Manchester & London Investment Trust Plc – Half-year Financial Report

18 March 2026

MANCHESTER AND LONDON INVESTMENT TRUST PLC

(the «Company»)

The Company today announces its Half-yearly Report for the six months ended 31
January 2026 A copy of the Half-Yearly Report can be accessed via the Company’s
website at www.mlcapman.com/manchester-london-investment-trust-plcor by
contacting the Company Secretary by email [email protected].

Summary of Results

At At Change

31 January 2026 31 July

2025
Net assets attributable 398,943 413,128 (3.4%)
to Shareholders (£’000)
Net asset value («NAV») 1,049.17 1,077.29 (2.6%)
per Ordinary Share
(pence)

Six months

to 31 January

2026
NAV per share total return* (1.4%)

* Total return including dividends reinvested, as sourced from Bloomberg.

Six months to Six months to Change

31 January 2026 31 January 2025
Interim dividend per 20.00 7.00 13.00p
Ordinary Share
(pence)
Special dividend per 0.00 7.00 (7.00p)
Ordinary Share
(pence)

Dates for the interim dividend

Ex-dividend date 9 April 2026
Record date 10 April 2026
Payment date 8 May 2026

CHAIRMAN’S STATEMENT

Introduction & Performance

The first half of 2026 has been defined by a rapid acceleration in the
capabilities of Ai, most notably with the emergence of capable Ai Agents such as
Claude Code. This technological leap has precipitated a material divergence in
technology performance, causing significant disruption to software stocks as the
market reassesses the durability of legacy seat-based SaaS business models in an
agentic world. This disruption has broadened beyond software to impact sectors
such as publishing, financials and even healthcare, leaving fewer hiding places
for those that have yet to embrace the Ai era.

The Company’s NAV per share Total Return for the half year was -1.4 per cent.
Performance was primarily held back by the underperformance of Microsoft, an
exposure the Manager has since materially cut. The Manager’s Report sets out the
performance of the portfolio in more detail, including stock-specific
contributions.

The annualised NAV per share Total Return (dividends reinvested) in GBP for the
Management Team since inception (September 2015) remains approximately 17 per
cent per annum.

Board and Composition

There have been no changes to the Board during the period. Biographical details
of all the directors can be found in the latest AGM notice and the latest Annual
Report.

Capital Returns, Buy Backs, Discounts & Dividends

At the period end, the Shares traded at a 26.0 per cent discount to their NAV
per Share, compared to an average discount of 18.8 per cent in 2025.

On 24 September 2025 the Company announced it would be pausing on-market share
buybacks because the aggregate proportion of the Company’s voting power held by
the public (as that term is used in section 446 of the Corporation Tax Act 2010)
is now close to the minimum 35 per cent threshold. The Board does not expect a
near-term resumption of buybacks.

Some shareholders have expressed their view to the Manager that the pause of
share buybacksmeans that total capital returns via dividends and buybacks to
shareholders will hence reduce. As a result, on 23 October 2025 the company
announced an Enhanced Dividend Policy, stating an intention to pay at least 40p
per share per annum ordinary dividend for the next five years.

Consequently, we have declared an increased ordinary interim dividend of 20
pence per Ordinary Share. This marks an increase from the prior year (31 January
2025: 7.0p ordinary and 7.0p special) and underscores our commitment to
shareholder returns.

Auditor

Deloitte LLP were re-appointed as the Company’s auditor at the AGM held in 2025.

Outlook

The emergence of autonomous Ai agents in 2026 marks a watershed moment,
comparable in significance to the launch of ChatGPT. In our view, this
development reinforces the critical necessity of the infrastructure required to
support these models, underpinning our conviction that the Ai buildout has many
years yet to run. It is becoming clear that Ai Agents are a serious substitute
to Humans in the undertaking of various functions within an Enterprise. However,
we anticipate this will precipitate further disruption to legacy business
models, potentially impacting even those incumbents currently viewed as ‘safe’.

Within the Ai sector itself, market leadership is increasingly fluid; the
fortunes of individual companies can pivot sharply on perceptions of success,
with single model releases capable of driving significant share price movements.
Furthermore, the rapid pace of technological change within Ai infrastructure is
driving pronounced volatility where a stock can go from market darling to being
perceived technologically obsolete in a matter of weeks. Consequently, 2026
represents perhaps the most complex environment for stock selection in the
Manager’s decade-long tenure, a landscape offering exceptional opportunity, but
accompanied by elevated disruption risk.

The numerous risks we face include geopolitical friction between the US and
China, sticky inflation, and the evolving regulatory landscape. However, our
conviction in the «Machine Age» remains undiminished. We believe that focusing
our investment exposure on the hardware and infrastructure enabling this
transition offers the best path to long-term capital appreciation.

Please do not forget to consider the fund for this year’s ISA allowance.

Daniel Wright

Chairman

18 March 2026

MANAGER’S REPORT

Market Review

The Nasdaq 100 Technology Sector Index (NDXT) delivered a total return of 6.5
per cent in Sterling terms, a headline figure that masked a highly bifurcated
market where constituents were roughly evenly split between gainers and losers.
Index performance was narrowly concentrated, the Memory and Semi Cap companies
with high Memory exposure accounted for approximately 55 per cent of the index’s
return. A further 50 per cent of the index’s performance was driven by Alphabet
Inc, buoyed by the perceived success of its Gemini models. Conversely,
Microsoftwas the significant detractor for the index.

Against this backdrop, the Company’s NAV per share Total Return for the half
year was -1.4 per cent. Microsoftwas the primary reason for this
underperformance, creating a drag of approximately -4.6 per cent. Since the
period end, we have decisively reduced the Fund’s exposure to Microsoft to just
0.5 per cent of Net Assets. Whilst Microsoft has a sensible roadmap to becoming
a key Hyperscaler/Enterprise Platform for Ai, theexecution by the management
team has been too slow and technologically underwhelming compared to competitors
like Anthropic.

Currency movements provided a further material headwind. The 3.7 per cent
appreciation of Sterling against the US Dollar during the period reduced
returns, given the portfolio’s significant US Dollar exposure. We estimate that
Foreign Exchange movements negatively impacted portfolio performance by
approximately 3.5 per cent.

The total return of the portfolio by sector holdings in local currency
(excluding costs and foreign exchange) is shown below.

Total return of underlying sector holdings in local currency 2026

(excluding costs and foreign exchange)
Technology 2.5%
Consumer -0.5%
Financials 0.0%
Healthcare 0.0%
Other Investments (including Funds, ETFs and Hedges) 0.9%
Foreign Exchange, operating costs & financing -4.3%
Total NAV per Share return -1.4%

Technology

Material positive performers (>1 per cent contribution to return) included
Nvidia Corp, ASML Holding NV and Advanced Micro Devices Inc.

Material negative contributors included Microsoft Corp and Synopsys Inc, both
Software stocks. As noted above, Microsoft has now been reduced to 0.5 per cent
of Net Assets, whilst Synopsys has been fully disposed.

Following the exit of Synopsys and the strategic reduction of our Microsoft
position, the Fund now retains minimal exposure to legacy ‘Software 1.0’. It is
our view that most incumbent software business models face a radical
transformation in the agentic era, a transition likely to result in structurally
lower operating margins.

We remain focused on the ‘picks and shovels’ of Ai, increasing our exposure to
critical hardware components such as optical interconnects. However, the
velocity of technological change within the Data Center is accelerating;
consequently, we must dynamically adapt our positioning to capture shifting
architectural trends. Shareholders should therefore anticipate higher portfolio
turnover than in prior periods.

In recent newsletters, we have detailed the rationale underpinning our $500
price target for Nvidia, a valuation derived from our modelling of specific Ai
workload demands and the silicon best positioned to service them. While we will
continuously recalibrate this target as new data emerges, we currently see no
superior risk-adjusted vehicle to capture the value of the Ai transition.

The portfolio’s weighting to this sector (including options on a MTM basis) at
the period end was 95.8 per cent of the net assets, down marginally from 96.0
percent at the end of the previous financial year.

Consumer

There were no material positive or negative performers in this sector.

The portfolio’s weighting to this sector (including options on a MTM basis) at
the period end was 4.8 per cent of the net assets, up from 3.3 per cent at the
end of the previous financial year.

Financials

There were no material positive or negative performers in this sector.

The portfolio’s weighting to this sector (including options on a MTM basis) at
the period end was 3.5 per cent of the net assets, up from 3.2 per cent at the
end of the previous financial year.

Healthcare

There were no material positive or negative performers in this sector.

The portfolio’s weighting to this sector (including options on a MTM basis) at
the period end was 1.9 per cent of the net assets, up from 1.6 per cent at the
end of the previous financial year.

Other (including funds, ETFs and beta hedges)

There were no material positive or negative performers in this sector.

The portfolio’s weighting to this sector (including options on a MTM basis) at
the period end was 8.3 per cent of the net assets, up from 3.2 per cent at the
end of the previous financial year.

Market Outlook

While inflation has moderated from its peaks, it remains sticky, suggesting that
the path to lower interest rates may be more gradual than previously hoped.
However, even a stabilisation in yields provides a constructive backdrop for
future equity returns. Geopolitical risks between the US and China persist, and
we expect ongoing uncertainty around global tariff rates as supply chains
continue to decouple.

We continue to believe our portfolio of long-duration assets is likely to be
more sensitive to interest rate movements than to the effects of a mild
recession. Furthermore, should cash rates fall below a certain threshold, we
anticipate a significant rotation from money market funds into growth equities,
driven by the superior earnings potential of the Ai economy.

Market Risks

The primary challenges to equities remain inflation, recession, regulation,
energy prices, and war. While inflation has moderated from its peaks, it remains
sticky, and history warns of potential reversals. We remain hopeful that over
time, productivity gains from the «Machine Age» and the deployment of Ai Agents
can assist in structurally reducing inflation via increased productivity.

There is the possibility that countries that undertake material Ai investment,
such as the USA, will be rewarded with a decade or so of both productivity gains
and relatively strong economic growth. Should that scenario be combined with
contained geopolitical risks, then we could see a period of sustained stock
market returns.

Geopolitical risks, such as the conflict in Ukraine, the Middle East, and US
-Sino relations, also pose very material concerns. The world continues to
splinter into distinct spheres of influence, and while the US generational shift
in trade policy may be beneficial in the long run, it introduces heightened
uncertainty today.

Global debt levels and persistent fiscal deficits remain a source of concern,
and we continue to watch sovereign bond yields with vigilance. China, Iran,
North Korea, and Russia all have a history of being volatile actors that can
cause numerous horrific events that could cause material downside for the
markets. The companies in our portfolio have a material exposure to China and
Taiwan, hence we have been active at various times in recent years at laying on
hedges against this risk.

Ai Outlook

Contrary to the mainstream narrative, we see no evidence of an Ai bubble at this
stage. We view current Capital Expenditure levels as not only sustainable but
entirely commensurate with the magnitude of the opportunity. Our dashboard of
key metrics, including token usage, ROI, hyperscaler backlogs, and enterprise
adoption, points unequivocally to healthy unit economics for the sector.

The capability frontier has advanced rapidly in recent months, and we expect
this momentum in reasoning and autonomy to persist throughout the year. We
previously noted that the duration of tasks Ai could perform autonomously was
doubling every seven months; this rate of improvement has now accelerated to
just four months.

We view the dramatic success of Coding Agents as merely the beachhead for wider
Ai adoption. As SemiAnalysis recently observed:

«Coding was once the most valuable work of all… Coding is now a beachhead in
terms of the disruption that agentic information processing has, and the larger
15 trillion-dollar information work economy is now at risk. There are 1b+
information workers, or roughly 1/3rd of the global 3.6 billion workforce.»

We expect continued efficiency gains from hardware advances and model
optimisations to further drive down the cost per unit of intelligence, thereby
improving ROI for enterprise adopters.

Following further guidance upgrades during Q1, we remain on track for another
year of 60 per cent growth in hyperscaler Ai capex. Total combined 2025 and 2026
cloud capex is now projected at $1.2 trillion which is an increase of $500
billion from estimates just a year ago.

Consequently, we anticipate a continued reallocation of corporate budgets from
Labour towards Ai, driving further displacement of workers. Longer term, we
expect significant advances in robotics, particularly industrial robotics driven
by the onshoring of manufacturing and assembly activities back to the USA. We
would observe that those most at risk from disruption of Ai appear to be those
that believe the least in its future possibilities. It is worth considering that
point when you are next faced with abject denial of Ai’s substitution risk to
Human Enterprise functionality.

Concentration Risk

Since the last year end, we have materially reduced our portfolio concentration.
Nevertheless, at the time of writing, our top five holdings still represent
approximately 71% of Net Assets (by Delta Adjusted Exposure), with our single
largest holding accounting for circa 43%.

While we are happy to diversify further once opportunities allow (eg after
Anthropic and SpaceX Ipos) we refuse to diversify arbitrarily by rotating
capital from quality into ‘also-rans’.

In our Annual Report released in September 2025, we cautioned: ‘We would not be
surprised if, in a few years’ time, it will be seen that the most dangerous
portfolio to hold from today was a widely diversified selection of legacy
Software 1.0 stocks.’ Regrettably for many, this prediction has played out and
even affected the Enterprise Software names like Microsoft that we felt would be
more sheltered from these fears.

For our Retail Shareholders, the logical conclusion of this concentration risk
is that the Fund should form part of a broader, diversified portfolio. We urge
you not to over-concentrate your own holdings in this Fund if you cannot afford
to bear potential losses.

«Diversification is protection against ignorance. It makes little sense if you
know what you are doing,»  Warren Buffett

Conclusion

The risks are varied, numerous and material but the Era of Ai has many years
left to run. Ai offers investors a first-class ticket to what could be one of
the most exciting investment and economic periods of the century.

Please:

Visit our website:
https://mlcapman.com/about/ (https://urldefense.proofpoint.com/v2/url?u=https
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Long the Future.

M&L Capital Management Limited @MLCapMan

18 March 2026

Equity Exposures AND PORTFOLIO SECTOR ANALYSIS

Equity exposures (longs)

As at 31 January 2026

Company Sector* Exposure % of net assets

£’000
NVIDIA Technology 174,099 43.6
Corporation**
Broadcom Inc. Technology 1,849 10.5
TSMC** Technology 38,276 9.6
Microsoft Technology 34,092 8.6
Corporation
Lumentum Holdings Technology 17,736 4.4
Inc.**
Robinhood Markets Financials 15,390 3.9
Inc.**
Ciena Technology 14,307 3.6
Corporation**
Synopsys Inc. Technology 11,238 2.8
Liberty Media Consumer 10,323 2.6
Formula One
Group**
Vertiv Holdings Technology 10,205 2.6
Co.**
ROBO Global Funds, ETFs & Baskets 10,003 2.5
Robotics &
Automation**
Arista Networks Technology 8,885 2.2
Inc.
Coherent Technology 8,429 2.1
Corporation**
ASML Holding NV** Technology 7,483 1.9
Intuitive Healthcare 6,505 1.6
Surgical Inc.
Bloom Energy Energy 6,256 1.6
Corporation**
Infineon Technology 5,689 1.4
Technologies AG**
Lam Research Technology 5,284 1.3
Corporation
Karman Holdings Industrials & Defence 5,033 1.3
Inc.**
Celsius Holdings Consumer 4,843 1.2
Inc.**
AeroVironment Industrials & Defence 4,647 1.2
Inc.
TKO Group Consumer 3,787 1.0
Holdings Inc.**
SiTime Technology 3,762 0.9
Corporation**
Dell Technologies Technology 3,654 0.9
Inc.**
Solaris Energy Energy 2,575 0.7
Infrastructure
MACOM Technology Technology 2,315 0.6
Holdings Inc.**
ARK Space & Funds, ETFs & Baskets 2,266 0.6
Defence
Innovation
GE Vernova Inc.** Energy 2,118 0.5
Alphabet Inc. Technology 1,249 0.3
Insulet Healthcare 1,050 0.3
Corporation
Polar Capital Funds, ETFs & Baskets 577 0.1
Technology Trust
plc
ERShares Private Funds, ETFs & Baskets 569 0.1
-Public Crossover
Motorola Industrials & Defence 458 0.1
Solutions Inc.**
Live Nation Consumer 181 0.0
Entertainment
Inc.
Palo Alto Technology 15 0.0
Networks Inc.**

Total Long Equity 465,148 116.6
exposure

Other net assets (66,205) (16.6)
and
liabilities***
Net assets 398,943 100.0

*  Sector weightings have been determined using the primary sector
classification assigned to each holding by a leading Ai model, based on an
analysis of the company’s core business activities and industry focus.

** Including equity swap exposures.

***Includes Short Equity exposures and Options valued at marked to market.

Exposure is related to Delta Adjusted Exposure (Glossary).

INTERIM MANAGEMENT REPORT

The important events that have occurred during the period under review and the
key factors influencing the financial statements are set out in the Chairman’s
Statement on pages 4 and 5 and the Manager’s Report on pages 6 to 9.

The principal risks facing the Company are substantially unchanged since the
date of the latest Annual Report and Financial Statements and continue to be as
set out in the Strategic Report and note 16 of that report.  Risks faced by the
Company include, but are not limited to, investment performance risk; key man
risk and reputational risk; fund valuation risk; risk associated with engagement
of third-party service providers; regulatory risk; fiduciary risk; fraud risk;
portfolio concentration; and discount risk.  Details of the Company’s management
of these risks are set out in the Annual Report and Financial Statements.

M&M Investment Company plc is the controlling shareholder of the Company.  This
company was controlled throughout the six months ended 31 January 2026, and
continues to be controlled by Mark Sheppard, who forms part of the investment
management team at M&L Capital Management Limited.  Details of related party
disclosures are set out in note 7 of this Report.

DIRECTORS’ REPORT

Going Concern

As detailed in the notes to the financial statements and in the Annual Report
for the year ended 31 July 2025, the Board continually monitors the financial
position of the Company and has considered for the six months ended 31 January
2026 an assessment of the Company’s ability to meet its liabilities as they fall
due. The review also included consideration of the level of readily realisable
investments and current cash and debt ratios of the Company and the ability to
repay any outstanding prime broking facilities. In light of the results of these
tests on the Company’s cash balances and liquidity position, the Directors
consider that the Company has adequate financial resources to enable it to
continue in operational existence.  Having carried out the assessment, the
Directors are satisfied that it is appropriate to continue to adopt the going
concern basis in preparing the financial results of the Company.  The Directors
have not identified any material uncertainties or events that might cast
significant doubt upon the Company’s ability to continue as a going concern.
The assets of the Company comprise mainly of securities that are readily
realisable and accordingly, the Company has adequate financial resources to meet
its liabilities as and when they fall due and to continue in operational
existence for the foreseeable future.

Related Party Transactions

In accordance with DTR 4.2.8R there have been no new related party transaction
agreements during the six-month period to 31 January 2026 and therefore nothing
to report on any material effect by such transactions on the financial position
or performance of the Company during that period.  There have therefore been no
changes in any related party transaction agreements described in the last Annual
Report that could have a material effect on the financial position or
performance of the Company in the first six months of the current financial year
or to the date of this report.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The Directors confirm that to the best of their knowledge:

· the condensed set of financial statements has been prepared in accordance with
International Accounting Standard 34, Interim Financial Reporting; and gives a
true and fair view of the assets, liabilities, financial position and return of
the Company; and

· this Half-Yearly Report includes a fair review of the information required by:

a)      DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months of
the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and

b)      DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of the
current financial year and that have materially affected the financial position
or performance of the Company during that period; and any changes in the related
party transactions described in the last Annual Report that could do so.

This Half-Yearly Report was approved by the Board of Directors and the above
responsibility statement was signed on its behalf by:

Daniel Wright

Chairman

18 March 2026

Condensed Statement of Comprehensive Income

For the six months ended 31 January 2026

(Unaudited) (Unaudited) (Audited)

Six months Six months Year
ended ended ended

31 January 31 January 31 July
2026 2025 2025
Revenue Capital Total Revenue Capital Total Revenue
Capital Total

£’000 £’000 £’000 £’000 £’000 £’000 £’000
£’000 £’000
Gains/(Losses) 172 (3,581) (3,409) 126 23,513 23,639 346
104,967 105,313
on investments
at
fair value
through profit
or loss
Investment 486 – 486 605 – 605 1,090
– 1,090
income
Interest income 569 – 569 624 – 624 1,251
– 1,251
Other income 24 – 24 – – – –
– –

Gross return 1,251 (3,581) (2,330) 1,355 23,513 24,868 2,687
104,967 107,654

Expenses

Management fee (1,498) – (1,498) (1,256) – (1,256) (2,447)
– (2,447)
Other operating (338) – (338) (324) – (324) (635)
– (635)
expenses

Total expenses (1,836) – (1,836) (1,580) – (1,580) (3,082)
– (3,082)
Return before (585) (3,581) (4,166) (225) 23,513 23,288 (395)
104,967 104,572
finance costs
and
taxation

Finance costs (37) (1,707) (1,744) (61) (1,617) (1,678) (105)
(2,999) (3,104)
Return on (622) (5,288) (5,910) (286) 21,896 21,610 (500)
101,968 101,468
ordinary
activities
before tax

Taxation (70) – (70) (46) – (46) (109)
– (109)

Return on (692) (5,288) (5,980) (332) 21,896 21,564 (609)
101,968 101,359
ordinary
activities
after tax

Return per (1.82) (13.89) (15.71) (0.83) 54.60 53.77 (1.54)
257.29 255.75
Share:

Basic and fully
diluted (pence)

The total column of this statement represents the Condensed Statement of
Comprehensive Income, prepared in accordance with international accounting
standards in conformity with the requirements of UK IFRS and the Companies Act
2006.  The supplementary revenue and capital columns are both prepared under the
Statement of Recommended Practice published by the Association of Investment
Companies («AIC SORP»).

All items in the above statement are derived from continuing operations.  No
operations were acquired or discontinued during the period.

There is no other comprehensive income, and therefore the return for the period
after tax is also the total comprehensive income.

The notes on pages 17 to 21 form part of these financial statements.

Condensed Statement of Changes in Equity

For the six months ended 31 January 2026

For the six Share Share Special Capital Retained Total
months from 1
August capital premium reserve* reserve* earnings* £’000
2025 to 31
January 2026 £’000 £’000 £’000 £’000 £’000
(unaudited)
Balance at 1 10,132 25,888 64,138 313,579 (609) 413,128
August 2025
Ordinary shares – – (2,881) – – (2,881)
bought back and
held in treasury
Total – – – (5,288) (692) (5,980)
comprehensive
income
Dividends paid – – (5,324) – – (5,324)
Balance at 31 10,132 25,888 55,933 308,291 (1,301) 398,943
January 2026

For the six Share Share Special Capital Retained Total
months from 1
August capital premium reserve* reserve* earnings* £’000
2024 to 31
January 2025 £’000 £’000 £’000 £’000 £’000
(unaudited)
Balance at 1 10,132 25,888 86,468 211,611 – 334,099
August 2024
Ordinary shares – – (3,065) – – (3,065)
bought back and
held in treasury
Total – – – 21,896 (332) 21,564
comprehensive
income
Dividends paid – – (2,807) – – (2,807)
Balance at 31 10,132 25,888 80,596 233,507 (332) 349,791
January 2025

For the year Share Share Special Capital Retained Total
from 1
August 2024 capital premium reserve* reserve* earnings* £’000
to
£’000 £’000 £’000 £’000 £’000
31 July 2025
(audited)
Balance at 1 10,132 25,888 86,468 211,611 – 334,099
August 2024
Ordinary – – (14,038) – – (14,038)
shares bought
back and held
in
treasury
Total – – – 101,968 (609) 101,359
comprehensive
income
Dividends – – (8,292) – – (8,292)
paid
Balance at 31 10,132 25,888 64,138 313,579       413,128
July 2025 (609)

* These reserves are distributable, excluding any unrealised capital reserve.
The balance of the unrealised capital reserve at 31 January 2026 was
£199,468,000 (31 January 2025: £170,096,000; 31 July 2025: £242,928,000).

The notes on pages 17 to 21 form part of these financial statements.

Condensed Statement of Financial Position

As at 31 January 2026

Notes (Unaudited) (Unaudited) (Audited)

31 January 31 January 31 July

2026 2025 2025

£’000 £’000 £’000

Non-current assets
Investments held at fair value 363,520 311,794 375,583
through profit and loss

Current assets
Unrealised derivative assets 4,746 2,711 10,912
Trade and other receivables 3,310 195 189
Cash and cash equivalents 17,196 18,256 17,429
Cash collateral receivable from 23,949 25,054 16,783
brokers
49,201 46,216 45,313
Creditors – amounts falling due
within one year
Unrealised derivative (11,357) (7,691) (4,621)
liabilities
Trade and other payables (454) (528) (2,451)
Cash collateral payable to – – (587)
brokers
Bank overdrafts (1,967) – (109)
(13,778) (8,219) (7,768)
Net current assets 35,423 37,997 37,545
Net assets 398,943 349,791 413,128

Equity attributable to equity
holders
Ordinary Share capital 10,132 10,132 10,132
Share premium 25,888 25,888 25,888
Special reserves 55,933 80,596 64,138
Capital reserves 308,291 233,507 313,579
Retained earnings (1,301) (332) (609)
Total equity Shareholders’ 398,943 349,791 413,128
funds
Net asset value per Ordinary 1,049.17 879.41 1,077.29
Share – basic and diluted
(pence)
Number of shares in issue 3 38,024,587 39,775,645 38,348,979
excluding treasury

The notes on pages 17 to 21 form part of these financial statements.

Condensed Statement of Cash Flows

For the six months ended 31 January 2026

Six months to Six months to Year ended

31 January 31 January 31 July

2026 2025 2025

(Unaudited) (Unaudited) (Audited)

£’000 £’000 £’000
Cash flow from operating activities
Return on operating activities (5,910) 21,610 101,468
before tax
Finance costs 1,744 1,678 3,104
Losses/(gains) on investments held 2,722 (22,576) (105,518)
at fair value through profit or
loss
Decrease/(increase) in receivables 61 (13) (7)
(Decrease)/increase in payables (1,956) (21) 118
Exchange losses/(gains) on currency 859 (937) 551
balances
Tax (70) (46) (109)
Net cash used in operating (2,550) (305) (393)
activities

Cash flow from investing activities
Purchase of investments (77,751) (9,813) (51,683)
Sales proceeds 87,991 31,366 80,476
Derivative instrument cash flows 1,069 (3,617) 5,882
Net cash inflow from investing 11,309 17,936 34,675
activities

Cash flow from financing activities
Ordinary shares bought back and (2,893) (3,052) (12,192)
held in treasury
Equity dividends paid (5,324) (2,807) (8,292)
Interest paid (1,774) (1,640) (3,114)
Net cash used in financing (9,991) (7,499) (23,598)
activities

Net (decrease)/increase in cash and (1,232) 10,132 10,684
cash equivalents
Exchange (losses)/gains on currency (859) 937 (551)
balances
Cash and cash equivalents at the 17,320 7,187 7,187
beginning of the period
Cash and cash equivalents at the 15,229 18,256 17,320
end of the period

The notes on pages 17 to 21 form part of these financial statements.

Notes to the Condensed Financial Statements

1. Significant accounting policies

Basis of preparation

The condensed financial statements of the Company have been prepared in
accordance with international accounting standards, International Accounting
Standard 34 «Interim Financial Reporting», in conformity with the requirements
of the Companies Act 2006.

In the current period, the Company has applied amendments to IFRS.  These
include annual improvements to IFRS, changes in standards, legislative and
regulatory amendments, changes in disclosure and presentation requirements.  The
adoption of these has not had any material impact on these financial statements
and the accounting policies used by the Company followed in these half-year
financial statements are consistent with the most recent Annual Report for the
year ended 31 July 2025.

Going concern

The financial statements have been prepared on a going concern basis and on the
basis that approval as an investment trust company will continue to be met.

The Directors have made an assessment of the Company’s ability to continue as a
going concern and are satisfied that the Company has adequate resources to
continue in business for the foreseeable future, being a period of at least 12
months from the date these financial statements were approved.  In making the
assessment, the Directors have considered the likely impacts of international
and economic uncertainties on the Company, operations and the investment
portfolio.  These include, but are not limited to, the war in Ukraine, political
and economic instability in the UK, supply shortages and inflationary pressures.

The Directors noted that the cash balance exceeds any short-term liabilities,
the Company holds a portfolio of liquid listed investments and is able to meet
the obligations of the Company as they fall due.  The current cash enables the
Company to meet any funding requirements and finance future additional
investments.  The Company is a closed end fund, where assets are not required to
be liquidated to meet day to day redemptions.

The Directors have completed stress tests assessing the impact of changes in
market value and income with associated cash flows.  In making this assessment,
they have considered severe but plausible downside scenarios.  These tests apply
equally to any set of circumstances in which asset value and income are
significantly impaired.  The conclusion was that in a plausible downside
scenario the Company could continue to meet its liabilities.  Whilst the
economic future is uncertain, and the Directors believe that it is possible the
Company could experience further reductions in income and/or market value, and
changes in expenses, the opinion of the Directors is that this should not be to
a level which would threaten the Company’s ability to continue as a going
concern.

The Directors also regularly assess the resilience of key third party service
providers, most notably the Investment Manager and Fund Administrator.  The
Directors do not have any concerns about the financial viability of the
Company’s third party service providers.  Furthermore, the Directors are not
aware of any material uncertainties that may cast significant doubt upon the
Company’s ability to continue as a going concern, having taken into account the
liquidity of the Company’s investment portfolio and the Company’s financial
position in respect of its cash flows, borrowing facilities and investment
commitments (of which there are none of significance).  Therefore, the financial
statements have been prepared on the going concern basis.

       Comparative information

The financial information contained in this Half-Yearly Report does not
constitute statutory accounts as defined by the Companies Act 2006.  The
financial information for the periods ended 31 January 2026 and 31 January 2025
have not been audited or reviewed by the Company’s Auditors.

The comparative figures for the year ended 31 July 2025 are an extract from the
latest published audited statements and do not constitute the Company’s
statutory accounts for that financial year.  Those accounts have been reported
on by the Company’s Auditor and delivered to the Registrar of Companies.  The
report of the Auditor was unqualified, did not include a reference to any
matters to which the Auditor drew attention by way of emphasis without
qualifying their report, and did not contain a statement under section 498 (2)
or (3) of the Companies Act 2006.

2. Return per Ordinary Share

Returns per Ordinary Share are based on the weighted average number of Shares in
issue during the period.  Normal and diluted return per Share are the same as
there are no dilutive elements of share capital.

Six months Six months Year ended
to to
31 July
31 January 31 January 2025
2026 2025
(audited)
(unaudited) (unaudited)
Net Per Net Per Net Per
Share Share Share
return return Return
pence  Pence  Pence
£’000 £’000 £’000
Return on ordinary
activities after tax
Revenue (692) (1.82) (332) (0.83) (609) (1.54)
Capital (5,288) (13.89) 21,896 54.60 101,968 257.29
Total return on (5,980) (15.71) 21,564 53.77 101,359 255.75
ordinary activities

Weighted average 38,073,899 40,104,163 39,632,194
number of Ordinary
Shares

.

3. Share capital

Six months Six months Year ended
to to
31 July
31 January 31 January
2025
2026 2025
(audited)
(unaudited) (unaudited)
25p Ordinary Number £’000 Number £’000 Number £’000
Shares
Opening 40,528,238 10,132 40,528,238 10,132 40,528,238 10,132
Ordinary
Shares in
issue
Shares issued – – – – – –
Closing 40,528,238 10,132 40,528,238 10,132 40,528,238 10,132
Ordinary
Shares in
issue

Treasury
shares:
Balance at 2,179,259 335,220 335,220
beginning of
the
period/year
Buyback of 324,392 417,373 1,844,039
Ordinary
shares
into treasury
Balance at 2,503,651 752,593 2,179,259
end of
period/year
Total 38,024,587 39,775,645 38,348,979
Ordinary
Share
capital
excluding
treasury
shares

The Company’s Share capital comprises Ordinary Shares of 25p each with one vote
per Share.

No shares were issued during the period (six months to 31 January 2025: nil;
year ended 31 July 2025: nil).

During the period 324,392 Ordinary Shares were bought back and placed in
treasury (six months to 31 January 2025: 417,373; year ended 31 July 2025:
1,844,039).

4. Dividends per Ordinary Share

The Board has declared an interim dividend of 20p per Ordinary Share (2025:
interim dividend of 7p per Ordinary Share and special dividend of 7p per
Ordinary Share) which will be paid on 8 May 2026 to Shareholders registered at
the close of business on 10 April 2026 (ex-dividend 9 April 2026).

This dividend has not been included as a liability in these financial
statements.

5. Net asset value per Ordinary Share

Net asset value per Ordinary Share is based on net assets of £398,943,000 (31
January 2025: £349,791,000; 31 July 2025: £413,128,000) at the period end and
38,024,587 (31 January 2025: 39,775,645; 31 July 2025: 38,348,979) being the
number of Ordinary Shares excluding Treasury Shares in issue at the period end.

6. Fair value hierarchy

The Company measures fair values using the following hierarchy that reflects the
significance of the inputs used in making the measurements.

The fair value is the amount at which the asset could be sold in an ordinary
transaction between market participants, at the measurement date, other than a
forced or liquidation sale.

The Company measures fair values using the following hierarchy that reflects the
significance of the inputs used in making the measurements.  Categorisation
within the hierarchy has been determined on the basis of the lowest level input
that is significant to the fair value measurement of the relevant asset as
follows:

· Level 1 – valued using quoted prices, unadjusted in active markets for
identical assets and liabilities.
· Level 2 – valued by reference to valuation techniques using observable
inputs for the asset or liability other than quoted prices included in Level 1.
· Level 3 – valued by reference to valuation techniques using inputs that are
not based on observable market data for the asset or liability.

The tables below set out fair value measurement of financial instruments, by the
level in the fair value hierarchy into which the fair value measurement is
categorised.

Financial assets/liabilities at fair value through profit or loss at 31 January
2026

Level 1 Level 2 Level 3 Total

£’000 £’000 £’000 £’000
Investments 363,520 – – 363,520
Unrealised derivative assets – 4,746 – 4,746
Unrealised derivative liability – (11,357) – (11,357)
Total 363,520 (6,611) – 356,909

Financial assets/liabilities at fair value through profit or loss at 31 January
2025

Level 1 Level 2 Level 3 Total

£’000 £’000 £’000 £’000
Investments 311,794 – – 311,794
Unrealised derivative assets – 2,711 – 2,711
Unrealised derivative liability – (7,691) – (7,691)
Total 311,794 (4,980) – 306,814

Financial assets/liabilities at fair value through profit or loss at 31 July
2025

Level 1 Level 2 Level 3 Total

£’000 £’000 £’000 £’000
Investments 375,583 – – 375,583
Unrealised derivative assets – 10,912 – 10,912
Unrealised derivative liability – (4,621) – (4,621)
Total 375,583 6,291 – 381,874

7. Transactions with the Manager and related parties

M&L Capital Management Limited («MLCM»), a company controlled by Mark Sheppard,
acts as Manager to the Company.  Mark Sheppard is also a director of M&M
Investment Company plc («MMIC») which is the controlling Shareholder of the
Company.

During the six months to 31 January 2026, MMIC (including connected parties)
purchased no Ordinary shares.  As at 31 January 2026, MMIC (including connected
parties) was interested in a total of 23,874,710 Ordinary Shares of 25 pence
each in the Company, representing 62.79% of the voting share capital.

Total fees charged by the Manager for the six months to 31 January 2026 were
£1,498,000 (six months to 31 January 2025: £1,256,000; year ended 31 July 2025:
£2,447,000), of which £242,000 was outstanding as at 31 January 2026 (31 January
2025: £213,000; 31 July 2025: £251,000).

The fees payable to Directors are set out in the 2025 Annual Report.

There were no other related party transactions in the period.

8. Post Statement of Financial Position event

There were no other significant events since the end of the reporting period.

9. Glossary

Reference should be made to the Glossary in our Annual Report for the year ended
31 July 2025 (pages 91 to 93) for a definition of key terms and Alternative
Performance Measures (such as NAV, NAV per Share and Total Return).

INVESTMENT OBJECTIVE

The investment objective of the Company is to achieve capital appreciation.

INVESTMENT POLICY

Asset allocation

The Company’s investment objective is sought to be achieved through a policy of
actively investing in a diversified portfolio, comprising any of global equities
and/or fixed interest securities and/or derivatives.

The Company may invest in derivatives, money market instruments, currency
instruments, contracts for differences («CFDs»), futures, forwards and options
for the purposes of (i) holding investments and (ii) hedging positions against
movements in, for example, equity markets, currencies and interest rates.

The Company seeks investment exposure to companies whose shares are listed,
quoted or admitted to trading. However, it may invest up to 10% of gross assets
(at the time of investment) in the equities and/or fixed interest securities of
companies whose shares are not listed, quoted or admitted to trading.

Risk diversification

The Company intends to maintain a diversified portfolio and it is expected that
the portfolio will have between approximately 20 to 100 holdings.  No single
holding will represent more than 20% of gross assets at the time of investment.
In addition, the Company’s five largest holdings (by value) will not exceed (at
the time of investment) more than 75% of gross assets.

Although there are no restrictions on the constituents of the Company’s
portfolio by geography, industry sector or asset class, it is intended that the
Company will hold investments across a number of geographies and industry
sectors.  During periods in which changes in economic, political or market
conditions or other factors so warrant, the Manager may reduce the Company’s
exposure to one or more asset classes and increase the Company’s position in
cash and/or money market instruments.

The Company will not invest more than 15% of its total assets in other listed
closed-ended investment funds. However, the Company may invest up to 50% of
gross assets (at the time of investment) in an investment company subsidiary,
subject always to the other restrictions set out in this investment policy and
the Listing Rules.

Gearing

The Company may borrow to gear the Company’s returns when the Manager believes
it is in Shareholders’ interests to do so.  The Company’s Articles of
Association («Articles») restrict the level of borrowings that the Company may
incur up to a sum equal to two times the net asset value of the Company as shown
by the then latest audited balance sheet of the Company.

The effect of gearing may be achieved without borrowing by investing in a range
of different types of investments including derivatives.  Save with the approval
of Shareholders, the Company will not enter into any investments which have the
effect of increasing the Company’s net gearing beyond the limit on borrowings
stated in the Articles.

General

In addition to the above, the Company will observe the investment restrictions
imposed from time to time by the Listing Rules which are applicable to
investment companies with shares listed on the Official List of the Financial
Conduct Authority («FCA»).

No material change will be made to the investment policy without the approval of
Shareholders by ordinary resolution.

In the event of any breach of the investment restrictions applicable to the
Company, Shareholders will be informed of the remedial actions to be taken by
the Board and the Manager by an announcement issued through a regulatory
information service approved by the FCA.

Investment Strategy and Style

The fund’s portfolio is constructed with flexibility but is primarily focused on
stocks that exhibit the attributes of growth.

Target Benchmark

Under UKLR 11 for closed-ended investment funds, there’s no requirement for the
Company to adopt a performance benchmark.

Investments for the portfolio are not selected from constituents of any single
index and the Company does not use any individual benchmark to assess
performance.

As stated in our last Annual Report, we are tired of being expensively charged
by benchmark providers so we have cancelled all services received from our
previous benchmark providers.

There are a huge number of digital financial data providers that allow
shareholders to assess the performance of the Company on a Share Price and/or
Net asset value per share basis against whichever benchmark the shareholder
thinks is the best and many allow this for free.

Providing charts and data against benchmarks heralds back to the digital dark
ages when such information was not ubiquitously free.

Environmental, Social, Community and Governance

The Company considers that it does not fall within the scope of the Modern
Slavery Act 2015 and it is not, therefore, obliged to make a slavery and human
trafficking statement.  In any event, the Company considers its supply chains to
be of low risk as its suppliers are typically professional advisers.

In its oversight of the Manager and the Company’s other service providers, the
Board seeks assurances that they have regard to the benefits of diversity and
promote these within their respective organisations.  The Company has given
discretionary voting powers to the Manager.  The Manager votes against
resolutions they consider may damage Shareholders’ rights or economic interests
and report their actions to the Board.  The Company believes it is in the
Shareholders’ interests to consider environmental, social, community and
governance factors when selecting and retaining investments and has asked the
Manager to take these issues into account.  The Manager does not exclude
companies from their investment universe purely on the grounds of these factors
but adopts a positive approach towards companies which promote these factors.
The portfolio’s Sustainalytics Environmental Percentile was 81.1% as at 31
January 2026.

The Company notes the Task Force on Climate-related Financial Disclosures
(`TCFD’) reporting recommendations.  However, as a listed investment company,
the Company is not subject to the Listing Rule requirement to report against the
framework.  The Company fully recognises the impact climate change has on the
environment and society, and the Manager continues to work with the investee
companies to raise awareness on climate change risks, carbon emission and energy
efficiency.

SHAREHOLDER INFORMATION

Investing in the Company

The Shares of the Company are listed on the Official List of the FCA and traded
on the London Stock Exchange. Private investors can buy or sell Shares by
placing an order either directly with a stockbroker or through an independent
financial adviser.

Electronic communications from the Company

Shareholders now have the opportunity to be notified by email when the Company’s
Annual Report, Half-Yearly Report and other formal communications are available
on the Company’s website, instead of receiving printed copies by post.  This
reduces the cost to the Company as well as having an environmental benefit in
the reduction of paper, printing, energy and water usage.  If you have not
already elected to receive electronic communications from the Company and now
wish to do so, visit www.signalshares.com. All you need to register is your
investor code, which can be found on your Share certificate or your dividend
confirmation statement.

Alternatively, you can contact MUFG Corporate Markets’ Customer Support Centre
which is available to answer any queries you have in relation to your
shareholding: By phone: 0371 664 0300 (from overseas call +44 (0) 371 664 0300).
Calls are charged at the standard geographic rate and will vary by provider.
Calls outside the United Kingdom will be charged at the applicable international
rate. Lines are open between 09:00 – 17:30, Monday to Friday excluding public
holidays in England and Wales.

By email – [email protected]

By post – MUFG Corporate Markets – Share Dealing, Central Square, 29 Wellington
Street, Leeds, LS1 4DL.

Frequency of NAV publication

The Company’s NAV is released to the London Stock Exchange on a weekly basis.

Sources of further information

Copies of the Company’s Annual and Half-Yearly Reports, factsheets and further
information on the Company can be obtained from its website:
www.mlcapman.com/manchester-london-investment-trust-plc.

Key dates 2026
Half-Yearly results announced March
Interim dividend payment May
Company’s year end 31 July
Annual results announced September
Annual General Meeting November
Expected final dividend payment November
Company’s half-year end 31 January

CORPORATE INFORMATION

Directors and Advisors

Directors Auditor
Daniel Wright (Chairman) Deloitte

110 Queen Street

Glasgow

G1 3BX
Brett Miller
Sir James Waterlow
Daren Morris

Manager and Alternative Administrator
Investment Fund Manager
M&L Capital Management Waystone Administration Solutions (UK) Limited
Limited
Broadwalk House
12a Princes Gate Mews
Southernhay West
London SW7 2PS
Exeter EX1 1TS
[email protected]

www.mlcapman.com

Company Secretary Registrar
MUFG Corporate Governance Limited MUFG Corporate Markets (UK) Limited

19th Floor 10th Floor

51 Lime Street Central Square

London EC3M 7DQ 29 Wellington Street

Leeds LS1 4DL

Tel: 0371 664 0300

Email: [email protected]

Depositary Bank
Indos Financial Limited National Westminster Bank plc

The Scalpel 11 Spring Gardens

18th Floor Manchester M60 2DB

52 Lime Street

London EC3M 7AF

Company Details

Registered office Country of incorporation
12a Princes Gate Mews Registered in England and Wales

London SW7 2PS Company Number: 01009550

Company website

www.mlcapman.com/manchester-london-investment-trust-plc

LEI: 213800HMBZXULR2EEO10

Name of authorised official of issuer responsible for making notification

MUFG Corporate Governance Limited, Company Secretary

Tel: 0333 300 1950

18 March 2026

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