Dividend

Manchester & London Inv Tst PLC
13 January 2004


Re: Manchester & London Investment Trust plc

Following the announcement of the 2003 Results made on 1st October 2003, the
Directors have decided not to proceed with the suggested arrangements to offer
Shareholders the ability to receive existing issued shares (Treasury Shares) in
lieu of the final dividend of 7p. In reaching this decision the Directors have
considered the complexity of the suggested arrangements, the regulatory cost of
implementation and the benefits to Shareholders which, in their view, are
outweighed by the costs involved.

Accordingly, the dividend will be paid in cash on 4th February 2004.

For enquiries:

Manchester & London Investment Trust plc - 0161 242 2899.

Midas Investment Management Ltd - 0870 121 1445.




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