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Friday 08 February, 2008

City of London IT

Interim Results

City of London Investment Trust PLC
08 February 2008





                                    8 February 2008



                    THE CITY OF LONDON INVESTMENT TRUST PLC



           Unaudited Results for the Half Year Ended 31 December 2007






                                                                                          Six Months to
Total Returns                                                                          31 December 2007

Net asset value per ordinary share *                                                              -2.6%
FTSE All-Share 4% Capped Index # (Benchmark)                                                      -2.3%
NAV underperformance                                                                               0.3%
Ordinary share price *                                                                            -5.5%
FTSE All-Share Index #                                                                            -2.1%
Average UK Growth & Income Investment Trust * +                                                   -5.5%

Sources: * AIC Services Limited    # Thomson Financial, Datastream  + size weighted average


INTERIM MANAGEMENT REPORT


Performance

The six months to 31 December 2007 in financial markets were dominated by the
problems of the banking sector and their effects on the wider economy.  In
general, sectors that were considered vulnerable to weakening consumer
expenditure, such as general retailing, performed poorly.  On the other hand,
sectors benefiting from the strong growth in the economies of emerging markets,
such as mining, produced better returns.



City of London's net asset value total return was a negative 2.6% for the six
month period.  This was slightly behind our benchmark, the FTSE All-Share 4%
Capped Index, which was a negative 2.3%, but ahead of the average for our sector
(UK Growth & Income Investment Trust) which was a negative 5.5%.  Strong
performers within the portfolio were those companies considered to have
businesses relatively resilient to weakening consumer demand, such as British
American Tobacco or Scottish & Southern Energy.  On the other hand, low exposure
to the low dividend yielding mining sector was the principal cause of
underperformance relative to the benchmark.





Dividends

The Board continues to recognise the importance of dividend income to
shareholders.  A second interim dividend of 2.84p was declared on 13 December
2007 and will be paid on 28 February 2008.  As has already been announced, the
minimum dividend increase for the year will be 10.3% and the quarterly rate will
next be considered in March.



VAT on Fund Management Fees

In June 2007, the European Court of Justice delivered a favourable decision in a
long running case on whether management fees paid by Investment Trust companies
should be exempt from VAT.  Since then, HM Revenue & Customs ("HMRC") has
confirmed that it will be withdrawing from defending the appeal and that all
future fund management fees will be exempt from VAT.



This will lead to a further reduction in City of London's competitive total
expense ratio which was 0.42% in the Company's last financial year.





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                                                                          Page 2
                                                                           of 10



                    THE CITY OF LONDON INVESTMENT TRUST PLC



           Unaudited Results for the Half Year Ended 31 December 2007



INTERIM MANAGEMENT REPORT (continued)

In addition, individual trusts will be able to reclaim some of the VAT paid in
previous years.  However, HMRC has indicated that it may take a year or more
before refunds are agreed.  We have included in these accounts only the amount
that we estimate is virtually certain to be recovered.  Further details are
shown in note 7 on page 8.



Material Events or Transactions during the period

Gearing rose from 5.5% (at 30 June 2007) to 7.2% (at 31 December 2007) partly as
a result of market movements and partly due to net investment of £7.1 million.
Our manager mainly added to existing holdings but new holdings were purchased in
the German telephone utility, Deutsche Telekom, in the food retailer, W
Morrison, and in Sage, the software and services company.  Some profits were
taken in the strongly performing mining and tobacco sectors as well as in
Scottish & Newcastle whose shares rose as a result of a takeover approach.  In
addition, the holding in Mitchells & Butler was sold in the summer and ahead of
the subsequent steep fall in its share price.  The discount to net asset value
rose during the period from 12.6% to 15.3% (with debt at par value).  We took
advantage of the weakness in City's share price to buy back 579,369 shares,
224,197 of which are being held in treasury.



Related Party Transactions

Details of related party transactions are contained in the annual report. There
have been no material transactions with our related parties during the six month
period.



Savings

City of London sets out to be an attractive and straight forward long-term
savings vehicle and seeks to be one of the leading candidates for regular
savings and investments.  Investments can be made through the Itshenderson
products (the Share Plan and ISA) or the Alliance Trust Savings (including for
pensions).



Outlook (including principal risks and uncertainties) for the six months to 30
June 2008

Looking ahead, there are serious uncertainties for both growth and inflation.
Companies dependent on consumer demand will face continuing pressure given the
high level of consumer indebtedness and a slowdown in the housing market.  The
extent to which interest rates can be cut will be limited by inflationary
pressures.  The capacity of the banks to absorb bad debt losses and the knock-on
effect of the credit crunch are being monitored closely.



Share prices, however, react in anticipation of events and the stockmarket has
fallen significantly from the levels of the summer.  In terms of valuation
measures, the UK equity market looks historically cheap relative to government
bonds.  In addition, there is continuing takeover interest in UK companies from
overseas companies.  After the market decline of the first few weeks of 2008,
investment value is emerging and our manager will continue to take advantage of
opportunities when long term value arises.





S M de Zoete

Chairman

8 February 2008



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                                                                          Page 3
                                                                           of 10



                    THE CITY OF LONDON INVESTMENT TRUST PLC



Unaudited Results for the Half Year ended 31 December 2007



    INCOME STATEMENT

    for the half year ended 31 December 2007


                                    (Unaudited)                   (Unaudited)                    (Audited)
                                  Half year ended               Half year ended                 Year ended
                                 31 December 2007              31 December 2006                30 June 2007
                            Revenue    Capital              Revenue  Capital            Revenue    Capital
                             Return     Return      Total    Return   Return    Total    Return     Return      Total
                              £'000      £'000      £'000     £'000    £'000    £'000     £'000      £'000      £'000

(Losses)/ gains on
   investments held
   at fair value
   through profit
   or loss                        -   (30,338)   (30,338)         -   79,689   79,689         -    107,437    107,437

Income from
   investments held
   at fair value
   through profit
   or loss                   12,412          -     12,412    11,158        -   11,158    26,734          -     26,734

Other interest
   receivable and
   similar income               142          -        142       125        -      125       249          -        249
                           --------   --------   --------  -------- -------- --------  --------   --------   --------
Gross revenue and
capital (losses)/gains       12,554   (30,338)   (17,784)    11,283   79,689   90,972    26,983    107,437    134,420
                           -------- ---------- ----------  -------- -------- --------  -------- ---------- ----------
Management fees               (306)      (715)    (1,021)   (333)      (777)  (1,110)     (684)    (1,596)    (2,280)

Performance fee                   -          -          -      (68)    (497)    (565)         -          -          -

Write back of
  VAT (note 7)                  428      1,213      1,641         -        -        -         -          -          -

Other administrative
   expenses                   (275)          -      (275)     (247)        -    (247)     (497)          -      (497)
                           --------   --------   --------  -------- -------- --------  --------   --------   --------
Net return/(loss)
  on ordinary activities
  before finance
  costs and taxation         12,401   (29,840)   (17,439)    10,635   78,415   89,050    25,802    105,841    131,643

Finance costs                 (745)    (1,529)    (2,274)     (735)  (1,507)  (2,242)   (1,465)    (3,002)    (4,467)
                           --------   --------   --------  -------- -------- --------  --------   --------   --------
Net return/(loss) on
   ordinary activities
   before taxation           11,656   (31,369)   (19,713)     9,900   76,908   86,808    24,337    102,839    127,176

Taxation on net return
   on ordinary activities      (47)          -       (47)      (61)        -     (61)     (190)          -      (190)
                           --------   --------   --------  -------- -------- --------  --------   --------   --------
Net return/(loss) on
   ordinary activities
   after taxation            11,609   (31,369)   (19,760)     9,839   76,908   86,747    24,147    102,839    126,986
                              =====      =====      =====     =====    =====    =====     =====     ======     ======
Return/(loss) per
   ordinary share
   - basic (note 2)           5.59p   (15.11p)    (9.52p)     4.72p   36.90p   41.62p    11.59p     49.34p     60.93p
                              =====      =====      =====     =====    =====    =====     =====     ======     ======





The total columns of this statement represent the Income Statement of the
Company.    All revenue and capital items derive from continuing operations.  No
operations were acquired or discontinued during the year.  The Company has no
recognised gains or losses other than those recognised in the Income Statement
and the Reconciliation of Movements in Shareholders' Funds.



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                                                                    Page 4 of 10



                    THE CITY OF LONDON INVESTMENT TRUST PLC



Unaudited Results for the Half Year ended 31 December 2007



Reconciliation of Movements in Shareholders' Funds

for the half years ended 31 December 2007 and 2006 and year ended 30 June 2007


                                                         Called-up       Share      Other
                                                             Share     Premium    Capital    Revenue
                                                           Capital     Account   Reserves    Reserve       Total
                                                             £'000       £'000      £'000      £'000       £'000        
Half  year ended 31 December 2007 (unaudited)                                                              

At 30 June 2007                                             51,983      35,309    610,191     21,174     718,657
Net (loss)/return on ordinary activities
   after taxation                                                -           -   (31,369)     11,609    (19,760)
Buy-back of 579,369 ordinary shares                           (89)           -    (1,591)          -     (1,680)
Fourth interim dividend (2.62p per share) for year
   ended 30 June 2007 paid 31 August 2007                        -           -          -    (5,446)     (5,446)
First interim dividend (2.84p per share) for year
   ended 30 June 2008 paid 30 November 2007                      -           -          -    (5,895)     (5,895)
                                                          --------    --------   --------   --------    --------
At 31 December 2007                                         51,894      35,309    577,231     21,442     685,876
                                                             =====       =====      =====      =====       =====

                                                         Called-up       Share      Other
                                                             Share     Premium    Capital    Revenue
                                                           Capital     Account   Reserves    Reserve       Total
Half  year ended 31 December 2006 (unaudited)                £'000       £'000      £'000      £'000       £'000

At 30 June 2006                                             52,103      35,309    508,695     18,032     614,139
Net return on ordinary activities after taxation                 -           -     76,908      9,839      86,747
Fourth interim dividend (2.40p per share) for year
   ended 30 June 2006 paid 31 August 2006                        -           -          -    (5,002)     (5,002)
First interim dividend (2.53p per share) for year
   ended 30 June 2007 paid 30 November 2006                      -           -          -    (5,273)     (5,273)
                                                          --------    --------  ---------   --------    --------
At 31 December 2006                                         52,103      35,309    585,603     17,596     690,611
                                                             =====       =====     ======      =====       =====

                                                         Called-up       Share      Other
                                                             Share     Premium    Capital    Revenue
                                                           Capital     Account   Reserves    Reserve       Total
Year ended 30 June 2007 (audited)                            £'000       £'000      £'000      £'000       £'000

At 30 June 2006                                             52,103      35,309    508,695     18,032     614,139
Net return on ordinary activities after taxation                 -           -    102,839     24,147     126,986
Buy-back of 483,722 ordinary shares                          (120)           -    (1,343)          -     (1,463)
Fourth interim dividend (2.40p per share) for year
   ended 30 June 2006 paid 31 August 2006                        -           -          -    (5,002)     (5,002)
First and second interim dividends (2.53p each per
   share) for year ended 30 June 2007 paid
   30 November 2006 and 28 February 2007                         -           -          -   (10,547)    (10,547)
Third interim dividend (2.62p per share) for year
   ended 30 June 2007 paid 31 May 2007                           -           -          -    (5,459)     (5,459)
Write back of dividends over 12 years old                        -           -          -          3           3
                                                          --------    --------   --------   --------  ----------
At 30 June 2007                                             51,983      35,309    610,191     21,174     718,657
                                                             =====      ======     ======     ======      ======




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                                                                          Page 5
                                                                           of 10



                    THE CITY OF LONDON INVESTMENT TRUST PLC


Unaudited Results for the Half Year ended 31 December 2007



Balance Sheet
as at 31 December 2007
                                                            (Unaudited)         (Unaudited)          (Audited)
                                                            31 December         31 December            30 June
                                                                   2007                2006               2007
                                                                  £'000               £'000              £'000
Investments held at fair value through profit or
loss
Listed at market value in the United Kingdom                    708,457             702,942            734,390
Listed at market value overseas                                  26,631              34,447             23,899
Shares in subsidiary undertakings                                   378                 377                378
                                                             ----------          ----------         ----------
                                                                735,466             737,766            758,667
                                                             ----------          ----------         ----------
Current assets
Debtors                                                           4,479               3,816              3,542
Bank balances and short term deposits                             3,853                   4              8,268
                                                               --------            --------         ----------
                                                                  8,332               3,820             11,810
                                                               --------            --------         ----------
Creditors: amounts falling due within one year                 (10,034)             (3,087)            (3,932)
                                                             ----------          ----------         ----------
Net current (liabilities)/assets                                (1,702)                 733              7,878
                                                             ----------          ----------         ----------
Total assets less current liabilities                           733,764             738,499            766,545

Creditors: amounts falling due after
  more than one year

                                                               (47,888)            (47,888)           (47,888)
                                                             ----------          ----------         ----------
Total net assets                                                685,876             690,611            718,657
                                                                 ======              ======             ======
Capital and reserves
Called-up share capital                                          51,894              52,103             51,983
Share premium account                                            35,309              35,309             35,309
Other capital reserves                                          577,231             585,603            610,191
Revenue reserve                                                  21,442              17,596             21,174
                                                             ----------          ----------         ----------
Shareholders' funds                                             685,876             690,611            718,657
                                                                 ======              ======             ======

Net asset value per ordinary share (note 4)                     330.78p             331.37p            345.62p


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                                                                    Page 6 of 10



                    THE CITY OF LONDON INVESTMENT TRUST PLC


Unaudited Results for the Half Year ended 31 December 2007

Cash Flow Statement
for the half year ended 31 December 2007


                                                                (Unaudited)         (Unaudited)       (Audited)
                                                            Half year ended     Half year ended      Year ended
                                                           31 December 2007    31 December 2006    30 June 2007
                                                                      £'000               £'000           £'000

Net cash inflow from operating activities                            11,810              10,394          23,421
Net cash outflow from servicing of finance                          (2,255)             (2,242)         (4,467)
Total tax recovered                                                       8                   -              39
Net cash (outflow)/inflow from financial investment                 (8,453)             (4,290)           5,315
Equity dividends paid                                              (11,341)            (10,275)        (21,005)
Cash withdrawn from/(placed on) deposit                               8,201               6,301         (1,900)
Net cash inflow/(outflow) from financing                              5,817                   -         (1,460)
                                                                  ---------           ---------      ----------
Increase/(decrease) in cash                                           3,787               (112)            (57)
                                                                      =====               =====          ======
Reconciliation of operating revenue to net
  cash inflow from operating activities

Total (loss)/return before finance costs
   and taxation                                                    (17,439)              89,050         131,643
Less: capital loss/(return) before finance costs
   and taxation                                                      29,840            (78,415)       (105,841)
                                                                -----------         -----------     -----------
Net revenue return before finance costs and taxation                 12,401              10,635          25,802
Decrease/(increase) in accrued income                                   771                 485           (652)
Increase in other debtors                                           (1,641)                   -               -
(Decrease)/increase in other creditors                                 (97)                 618              74
Expenses charged to other capital reserves                              498             (1,274)         (1,596)
Overseas withholding tax                                              (122)                (70)           (207)
                                                                   --------            --------      ----------
Net cash inflow from operating activities                            11,810              10,394          23,421
                                                                      =====               =====          ======
Reconciliation of net cash outflow to movement
   in net debt
Increase/(decrease) in cash as above                                  3,787               (112)            (57)
Cash inflow from increase in loans                                  (7,500)                   -               -
Net cash (inflow)/outflow from movement in
   liquid resources                                                 (8,201)             (6,301)           1,900
Exchange movements                                                      (1)                 (8)              10
Net debt at the beginning of the period                            (39,620)            (41,473)        (41,473)
                                                                 ----------          ----------      ----------
Net debt at the end of the period                                  (51,535)            (47,894)        (39,620)
                                                                     ======              ======          ======
Represented by:
Cash at bank and short term deposits less bank
   overdrafts                                                         3,853                 (6)           8,268
Debt falling due within one year                                    (7,500)                   -               -
Debt falling due after more than one year                          (47,888)            (47,888)        (47,888)
                                                                 ----------          ----------      ----------
                                                                   (51,535)            (47,894)        (39,620)
                                                                     ======              ======          ======



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                                                                    Page 7 of 10



                    THE CITY OF LONDON INVESTMENT TRUST PLC



Unaudited Results for the Half Year ended 31 December 2007

Notes


1.       Accounting policies
         The accounts have been prepared under the historical cost convention, modified to include the
         revaluation of investments and in accordance with applicable Accounting Standards, pronouncements on
         interim reporting issued by the Accounting Standards Board and the Statement of Recommended Practice '
         Financial Statements of Investment Trust Companies' ("SORP" dated January 2003, revised December 2005).
         All of the Company's operations are of a continuing nature.

         The same accounting policies used for the year ended 30 June 2007 have been applied.

2.       Return per ordinary share
                                                                (Unaudited)        (Unaudited)          (Audited)
                                                                  Half year          Half year               Year
                                                                      ended              ended              ended
                                                                31 December        31 December            30 June
                                                                       2007               2006               2007
                                                                      £'000              £'000              £'000
         The return per ordinary share is based on the
         following figures:
         Revenue return                                              11,609              9,839             24,147
         Capital (loss)/ return                                    (31,369)             76,908            102,839
                                                                 ----------         ----------         ----------
         Total                                                     (19,760)             86,747            126,986
                                                                     ======             ======             ======

         Weighted average number of ordinary
            shares in issue for each period                     207,586,314        208,413,762        208,399,576

         Revenue return per ordinary share                            5.59p              4.72p             11.59p
         Capital (loss)/return per ordinary share                  (15.11p)             36.90p             49.34p
                                                                 ----------         ----------         ----------
         Total                                                      (9.52p)             41.62p             60.93p
                                                                     ======             ======             ======
         The Company does not have any dilutive securities.

3.       Called up share capital
         During the half year ended 31 December 2007, the Company bought back 579,369 ordinary shares for a total
         consideration of £1,680,000 (half year ended 31 December 2006: no change; year ended 30 June 2007:
         483,722 ordinary shares bought back for total consideration of £1,463,000).  The number of ordinary
         shares in issue at 31 December 2007 was 207,574,868, of which 224,197 shares were held in treasury.

4.       Net asset value per ordinary share
         The net asset value per ordinary share is based on the net assets attributable to the ordinary shares of
           £685,876,000 (31 December 2006: £690,611,000; 30 June 2007: £718,657,000) and on 207,350,671 ordinary
         shares (31 December 2006: 208,413,762; 30 June 2007: 207,930,040) being the number of ordinary shares in
         issue at the end of each period. Treasury shares are excluded for the purposes of calculating the net
         asset value per ordinary share.

5.       Transaction costs
         Purchase transaction costs for the half year ended 31 December 2007 were £281,000 (half year ended 31
         December 2006: £304,000; year ended 30 June 2007: £599,000). These comprise mainly stamp duty and
         commissions. Sale transaction costs for the half year ended 31 December 2007 were £65,000 (half year
         ended 31 December 2006: £69,000; year ended 30 June 2007: £162,000).

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                                                                    Page 8 of 10

                    THE CITY OF LONDON INVESTMENT TRUST PLC



           Unaudited Results for the Half Year ended 31 December 2007


6.     Interim dividend
       A first interim dividend of 2.84p was paid on 30 November 2007. The second interim dividend of 2.84p
       (declared on 13 December 2007) will be paid on 28 February 2008 to shareholders who are on the register at
       25 January 2008.

7.     VAT on management fees
       In 2004 the Association of Investment Companies (the "AIC"), together with JPMorgan Claverhouse Investment
       Trust plc, launched a case against HM Revenue & Customs ("HMRC") to challenge whether Value Added Tax ("VAT
       ") should be charged on fees paid for management services provided to investment trust companies. On 28 June
       2007 the European Court of Justice delivered its judgement on the case in favour of the AIC.  Since then,
       HMRC has accepted that the provision of investment management services to investment trust companies is VAT
       exempt and has acknowledged its liability to pay claims in respect of VAT borne by investment companies.
       The manager (Henderson Global Investors Limited) will now be able to reclaim from HMRC the amount of VAT
       charged to the Company in respect of investment management services from 1 October 2000 to 30 June 2007, to
       the extent that such VAT was paid by the manager to HMRC.  VAT has not been applied to investment management
       fees invoiced since June 2007.



       Accordingly, VAT borne by the Company on investment management fees invoiced in the period from 1 October
       2000 to 30 June 2007 has been written back, in accordance with an agreement reached between the manager and
       the Company.  An amount of £1,641,000 has been recognised, reflecting the extent to which recovery by the
       Company is considered to be certain.  The write back has been allocated between revenue return and capital
       return according to the allocation of the amounts originally paid.



       The Company may be able to recover further amounts of the VAT charged on investment management fees back to
       1990, in particular in respect of the period from 1 January 1990 to 4 December 1996 (following the decision
       of the House of Lords in the Fleming / Conde Nast case).  However, the Board considers that currently there
       are too many uncertainties for any reasonable estimate to be calculated of the amounts potentially
       recoverable during that period.



       The Company will receive from the manager any interest paid by HMRC on the amounts eventually recovered.


8.     Financial information
       The financial information contained in this half year report does not constitute statutory accounts as
       defined in section 240 of the Companies Act 1985. The financial information for the half years ended 31
       December 2007 and 31 December 2006 has not been audited or reviewed by the Company's auditors.


       The figures and financial information for the year ended 30 June 2007 have been extracted from the latest
       published audited accounts of the Company. These accounts have been delivered to the Registrar of Companies
       and included the report of the auditors, which was unqualified and did not contain a statement under section
       237(2) or 237(3) of the Companies Act 1985.

9.     Half year report
       Copies of the Company's report for the half year ended 31 December 2007 will be posted to shareholders in
       February 2008 and will be available thereafter from the Secretary at the Registered Office, 4 Broadgate,
       London, EC2M 2DA.











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                                                                    Page 9 of 10



                    THE CITY OF LONDON INVESTMENT TRUST PLC



Unaudited Results for the Half Year ended 31 December 2007



Largest Investments

The 60 largest investments, convertibles and all classes of equity in any one
company being treated as one investment, were as follows:


                                           Market value                                       Market value
                                       31 December 2007                                   31 December 2007

                                                  £'000                                              £'000
Vodafone                                         37,560     Reckitt Benckiser                        5,828
BP                                               36,285     Pearson                                  5,490
British American Tobacco                         34,386     Rexam                                    5,231
Royal Dutch Shell                                31,350     Pennon                                   5,059
HSBC                                             30,312     Severn Trent                             5,036
Diageo                                           28,620     Fortum                                   4,526
GlaxoSmithKline                                  26,859     Weir                                     4,452
BT                                               22,638     Deutsche Telekom                         4,416
National Grid                                    21,684     Croda International                      4,358
Scottish & Southern Energy                       20,475     Liberty International                    4,308
Lloyds TSB                                       20,060     Imperial Tobacco                         4,068
Barclays                                         19,757     Greene King                              4,000
Tesco                                            19,090     Statoil                                  3,907
Royal Bank of Scotland                           17,760     National Express                         3,726
Land Securities                                  15,060     Wolseley                                 3,710
Anglo American                                   13,915     Premier Foods                            3,546
ENI                                              13,783     Amlin                                    3,447
Aviva                                            13,460     IMI                                      3,347
Unilever                                         13,230     Meggitt                                  3,328
Rio Tinto                                        12,761     Admiral                                  3,300
Cadbury Schweppes                                12,420     Johnson Matthey                          3,292
HBOS                                             11,760     De La Rue                                3,281
BHP Billiton                                     10,822     GKN                                      3,243
Reed Elsevier                                    10,193     Kazakhmys                                3,242
BAE Systems                                       9,960     Hiscox                                   3,232
Scottish & Newcastle                              7,415     Morrison (W) Supermarkets                3,220
Britvic                                           7,266     BBA                                      3,079
Legal & General                                   7,183     G4S                                      3,059
United Utilities                                  6,426     Kingfisher                               3,058
Bovis Homes                                       6,160     Smiths                                   3,039



These investments total £655,478,000 or 89.2% of the portfolio.




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                                                                   Page 10 of 10

                    THE CITY OF LONDON INVESTMENT TRUST PLC



           Unaudited Results for the Half Year ended 31 December 2007



Sector Analysis of Portfolio as at 31 December 2007
                                                                                             %
Oil & Gas                                                                                 11.6
Basic Materials                                                                            6.8
Industrials                                                                                8.9
Consumer Goods                                                                            18.1
Health Care                                                                                4.0
Consumer Services                                                                         10.5
Telecommunications                                                                         8.8
Utilities                                                                                  8.6
Financials                                                                                22.4
Technology                                                                                 0.3
                                                                                      --------
Total                                                                                    100.0
                                                                                         =====



Directors' Responsibility Statement



The Directors confirm that, to the best of their knowledge:



a)         the condensed set of financial statements has been prepared in
accordance with the Accounting Standards Board's statement "Half-Yearly
Financial Reports";



b)         the interim management report includes a fair review of the
information required by Disclosure and Transparency Rule 4.2.7R (indication of
important events during the first six months and description of principal risks
and uncertainties for the remaining six months of the year); and



c)         the interim management report includes a fair review of the
information required by Disclosure and Transparency Rule 4.2.8R (disclosure of
related party transactions and changes therein).


S M de Zoete, Chairman
8 February 2008


For further information please contact :

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

James de Sausmarez
Head of Investment Trusts, Henderson Global Investors
Telephone: 020 7818 3349

Sarah Gibbons-Cook
Investor Relations and PR Manager, Henderson Global Investors
Telephone: 020 7818 3198


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