City of London Investment Trust PLC

Board/Management Information • Sep 29, 2023

The Directors The City of London Investment Trust plc 201 Bishopsgate London EC2M 3AE

19 September 2023

Dear Ladies and Gentlemen,

Statement of Reasons connected with ceasing to hold office as Auditors

In accordance with Section 519 of the Companies Act 2006 (the "Act"), we set out below the reasons connected with PricewaterhouseCoopers LLP, registered auditor number C001004062, ceasing to hold office as auditors of The City of London Investment Trust plc, registered no: 0034871 (the "Company") effective from 31 October 2023.

The reason we are ceasing to hold office is that the Company undertook a competitive tender process for the position of statutory auditor and we mutually agreed with the Audit Committee not to participate due to the time of our tenure.

There are no reasons for and no other matters connected with our ceasing to hold office as auditors of the Company that we consider need to be brought to the attention of the Company's members or creditors.

Yours faithfully,

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP, Atria One, 144 Morrison Street, Edinburgh, EH3 8EX T: +44 (0) 1312 264 488, F: +44 (0) 1312 604 008, www.pwc.co.uk