BIT – Net Asset Values as at 14 August 2020

HENDERSON INVESTMENT FUNDS LIMITED
THE CITY OF LONDON INVESTMENT TRUST PLC
LEGAL ENTITY IDENTIFIER: 213800F3NOTF47H6AO55
17 August 2020

As at close of business on 14 August 2020, the unaudited net asset value per share calculated
in accordance with the AIC formula (including current financial year revenue items) was 338.6p
and the net asset value per share with debt marked at fair value was 332.8p. As the Company’s
shares are now ex-dividend, the dividend has been deducted from the net asset value.

As at close of business on 14 August 2020, the unaudited net asset value per share (excluding
current financial year revenue items) was 338.6p and the net asset value per share with debt
marked at fair value was 332.8p.

Debt marked at fair value is the Company's estimate of the "fair value" of its senior secured
notes. The current estimated fair value of the Company's senior secured notes is based on a
discount rate calculated using the redemption yield of the relevant existing UK Gilt plus a credit
spread determined by the difference in redemption yields between the ICE BofAML 5-10 Year
A Sterling Non-Gilt Index and the ICE BofAML 5-10 Year UK Gilt Index for the 4.53% senior
secured 2029 notes, and the spread between the redemption yield of the ICE BofAML 15+ Year
A Sterling Non-Gilt Index and the ICE BofAML 15+ Year UK Gilt Index for the 2.94% senior
secured 2049 notes. The discount rate is calculated and updated at each month-end and
applied daily to determine the Company's published fair value NAVs.

For further information, please call:

Wendy King
Janus Henderson Investors
Telephone: 020 7818 4233