Dividend Declaration

City of London Investment Trust PLC
10 July 2003

10 July 2003


                        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 2.07p per Ordinary Share of 25p, in
        respect of the year ending 30 June 2003, will be paid on Friday 29
        August 2003 to holders registered at the close of business on 18 July
        2003. The Company's shares will be quoted ex-dividend from 16 July 2003.

        b)     Dividends on the Preference and Preferred Stocks

        That the dividends for the half year will be paid on Friday 29 August
        2003 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 July 2003.

                                     -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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