Director/PDMR Shareholding clarification - cessation of PCA status

16 September 2026

Manchester and London Investment Trust plc (“The Company”)PDMR shareholding clarification — cessation of PCA status 

The Company announces that Helena Sheppard, the daughter of Mark Sheppard, a PDMR of The Company, ceased to be a person closely associated with Mr Sheppard for the purposes of the UK Market Abuse Regulation.

Her holding of 83,884 ordinary shares is therefore excluded from the aggregate shareholding disclosed in respect of Mr Sheppard and his persons closely associated. As at 16th September 2026, that aggregate is 23,791,851 ordinary shares, representing 62.6% of the Company’s total voting rights.  The requirement to make a notification under Disclosure Guidance and Transparency Rule 5.1.2R is not triggered by this exclusion.

For the avoidance of doubt, this announcement reflects a change in the scope of disclosure only. No shares have been acquired or disposed of in connection with this change.  This clarification does not alter the treatment of Helena’s holding for close-company tax purposes.  It should be noted that given the Company’s proximity to close-company status, the Company has used the Corporation Tax Act 2010 definition of associates for the broader disclosure of holdings associated with M&M Investment Company Ltd and Mark Sheppard in the Annual Report under the Substantial Shareholdings section.

LEI: 213800HMBZXULR2EEO10

Name of authorised official of issuer responsible for making notification

MUFG Corporate Governance Limited, Company Secretary

Tel: 0333 300 1932