MANCHESTER & LONDON INVESTMENT TRUST PLC                    

                            VALUATION AS AT 26 JANUARY 2016                        

    The unaudited fully diluted net asset value per share (including income and
    excluding shares held in treasury) was 295.6p as at 26 January 2016.

    For enquiries:

    Manchester & London Investment Trust Plc - 0161 242 2899

    M&L Capital Management Ltd - 0207 584 5733