Top Ten Holdings

MANCHESTER & LONDON INVESTMENT TRUST PLC

VALUATION AS AT 31st DECEMBER 2008

The ten largest investments of the Trust as at the last business day of the
month were:

Investment                                 % of Portfolio   
                                                            
PZ Cussons plc                             17.1             
                                                            
Mouchel Group plc                          9.5              
                                                            
Syngenta International AG                  6.3              
                                                            
Yahoo! Inc (Ordinary Stock)                5.4              
                                                            
Vodafone Group plc                         5.3              
                                                            
Aberdeen Asset Management plc              4.7              
                                                            
Friends Provident plc                      4.7              
                                                            
BT Group plc                               4.5              
                                                            
Premier Oil plc                            3.9              
                                                            
Smiths Group plc                           3.8              

For enquiries:

Manchester & London Investment Trust plc

K Kaye

Tel: [phone]

Midas Investment Management Limited

M B B Sheppard

Tel: [phone]