Dividend Declaration

City of London Investment Trust PLC
18 October 2002


                    THE CITY OF LONDON INVESTMENT TRUST PLC

                        Board Meeting - 18 October 2002

                              Dividend Resolution

        The Board of The City of London Investment Trust plc announces:-

        Dividend on the Ordinary Shares

That a first interim dividend of 2.00p per Ordinary Share of 25p, in respect of
the year ending 30 June 2003, be paid on 29 November 2002 to holders registered
at the close of business on 15 November 2002. The Company's shares will go
ex-dividend on 13 November 2002.

                                     -ENDS-


For further information please contact:

Job Curtis
Portfolio Manager
The City of London Investment Trust plc
Telephone: [phone]

Stephen Westwood
Head of Investment Trusts
Henderson Global Investors
Telephone: [phone]

Stephen Phillips
Investor Relations Manager
Henderson Global Investors
Telephone: [phone]

or

Mark Vickery
Henderson Press Office
Telephone: [phone]



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