MANCHESTER & LONDON INVESTMENT TRUST PLC

    Share Buy Back

    Manchester & London Investment Trust plc ("the Company") announces that it has
    today bought back 50,000 Ordinary shares in the capital of the Company,
    representing approximately 0.23 per cent of the Ordinary capital in issue
    (excluding treasury shares) at an average price of 235.0 pence per Ordinary
    share.

    The Ordinary shares bought back will be placed in treasury, and as a result the
    number of Ordinary shares in issue, Ordinary shares held in treasury, and Total
    Voting Rights attaching to the issued capital are now as follows:

    Number of Ordinary Shares in issue                                 22,457,042
                                                                                 
    Number of Ordinary Shares held in treasury                          1,007,622
                                                                                 
    Total Voting Rights attaching to Ordinary Shares in issue          21,449,420

    Compliance with Model Code

    In accordance with Listing Rule 15.5.1 (4), the Company announces that it is
    satisfied that all inside information which the Directors and the Company may
    have, once it is in the period leading up to the announcement of its results
    for the period ended 31 January 2016, will have previously been and will be/
    continue to be notified via a regulatory information service and, therefore,
    the dealings referred to in LR 15.5.1 (3) are permitted.

    For enquiries:

    Manchester & London Investment Trust Plc - 0161 242 2899

    M&L Capital Management Ltd - 020 7584 5733