City Lon Inv Regulatory News (CLIG)

CITY OF LONDON INVESTMENT GROUP PLC

("City of London", "the Company" or "the Group")

Board Changes

City of London Investment Group is pleased to announce that George Karpus will be joining the Board as a Non-Executive Director and Daniel Lippincott will be joining the Board as an Executive Director, both as of 19 October 2020.

George founded Karpus Management Inc. (KIM) in 1986 to improve how client value is defined and delivered in the investment industry. For 18 years prior to 1986, George held key positions at two brokerage firms, a regional bank and another investment advisory firm.

George earned his BSc. (Physics) from St. Lawrence University and attended Rensselaer Polytechnic Institute for the MSc. Program.

Daniel was the Director of Investment Personnel at KIM before becoming their CIO in October 2020. He joined KIM in 2003 and is the leader of the investment team and a member of its Management Committee. Daniel is focused on the implementation and continued success of KIM's investment process.

Daniel is a member of the CFA Institute and the CFA Society of Rochester. He earned BBA and MBA degrees from St. Bonaventure University.

There is no further information required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules.

Barry Aling, Chairman of City of London Investment Group, said: "We are delighted to welcome both George and Daniel to the Board. Over several decades, George has devoted his energies successfully to building a wealth management business model that focuses on long term investment performance and client service. His extensive experience can only add breadth and depth to the CLIG Board and we are very pleased to welcome him aboard.

Over the 17 years that Daniel has worked as an investment professional at KIM, he has developed a deep understanding of capital markets in both the equity and debt spheres that has served clients well in terms of consistent investment performance through the cycles. That singular focus mirrors precisely the CLIG ethos and we are pleased, therefore, to have Daniel join the CLIG Board."

As mentioned in the 2020 Annual Report and Accounts, Deepranjan Agrawal became the Head of Finance as of 01 July 2020. Tracy Rodrigues, Finance Director, who had been on a leave of absence has now tendered her resignation to the Company with effect from 31 October 2020.

Tracy was a highly valued member of the Executive team and we would like to extend our sincere thanks for her tireless efforts throughout her long tenure with the Company. We wish her well in her future endeavours.

For further information, please visit http://www.citlon.co.uk/ or contact:

Tom Griffith, CEO

City of London Investment Group PLC

Tel: 001-610-380-0435

Martin Green

Zeus Capital Limited

Financial Adviser & Broker

Tel: +44 (0)20 3829 5000