MANCHESTER & LONDON INVESTMENT TRUST PLC

    (the "Company")

    Sale of Treasury Shares

    The Company announces that it has today sold 100,000 of its ordinary shares of
    25 pence each held in Treasury at a price of 385.0 pence per share.

    Following this sale, the Company's issued share capital consists of 22,457,042
    ordinary shares of which 294,254 ordinary shares are held in treasury. 
    Therefore, the total number of shares with voting rights in the Company is
    22,162,788.

    The figure of 22,162,788 may be used by shareholders as the denominator for the
    calculations by which they will determine if they are required to notify their
    interest in, or a change to their interest in, the Company under the FCA's
    Disclosure Guidance and Transparency Rules.

    3 October 2017