MANCHESTER & LONDON INVESTMENT TRUST PLC                    

                            VALUATION AS AT 5 JANUARY 2016                         

    The unaudited fully diluted net asset value per share (including income and
    excluding shares held in treasury) was 304.4p as at 5 January 2016.

    For enquiries:

    Manchester & London Investment Trust Plc - 0161 242
    2899                                                                                                                        
                                                 

    M&L Capital Management Ltd - 0207 584 5733