Manchester and London Investment Trust plc.

Shareholder Meeting – 14th January 2020.

The Members’ Room, ICAEW, Chartered Accountants' Hall, Moorgate Place,

London, EC2R 6EA.

M&L Capital Management Limited.

12a Princes Gate Mews, London, SW7 2PS.

Tel +44 (0) 20 7584 5733

MNL LN: The medium term context.

Source: Bloomberg Finance L.P

2

Performance continues: 3 year Total Return on Share Price is 106.7%!

Keeping ahead of the Famous/Overbought competition: Rebalance your Portfolio!

Source: Bloomberg Finance L.P

3

Last 3 years: we Beat all of Scottish Mortgage, FundSmith, Polar Capital Tech, Lindsell Train.

MNL LN: Increasing Liquidity & Materially Lowering Cost per Share.

Source: Bloomberg L.P

4

Market Capitalisation growth ~3x in 3 years from~£60m to ~£180m.

Dividend History - 5 year trend continues Yield now 2.6% (Source: FT).

Source: MLCM

5

13.75

6.00

13.36

9.00

12.00

14.00

0

2

4

6

8

10

12

14

16

Dividend per Share (p)

What are the 3 key Growth drivers for MNL LN now?

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MNL LN Top Growth Drivers: Software as a Service

Source: Statista

7

Global Software as a Service (SaaS) Market

MNL LN Top Growth Drivers: Public Cloud.

Source: Statista

8

Microsoft expect Global IT spend to increase from ~5% of GDP to > 10% in the next decade.

MNL LN Top Growth Drivers: E-Commerce.

Source: eMarketeer

9

Further growth to come from Instagram Shopping, Google Shopping and other new avenues driven by 5G.

What are the key Risks for MNL LN now?

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3 Key Risks: Regulation of Tech. has Expanded from EU to USA to Global.

“Communities have historically been formed and controlled by physical and

geographical parameters in the formation of nations. In the future, communities will

move from being physical to online, resulting in legacy political power systems

becoming increasingly redundant.” (Asimov)11

3 Key Risks: The New Cold War - the USA China Tech War for Supremacy.

Source: The Economist

https://www.economist.com/news/leaders/21738883-americas-technological-hegemony-under-threat-china-battle-digital-supremacy

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3 Key Risks – Debt & the Yield Curve

Source: Bloomberg L.P

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Proven as the best Strategy for Returns!

14

IP & Growth: The best Strategy to beat the market.

Source: Bloomberg Finance L.P.

SPX - S&P 500 - TRACKERS

S5CONS - S&P 500 Consumer Staples Sector - QUALITY

NDX - Nasdaq 100 - TECH & IP

HSI - Hang Seng (proxy for developing markets) - ASIA

CPI - US Consumer Prices Index - CASH at BANK

RTY - Russell 2000 (proxy for small companies) - SMALL CAP

1

5

Key Investment Metric: Similar Valuation Multiples, Faster Growth.

Source: Bloomberg L.P

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History shows sectors grow for multi decades: Energy ~100yrs, Staples >100

years.

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Some predictions for the Next Decade.

1. Over the next year, passive general index Equity market gains will be sparse. 2. Within Two years, the Net Asset Value of MNL LN may have broken above £200m

(This is not a forecast, it is a statement of hope).3. Within Three years, Disney will be acquired by a Tech Gorilla.4. Within Four years, ten year treasury yields will break new lows. (The

Japanification of the developed markets will become common thinking).5. Over the next Five years, UK property prices will have stagnated. (The move to

renting and the recent vast increases in Stamp duty will act as permanent drags on progress).

6. In Six years, the China/USA Trade War will still be an issue. (The consequence will have materially damaged a number of regions such as India and Europe).

7. In Seven years, the Nasdaq 100 index will have doubled from its current level. (This contrasts markedly with Prediction 8 & 1) (Driven by gains in SaaS, 5G, AI and Cloud focused stocks).

8. In Eight years, the FTSE100 will have stagnated having provided a low single digit annualised return at best.

9. In Nine years, the growth of Chinese SaaS will be viewed as one of the best investment opportunities of the last decade.

10. In Ten years, global oil demand will be in precipitous decline.

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Disclaimer.

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This document is not a prospectus, but an advertisement and investors should not subscribe for any transferable

securities based on the information contained in this presentation or any other research materials.

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Manchester and London Investment Trust Plc, M&L Capital Management Ltd, nor any other person makes any

guarantee, representation or warranty, express or implied as to the accuracy, completeness or fairness of the

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