Manchester and London Investment Trust plc.

Shareholder Meeting - Tuesday 15 January 2019.

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

Proven as the best Strategy for Returns!

2

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

3

Key Investment Metric: High Margin, IP Rich.

Source: Bloomberg L.P

KO US = The Coca-Cola Company

KMB US = Kimberly-Clark Corp

ULVR LN = Unilever PLC

NESN SW = Nestle SA

OR FP = L’Oreal SA

700 HK = Tencent Holdings Ltd

BABA US = Alibaba Group Holding Ltd

MSFT US = Microsoft Corp

GOOG US = Alphabet Inc

FB US = Facebook Inc4

Key Investment Metric: High Growth, High ROIC.

Source: Bloomberg L.P

MDLZ US = Mondelez International Inc

DGE LN = Diageo Plc

PYPL US = Paypal Holdings Inc

5

Key Investment Metric: Low Leverage, Cash Generative.

Source: Bloomberg L.P

EL US = The Estee Lauder Companies Inc NVDA US = NVIDIA Corp

6

Key Investment Metric: LT Performance Momentum, Large Cap.

Source: Bloomberg L.P

PG US = The Procter & Gamble Co AMZN US = Amazon.com Inc

7

Key Investment Metric: Similar Valuation Multiples, Faster Growth.

Source: Bloomberg L.P

8

What are the key Growth drivers for MNL LN now?

9

MNL LN Top Growth Drivers: E-Commerce.

Source: eMarketeer

10

MNL LN Top Growth Drivers: Public Cloud.

Source: Statista

11

MNL LN Top Growth Drivers: Video Gaming, VR, AR & E-Sports - the

fastest growing entertainment.

Source: Statista

12

What are the key Risks for MNL LN now?

13

3 Key Risks - Global Debt.

Source: Bloomberg L.P

14

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

Source: The Economist

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

15

3 Key Risks: Regulate to survive.

“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)16

What are you getting with MNL LN?

17

MNL LN: The medium term context.

Source: Bloomberg Finance L.P

18

MNL LN: Growing the Share Base, Increasing Liquidity & Spreading Cost.

Source: Bloomberg L.P

19

Dividend History - Yield now 2.7% (Source: FT).

Source: MLCM

13.75

6.00

13.36

9.00

12.00

0

2

4

6

8

10

12

14

16

2014 2015 2016 2017 2018

Dividend per Share (p)

Dividend per Share (p)

20

MNL LN - CityWire: Best Global Equities Investment Trust winner!

Source: Citywire

21

MNL LN - Elected to FT Adviser 100 Club.

22

Source: FT Adviser

Disclaimer.

23

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.

This document is confidential and is being supplied to you solely for your information and may not be reproduced,

redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any

purpose. Neither this document nor any copy of it may be sent to or taken into the United States, Canada,

Australia, the Republic of Ireland or Japan, nor may it be distributed to any US person (within the meaning of

regulation S under the US Securities Act of 1933, as amended).

This document does not constitute or form any part of any offer or invitation or other solicitation or

recommendation to purchase any securities. No reliance may be placed for any purpose whatsoever on the

information, representations or opinions contained in this document, and no liability is accepted for any such

information, representations or opinions.

Without prejudice to the foregoing, this document must not be passed on, directly or indirectly, to any person in

the United Kingdom other than a person who falls within Articles 19 or 49 of the Financial Services and Markets

Act 2000 (Financial Promotion) Order 2005 (as amended).

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

information and opinions contained in this document, nor does Manchester and London Investment Trust Plc,

M&L Capital Management Limited, or any other person accept any responsibility or liability whatsoever for any

loss howsoever arising from any use of this document or its contents or otherwise arising in connection

therewith.

The information contained in this document may amount to price sensitive information for the purposes of the

Criminal Justice Act 1993 or relevant information for the purposes of the Code of Market Conduct and recipients

should consider their positions carefully before undertaking any dealings.