Interim Management Statement

City of London Investment Trust PLC 12 October 2007 THE CITY OF LONDON INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS 12 OCTOBER 2007 THE CITY OF LONDON INVESTMENT TRUST PLC Interim Management Statement Review of the period from 1 July 2007 to 30 September 2007 MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD Portfolio: during the period there was net investment of £5.52m, although the number of holdings in the portfolio decreased from 96 to 93. The stocks that were sold were Biffa, Corio, Enel, Johnston Press and Mitchells & Butlers. There are two new stocks in the portfolio: BSkyB and Deutsche Telekom. Gearing: during the quarter gearing increased from 5.5% (at 30 June) to 7.0% (at 30 September). Dividends: a fourth interim dividend of 2.62p per ordinary Share, in respect of the year ending 30 June 2007, was paid on 31 August 2007 to holders registered on 27 July 2007. On 29 August 2007, the Company declared a first interim dividend of 2.84p per ordinary share, in respect of the year ending 30 June 2008, to be paid on 30 November 2007 to holders registered at the close of business on 26 October 2007. Discount: the share price discount to net asset value (with debt at par value) narrowed over the period from 12.6% to 9.7%. Changes to Board: Mr Mark Nicholls resigned from the Board at the conclusion of the AGM on 10 October. On 24 September, it was announced that Mr Richard Hextall would be appointed a director of the Company with effect from 1 November 2007. Share Capital: during the quarter the Company bought back 355,172 ordinary shares at a cost of £1.38m. There are no other material events or transactions to report. PERFORMANCE AND FINANCIAL HIGHLIGHTS Total Return Performance at 30 September 2007 3 months 1 year 3 years 5 years Net Asset Value per ordinary share -2.1% +11.7% +64.9% +126.2% FTSE All-Share Index - 4% capped * + -1.8% +13.1% +67.8% +128.2% FTSE All-Share Index + -1.8% +12.2% +60.6% +117.0% Average UK Growth & Income Investment Trust Net Asset Value -4.0% +9.8% +61.5% +122.5% Sources: AIC Services Limited / * Datastream + since 1 July 2005 the benchmark is the total return of the FTSE All-Share Index - adjusted for a maximum 4% cap for any single stock. Prior to this, it was the total return of the FTSE All-Share Index. Financial Position at 30 September 2007 at 30 June 2007 Net assets £689.3m £718.7m Net asset value 332.06p 345.62p Ordinary share price 300.00p 302.00p Discount 9.7% 12.6% Gearing 7.0% 5.5% Yield 3.4% 3.4% Total Expense Ratio 0.44% 0.42% THE PORTFOLIO Top 10 Investments % of total assets % of total assets at 30 September 2007 at 30 June 2007 Vodafone 4.8 4.4 BP 4.5 4.7 British American Tobacco 4.5 4.3 HSBC 4.4 4.2 Royal Dutch Shell 4.1 3.9 Diageo 3.9 3.6 GlaxoSmithKline 3.5 3.0 BT 3.5 3.6 Lloyds TSB 3.1 3.1 Barclays 3.0 3.2 Top 10 = 39.3 38.0 Sector Breakdown % at 30 September 2007 % at 30 June 2007 Financials 24.2 25.0 Consumer Goods 17.5 18.4 Oil & Gas 10.9 10.7 Consumer Services 10.0 10.3 Industrials 9.2 9.5 Telecommunications 8.9 8.1 Utilities 8.1 7.6 Basic Materials 7.3 7.0 Health Care 3.9 3.4 The objective of The City of London Investment Trust plc is to provide long-term growth in income and capital, principally by investment in UK equities. The Manager is Henderson Global Investors Limited. Further information on the Company, including an up to date NAV and share price information, can be found at www.cityinvestmenttrust.com For further information, please contact: Job Curtis James de Sausmarez Portfolio Manager Head of Investment Trusts The City of London Investment Trust plc Henderson Global Investors Telephone: 020 7818 4367 Telephone: 020 7818 3349 Sarah Gibbons-Cook Investor Relations and PR Manager Henderson Global Investors Telephone: 020 7818 3198 - ENDS - This information is provided by RNS The company news service from the London Stock Exchange

Companies

City of London Inv Trust (CTY)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today