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City of London IT (CTY)

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Thursday 05 December, 2002

City of London IT

Dividend Declaration

City of London Investment Trust PLC
05 December 2002


                    THE CITY OF LONDON INVESTMENT TRUST PLC

                        Board Meeting - 5 December 2002

                              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 2.00p per Ordinary Share of 25p, in
        respect of the year ending 30 June 2003, be paid on 28 February 2003 to
        holders registered at the close of business on 17 January 2003. The
        Company's shares will go ex-dividend on 15 January 2003.

(b)     Dividends on the Preference and Preferred Ordinary Stocks

        That the dividends for the half year be paid on 28 February 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 17 January 2003.


                                     -ENDS-



For further information please contact:

Job Curtis
Portfolio Manager, The City of London Investment Trust plc
Telephone: 020 7818 4367

Stephen Westwood
Head of Investment Trusts, Henderson Global Investors
Telephone: 020 7818 5517

Stephen Phillips
Investor Relations Manager, Henderson Global Investors
Telephone: 020 7818 6417

or

Mark Vickery
Henderson Press Office
Telephone: 020 7818 4222


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