Dividend Declaration

City of London Investment Trust PLC
5 July 2001



        5 July 2001

                       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 fourth interim dividend of 1.98p per Ordinary Share of 25p, in
        respect of the year ending 30 June 2001, will be paid on 31 August
        2001 to holders registered at the close of business on 20 July 2001.
        The Company's shares will be quoted ex-dividend from 18 July 2001.

        b)     Dividends on the Preference and Preferred Stocks

        That the dividends for the half year will be paid on 31 August 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 20 July 2001.

                                    -ENDS-

For further information please contact:

Job Curtis

Portfolio Manager

The City of London Investment Trust plc

Telephone: [phone]



Vicki Staveacre

Henderson Press Office

Telephone: [phone]