Manchester&lon. Regulatory News (MNL)

Manchester and London Investment Trust plc 11th December 2014 Trading Statement (Unaudited) for the period ended 10th December 2014. This statement relates to the period from 1st August 2014 to 10th December 2014and contains information that covers that period, unless otherwise stated. Review of the Period * Over the period, the Group's net asset value and share price returns were (8.0) per cent and (8.7) per cent respectively. The Dow Jones U.K. Total Stock Market Index return was (3.0) per cent. * An interim 2014 special dividend of 5p per share was paid on 22nd August 2014. * The final ordinary 2014, second special 2014 and quarter 1 special 2015 dividends (totaling 5.55p per share) were paid on 28th November 2014. * Removing the effect of the dividend pay out ratio for the Company exceeding the benchmark, the fund underperformed it's benchmark by 2.7 per cent. * Prior top 10 holdings Afren plc, Glencore plc and bioMérieux SA have been fully divested. Holdings in Jardine Matheson Holdings Ltd and PZ Cussons plc have been materially reduced. New top 10 holdings Damille Investments II Ltd and Smith & Nephew plc were purchased during the period. * The portfolio has been refocused on Consumer Goods, Healthcare and Technology (including Agrisciences). The number of holdings has been increased and the size of individual holdings reduced. Investment Objective The investment objective of the Company is to achieve capital appreciationtogether with a reasonable level of income. Financial Return (%) 2015 YTD 2014 2013 2012 2011 Share Price (8.7) (14.5) 2.0 (25.9) 23.5 Net Asset Value (8.0) (12.3) (0.6) (23.1) 15.3 Benchmark (3.0) 1.9 20.1 (2.8) 11.5 Periods are financial years to 31st July excluding YTD which is to the 10thDecember 2014. Financial Position As at 10th December 2014 As at 31st July 2014 Net Assets £58.4m £64.4m Share Price 234.0p 256.3p Net Asset Value 269.7p 293.2p Discount 13.2% 12.6% Gearing 90.3% 104.0% Share prices source: FactSet Research Systems Inc. Benchmark with thanks to: S&P Dow Jones Indices. Portfolio Analysis Top 15 Gross Asset Exposures as at 10th December 2014 Stock Name % of Net Assets Sector PZ Cussons plc 13.1 Consumer Goods Damille Investments II Ltd 6.4 Financials AstraZeneca plc 6.0 Healthcare Smith & Nephew plc 5.8 Healthcare Diageo plc 5.0 Consumer Goods Unilever plc 4.6 Consumer Goods Syngenta AG 4.3 Speciality Chemicals Pernod Ricard SA 4.1 Consumer Goods KWS SAAT AG 3.6 Speciality Chemicals BG Group plc 3.4 Oil & Gas Jardine Matheson Holdings Ltd 3.2 Consumer Goods Davide Campari-Milano S.p.A. 2.9 Consumer Goods Shire plc 2.7 Healthcare Beiersdorf AG 2.5 Consumer Goods Tsingtao Brewery Co., Ltd. 2.5 Consumer Goods * now fully disposed of. Sector Analysis as at 10th December 2014 Sector % of Net Assets Consumer Goods 45.7 Healthcare 14.4 Technology 11.0 Speciality Chemicals 8.0 Cash and Other Assets/Liabilities 7.9 Financials 6.4 Oil and Gas 4.2 Consumer Services 1.5 Industrials 0.9 Removing the effect of the dividend pay out ratio for the Company exceeding thebenchmark, the fund underperformed it's benchmark by 2.7 per cent, this equatedto a reduction in NAV per share of 5.7 per cent. The constituents of thisdecrease since 1st August 2014 can be broken down as follows (shown inpercentage terms): Performance of Oil & Gas investments (4.5) Performance of PZ Cussons plc (2.1) Combined other factors 0.9 Total performance. (5.7) 11th December 2014. Registered office: Arthur House, Chorlton Street, Manchester, M1 3FH.Telephone: 0161 228 1709. This statement has been prepared solely to provide information to meet therequirements of the UK Listing Authority's Disclosure and Transparency Rules. Please note that the up to date information on the Company, includingfactsheets and portfolio information can be found on the Company's website at: http://www.manchesterandlondon.co.uk/investorRelations.php Enquiries: Manchester & London Investment Trust plc.Peter StanleyTel: 0161 228 1709 Midas Investment Management Limited (Investment Manager to MNL).Mark SheppardTel: 0161 242 2895