that the EU seems intent on presenting to us.

Subsequently, post release of our May 2014 Factsheet our top 15 positions
(calculated as assets less delta exposure of sold covered call options) as at
close of business 4 June 2014 are as follows:

Top 15 Holdings                                                               %
PZ Cussons plc                                                             23.2
S&P 500 Index Shorts                                                     (15.9)
Glencore Xstrata plc                                                       11.1
Diageo plc                                                                  8.4
Standard Chartered plc                                                      8.2
Afren plc                                                                   7.7
AstraZeneca plc                                                             6.8
Jardine Matheson Holdings Ltd                                               6.4
BG Group plc                                                                5.3
bioMérieux SA                                                               4.3
Syngenta International AG                                                   4.2
Unilever plc                                                                3.9
Rio Tinto plc                                                               3.2
KWS SAAT AG                                                                 3.0
Echo Entertainment Group Ltd                                                2.6
                                                                           82.4

A summary of the entire portfolio is published in the annual and half year
reports and will be included in future Interim Management Statements.

For enquiries:

Manchester & London Investment Trust Plc - 0161 242 2899
Midas Investment Management Limited - 0161 228 1709