Announcement

MKTUPDTE: TCL: TCL - Net Asset Values as at 29 June 2022 08:30am 
TCL
01/07/2022 08:30
MKTUPDTE
NOT PRICE SENSITIVE
REL: 0830 HRS The City of London Investment Trust Plc

MKTUPDTE: TCL: TCL - Net Asset Values as at 29 June 2022

JANUS HENDERSON FUND MANAGEMENT UK LIMITED

THE CITY OF LONDON INVESTMENT TRUST PLC

LEGAL ENTITY IDENTIFIER: 213800F3NOTF47H6AO55

30 June 2022

As at close of business on 29 June 2022, the unaudited net asset value per
share calculated in accordance with the AIC formula (including current
financial year revenue items) was 398.8p and the net asset value per share
with debt marked at fair value was 399.9p.

As at close of business on 29 June 2022, the unaudited net asset value per
share (excluding current financial year revenue items) was 392.9p and the net
asset value per share with debt marked at fair value was 394.0p.

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 2.67% senior secured 2046 notes and
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. In addition, evidence of issues in the private placement market
may be taken into consideration where spreads significantly diverge from
those in the public market.

For further information, please call:

Wendy King
Janus Henderson Investors
Telephone: 020 7818 1818
End CA:00394667 For:TCL Type:MKTUPDTE Time:2022-07-01 08:30:31

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