Manchester&lon. Regulatory News (MNL)

Manchester and London Investment Trust plc 31 May 2013 Interim Management Statement (Unaudited) for the four months ended 31 May 2013. This interim management statement relates to the period from 1 February 2013 to31 May 2013 and contains information that covers that period, unless otherwisestated. Subsequent to that period, the NAV per share decreased to 337.4p as at12 June 2013. Review of the Period * Over the period, the Group's net asset value and share price total returns were (10.1) per cent and (9.6) per cent respectively. The FTSE All-Share Index return was 5.7 per cent (Source: www.londonstockexchange.com). * The interim dividend of 5.5p per share was declared on 19 March 2013 and paid on 29 April 2013. * Vodafone Group plc was a new addition to the portfolio, whilst prior holdings in Valiant Petroleum plc and Sportingbet plc were sold. * The Glencore International plc and Xstrata plc merger was completed in this period. Investment Objective The investment objective of the Company is to achieve capital appreciationtogether with a reasonable level of income. Financial Return (%) 2013 YTD 2012 2011 2010 2009 Share Price 6.3 (25.9) 23.5 7.0 (8.4) Net Asset 6.5 (23.1) 15.3 15.2 (3.7)Value Benchmark 18.7 (3.3) 11.4 15.4 (14.5) Periods are financial years to 31 July. Financial Position As at 31 May 2013 As at 31 January 2013 Net Assets £80.4m £89.4m Share Price 312.5p 345.8p Net Asset Value 358.1p 398.1p Discount 12.7% 13.1% Gearing 83.8% 80.0% Share prices source: www.londonstockexchange.com Portfolio Analysis Ten largest consolidated holdings as at 31 May 2013 Stock Name % of Net Assets Sector PZ Cussons plc 20.8 Personal Goods Weir Group plc 12.7 Industrial Engineering Glencore Xstrata plc 9.5 Mining Diageo plc 8.3 Beverages Smith & Nephew plc 8.1 Medical Technology Standard Chartered 8.0 Banksplc Syngenta AG 7.7 Agrisciences BP plc 7.2 Oil & Gas Producers BG Group plc 7.1 Oil & Gas Producers Unilever plc 7.0 Food Producers and Processors Sector Analysis as at 31 May 2013 Sector % of Net Assets Personal Goods 26.8% Oil & Gas Producers 25.7% Mining 20.6% Industrial Engineering 15.0% General Industrial 10.8% Beverages 8.3% Medical Technology 8.1% Banks 8.0% Agrisciences 7.7% Food Producers 7.2% Mobile Telecommunications 6.0% Travel & Leisure 4.0% Index Longs 3.4% Financials 0.1% Cash and Other Assets/Liabilities (51.7)% Analysis of NAV Underperformance since 1 August 2012, relative to the benchmarkindex Underperformance of consumer goods investments including: 1.2% Burberry Group plc, Diageo plc, PZ Cussons plc, Unilever plc. Underperformance of mining investments including: 2.7% Glencore Xstrata plc, Rio Tinto plc, Vedanta Resources plc. Underperformance of oil & gas investments including: 4.3% Afren plc, BG Group plc, BP plc. Overperformance of capital goods investments including: (0.8%) HMS Group plc, Smiths Group plc, Weir Group plc. Underperformance of financial investments including: 0.8% Standard Chartered plc. Underperformance due to reducing net long to net asset 3.2%leverage as the market rose. Trading result for the period plus loss on position in Ocado 0.5%Group plc. Combined other factors. 0.3% Total Underperformance. 12.2% By order of the Board Peter Thomas, for and on behalf of Manchester & London Investment Trust plc,Secretary. 14 June 2013. Registered office: Arthur House, Chorlton Street, Manchester, M1 3FH. Telephone: 0161 228 1709. This interim statement has been prepared solely to provide information to meetthe requirements of the UK Listing Authority's Disclosure and TransparencyRules. 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 Stanley Tel: 0161 228 1709 Midas Investment Management Limited (Investment Manager to MNL). Mark Sheppard

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