Buyback & Directors' Dealing

City of London Investment Group PLC 29 February 2008 City of London Investment Group plc ('the Company') 29 February 2008 Share Buyback and Directors' Dealing City of London Investment Group plc ('the Company') is pleased to announce that it has facilitated the placing of FMH's holding of 7,929,425 shares in the Company at a price of 320p per share, through a Company buyback, purchases by the Company Employee Share Option Plan ('ESOP'), Directors and through institutional purchases, arranged by Landsbanki Securities and Evolution Securities. The Company has purchased for cancellation 1,417,300 Ordinary Shares of 1p each in the Company at a price of 320 pence. Following the cancellation of these Ordinary Shares, the Company's issued ordinary share capital with voting rights will be 25,360,500 Ordinary Shares. Barry Olliff, CEO, has purchased 625,000 ordinary shares of 1p each in the Company at a price of 320 pence per share, taking his total shareholding to 4,575,750 Ordinary Shares, representing 18.0% of the Company's issued share capital following the buyback. In addition, David Cardale, a non-executive director of the Company, has purchased 156,250 Ordinary Shares. This shareholding represents 0.6% of the Company's issued share capital following the buyback. The ESOP has purchased 400,000 ordinary shares of 1p each in the Company at a price of 320 pence per share. The remainder of FMH's holding, totalling 5,330,875 ordinary shares, has been placed with institutional investors at a price of 320p. Enquiries: Doug Allison, Finance Director City of London Investment Group plc Tel: 020 7711 0771 Jeff Keating/ Fred Walsh Landsbanki Securities (UK) Tel: 020 7426 9000 Tom Price Evolution Securities Tel: 020 7071 4300 Simon Hudson/ Andrew Dunn Tavistock Communications Tel: 020 7920 3150 This information is provided by RNS The company news service from the London Stock Exchange