Dividend Declaration

City of London Investment Trust PLC
4 July 2002



        4 July 2002

                        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 fourth interim dividend of 2.00p per Ordinary Share of 25p, in
        respect of the year ending 30 June 2002, will be paid on 30 August 2002
        to holders registered at the close of business on 19 July 2002. The
        Company's shares will be quoted ex-dividend from 17 July 2002.

b)     Dividends on the Preference and Preferred Stocks


        That the dividends for the half year will be paid on 30 August 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 19 July 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]



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