Fairfax I.S. PLC has been advising Manchester & London Investment Trust PLC (“MLIT”) in relation to its proposed recommended offer for the entire issued, and to be issued, share capital of Osprey Smaller Income Companies Fund Limited (“Osprey”) (the “Proposed Offer”). The offer has been recommended by the Osprey board and is conditional on the approval of MLIT shareholders at a general meeting.

Should the Proposed Offer be unconditional as to acceptances on the first closing date, being the 26 May 2009 and the resolutions are passed at the MLIT General meeting on 28 May 2009, it is expected that the New MLIT shares will be admitted to Listing and the offer will be unconditional in all respects on 29 May 2009.

Copies of the Offer Document, Prospectus equivalent document and Circular are available at: http://www.manchesterandlondon.co.uk/index.html