Re Directorate

Manchester & London Inv Tst PLC
24 November 2000



LETTER TO: COMPANY ANNOUNCEMENTS

                             BOARD CHANGES

Further to the announcement of 4th October 2000, we confirm that following the
Company's Annual General Meeting on 20th November 2000, Lord Carlisle of
Bucklow, Maurice Webb and Ellis Bor ceased to be Directors of the Company, and
the appointment of John Lee was confirmed.

The Board now comprises:-

                       P.H.A. Stanley (Chairman)
                       B.S. Sheppard
                       M.J. Wilbraham
                       J.R.L. Lee


LETTER FROM: MANCHESTER & LONDON INVESTMENT TRUST PLC