Dividend Declaration

City of London Investment Trust PLC
7 December 2000




                       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 second interim dividend of 1.84p per Ordinary Share of 25p, in
        respect of the year ending 30 June 2001, will be paid on 28 February
        2001 to holders registered at the close of business on 19 January
        2001.

b)     Dividends on the Preference and Preferred Stocks


        That the dividends for the half year will be paid on 28 February 2001
        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 19 January 2001.

                                    -ENDS-

For further information please contact:

Job Curtis

Portfolio Manager

The City of London Investment Trust plc

Telephone: [phone]



Alex Crooke

Deputy Portfolio Manager

The City of London Investment Trust plc

Telephone: [phone]



Vicki Staveacre

Henderson Press Office

Telephone: [phone]