Dividend Declaration

City of London Investment Trust PLC
6 December 2001



6 December 2001

                       THE CITY OF LONDON INVESTMENT TRUST PLC


                                 Dividend Resolutions

        The board of The City of London Investment Trust plc Announces:

        a)     Dividend on the Ordinary Shares

        That a second interim dividend of 1.98p per Ordinary Share of 25p, in
        respect of the year ending 30 June 2002, will be paid on 28 February
        2002 to holders registered at the close of business on 18 January
        2002. The Company's shares will be quoted ex-dividend from 16 January
        2002.

b)     Dividends on the Preference and Preferred Stocks


        That the dividends for the half year will be paid on 28 February 2002
        at:

        3.0% on £500,000 Cumulative First Preference Stock

        2.1% on £996,151 Non-Cumulative Second Preference Stock

        10.0% on £589,672 Non-Cumulative Preferred Ordinary Stock

        to holders registered at the close of business on 18 January 2002.

                                    -ENDS-

For further information please contact:

Job Curtis

Portfolio Manager

The City of London Investment Trust plc

Telephone: [phone]

Vicki Staveacre

Henderson Press Office

Telephone: [phone]