Transaction in Own Shares

City of London Investment Trust PLC
12 July 2004


HENDERSON GLOBAL INVESTORS

THE CITY OF LONDON INVESTMENT TRUST PLC

12 July 2004


                    THE CITY OF LONDON INVESTMENT TRUST PLC

           Market Purchase by the Company of its own Ordinary Shares


Notification is given that, pursuant to the authority granted at the Annual
General Meeting 17 October 2003 to make market purchases of the Company's own
ordinary shares of 25p each, a market purchase of 1 million ordinary shares in
the capital of the Company was made today at a price of 184.75p per share.

Following the purchase and cancellation, 208,813,762 ordinary shares will remain
in issue.

                                    - ENDS -

                    For further information please contact:

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

Alex Crooke
The City of London Investment Trust plc
Telephone: [phone]

Stephen Westwood
Henderson Global Investors
Telephone: [phone]

Stephen Phillips
Henderson Global Investors
Telephone: [phone]



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