City of London Investment Group PLC (CLIG:LN)

Financials/Asset Managers and Custodians Price: 530.00 GBX Report Date: September 23, 2021 Business Description and Key Statistics

City of London Investment Group is a holding company. Co. is an Current YTY % Chg asset management group which engages in emerging market closed-end fund investment, focused on institutional clients, Revenue LFY (M) 33 4.2 provided through its wholly owned subsidiary City of London EPS Diluted LFY 0.30 -13.5 Investment Management Company Limited. Co.'s range includes International, Frontier and Opportunistic Value closed-end fund Market Value (M) 141 strategies. Co. has launched a Real Estate Investment Trust strategy, which shares various similarities to the closed-end fund Shares Outstanding LFY (000) 26,561 products. City of London Investment Management Company Book Value Per Share 0.71 Limited acts as an investment manager. EBITDA Margin % 36.80

Net Margin % 22.9 Website: www.citlon.co.uk Long-Term Debt / Capital % 0.0 ICB Industry: Financials Dividends and Yield TTM 0.31 - 5.85% ICB Subsector: Asset Managers and Custodians Payout Ratio TTM % 94.9 Address: 77 Gracechurch Street London 60-Day Average Volume (000) 16 GBR 52-Week High & Low 560.00 - 390.00 Employees: 72 Price / 52-Week High & Low 0.95 - 1.36

Price, Moving Averages & Volume

569.2 569.2 City of London Investment Group PLC is currently trading at 530.00 which is 1.6% above 544.0 544.0 its 50 day moving average price of 521.68 and 3.9% 518.8 518.8 above its 200 day moving average price of 510.20.

493.6 493.6 CLIG:LN is currently 5.4% below its 52-week high price of 560.00 and is 35.9% above its 468.4 468.4 52-week low price of 390.00. Over the past 52-weeks, 443.2 443.2 CLIG:LN is up 32.5% while on a calendar year-to-date basis it is up 21.0%. 418.0 418.0 The Relative Strength Index (RSI) indicator for CLIG:LN is 392.8 392.8 currently 54.02. An RSI value of 70 and above is considered 367.6 367.6 overbought and 30 and below 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 oversold. Volume (000) 2,120 2,120

1,590 1,590

1,060 1,060

530 530

Mean (51.62) 0 0 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21

Price Price (50-Day Simple Moving Average) Price (200-Day Simple Moving Average)

Financials/Asset Managers and Custodians Price: 530.00 GBX Report Date: September 23, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % 0.00 -1.31 50-Day Average Price 521.68 1-Week % 0.76 -0.27 Price / 50-Day Average 1.02 4-Week % 3.72 4.31 200-Day Average Price 510.20 52-Week % 32.50 9.13 Price / 200-Day Average 1.04 RSI - Relative Strength Index 54.02 Quarter-to-Date % -1.12 -2.74

Year-to-Date % 21.00 10.25 Risk Metrics Last Month % 0.00 -1.92 Price Volatility 7.86 Last Quarter % 3.47 -1.20 Sharpe Ratio 0.10 Last Calendar Year % -0.45 12.54 Sortino Ratio 0.18

5-Year Price Performance vs. FTSE 350

City of London Investment Group PLC Current: 1.38 CAGR: 6.7% Over the past five years, City FTSE 350 Index Current: 1.19 CAGR: 3.5% of London Investment Group PLC's stock price is up 38.0% 1.5 1.5 which is 19.0% above the FTSE 350 Index performance of 19.0% over the same 1.4 1.4 period. City of London CLIG:LN Investment Group PLC's 1.4 1.4 cumulative annualized growth rate (CAGR) over the five year period has been 6.7% while 1.3 1.3 that of the FTSE 350 Index has been 3.5%.

1.2 1.2 Over the past year, City of London Investment Group ^NMX:LN 1.2 1.2 PLC's stock price performance of 32.5% has outperformed that of the FTSE 350 Index by 1.1 1.1 9.1%. On a year-to-date basis, City of London 1.1 1.1 Investment Group PLC's stock price performance of 21.0% has outperformed the FTSE 1.0 1.0 350 Index by 10.3%.

Over the past week, City of 0.9 0.9 London Investment Group PLC's stock price performance 0.9 0.9 of 0.8% has underperformed that of the FTSE 350 Index by 0.3%. 0.8 0.8

0.8 0.8 2016 2017 2018 2019 2020 2021 2022

Financials/Asset Managers and Custodians Price: 530.00 GBX Report Date: September 23, 2021 Growth and Profitability Metrics

5-Year 10-Year Historical Growth 3-Year 5-Year 10-Year Profitability Current Average Average Revenues % 2.1 5.6 Gross Margin % Revenues Per Share % 1.2 5.2 EBITDA Margin % 36.8 36.1 33.9 EBITDA % 1.4 6.6 Pre-Tax Margin % 28.3 35.1 33.6 EPS Diluted % -7.0 2.6 Net Margin % 22.9 27.4 25.4 Free Cash Flow % 9.2 8.7 Return on Equity % 41.5 51.9 48.6 Cash from Operations % 8.3 9.0 Return on Capital % 35.4 47.0 44.6 Book Value % 1.9 7.0 Return on Assets % 26.6 38.1 36.2

Revenue (M) City of London Investment Group PLC's cumulative Current: 33.26 Median: 32.60 High: 33.93 Low: 31.29 CAGR: 2.1% annualized revenue growth 34.5 34.5 33.9 rate over the charted period is 2.1%. This compares to 33.3 33.4 33.4 cumulatative annualized growth of 2.1% over the past 3 32.3 31.9 32.3 years. 31.3 31.2 31.2 2016 2017 2018 2019 2020 2021 City of London Investment EPS Diluted Group PLC's cumulative Current: 0.30 Median: 0.36 High: 0.39 Low: 0.30 CAGR: -6.7% annualized EPS growth rate 0.41 0.41 over the charted period is 0.39 -6.7%. This compares to 0.37 0.37 0.37 cumulatative annualized growth of -7.0% over the past 0.34 3 years. 0.33 0.33 0.30 0.30 0.30 2016 2017 2018 2019 2020 2021

Net Profit Margin % City of London Investment Group PLC's net profit margin Current: 22.85 Median: 28.08 High: 29.45 Low: 22.85 CAGR: -2.9% of 22.9% is 4.6% below the 29.8 29.8 period's mean net margin of Mean (27.43) 27.4%. During the charted 27.4 27.4 period, the observed net profit margin high and low were 24.9 24.9 29.5% and 22.9% respectively.

22.5 22.5 2016 2017 2018 2019 2020 2021 City of London Investment Return on Equity % Group PLC's return on equity Current: 41.50 Median: 51.25 High: 67.40 Low: 41.50 CAGR: -6.1% of 41.5% is 10.4% below the 68.7 68.7 period's mean return on equity of 51.9%. During the charted 59.2 59.2 period, the observed ROE high and low were 67.4% and Mean (51.94) 41.5% respectively. 49.7 49.7

40.2 40.2 2016 2017 2018 2019 2020 2021

Financials/Asset Managers and Custodians Price: 530.00 GBX Report Date: September 23, 2021 Valuation Metrics

5-Year 10-Year 5-Year 10-Year Current Median Median Current Median Median

Price / EPS TTM 18.0 12.0 12.3 Earnings Yield % 6.84 8.69 8.43

Price / Sales 4.1 3.3 3.2 Free Cash Flow Yield % 7.86 9.17 8.68

Price / Operating Cash Flow 16.6 11.6 11.9 Dividend Yield % 5.85 6.57 7.02

Price / Book Value 7.4 6.1 6.0 Enterprise Value / EBITDA 10.3 8.2 8.3

Price / EPS TTM City of London Investment Group PLC is trading at 17.97 Current: 17.97 Median: 12.00 High: 18.85 Low: 9.53 CAGR: 1.6% times its EPS generated 19.3 19.3 during the latest fiscal year. This multiple is above the 15.9 15.9 historically observed median of 12.00, while high and low observations have been 18.85 12.5 Median (12.00) 12.5 and 9.53.

9.1 9.1 2016 2017 2018 2019 2020 2021 Price / Sales City of London Investment Group PLC is trading at a Current: 4.11 Median: 3.29 High: 4.31 Low: 2.40 CAGR: 0.7% Price to Sales ratio of 4.11 4.41 4.41 based on sales generated during the latest fiscal year. 3.71 3.71 This ratio is above the historically observed median Median (3.29) ratio of 3.29, while high and 3.00 3.00 low observations have been 4.31 and 2.40. 2.30 2.30 2016 2017 2018 2019 2020 2021 City of London Investment Price / Book Value Group PLC is trading at a Current: 7.44 Median: 6.12 High: 8.11 Low: 4.26 CAGR: -0.6% Price to Book ratio of 7.44 8.3 8.3 based on book value at the latest fiscal year end. This ratio is above the historically 6.9 6.9 observed median of 6.12, Median (6.12) while high and low 5.5 5.5 observations have been 8.11 and 4.26.

4.1 4.1 2016 2017 2018 2019 2020 2021 City of London Investment Free Cash Flow Yield % Group PLC has a Free Cash Current: 7.86 Median: 9.17 High: 13.20 Low: 5.66 CAGR: 6.8% Flow Yield of 7.86% based on 13.6 13.6 free cash flow generated during the latest fiscal year. This value is below the 10.8 10.8 historically observed median Median (9.17) yield of 9.17%, while high and 8.0 8.0 low observations have been 13.20 and 5.66.

5.3 5.3 2016 2017 2018 2019 2020 2021

Financials/Asset Managers and Custodians Price: 530.00 GBX Report Date: September 23, 2021 Dividends Data

Dividends Per Share TTM 0.31 Payout Ratio TTM % 94.92% Dividend Yield TTM % 5.85%

Rate Ex Date Record Date Payment Date Currency Note 0.110 04-03-2021 05-03-2021 19-03-2021 GBP INTERIM GROSS 0.200 08-10-2020 09-10-2020 30-10-2020 GBP FINAL GROSS 0.100 05-03-2020 06-03-2020 20-03-2020 GBP INTERIM GROSS 0.180 10-10-2019 11-10-2019 29-10-2019 GBP FINAL GROSS 0.090 07-03-2019 08-03-2019 22-03-2019 GBP INTERIM GROSS 0.135 07-03-2019 08-03-2019 22-03-2019 GBP SPECIAL GROSS 0.180 11-10-2018 12-10-2018 30-10-2018 GBP FINAL GROSS 0.090 01-03-2018 02-03-2018 16-03-2018 GBP INTERIM GROSS 0.170 12-10-2017 13-10-2017 31-10-2017 GBP FINAL GROSS 0.080 02-03-2017 03-03-2017 17-03-2017 GBP INTERIM GROSS 0.160 13-10-2016 14-10-2016 31-10-2016 GBP FINAL GROSS 0.080 25-02-2016 26-02-2016 11-03-2016 GBP INTERIM NET

Dividend Growth and Yield

Dividends Per Share TTM City of London Investment Group PLC's trailing 12-month Current: 0.31 Median: 0.28 High: 0.40 Low: 0.24 CAGR: 5.5% dividend per share is 0.31 and 0.41 0.41 its dividend has grown at a cumulative annualized rate of 0.38 0.38 5.5% over the charted period. This compares to dividend 0.35 0.35 growth of 10.70% over the past year and cumulative annualized growth of 6.00% 0.32 0.32 over the past 3 years.

0.29 0.29

0.26 0.26

0.23 0.23 2016 2017 2018 2019 2020 2021

Dividend Yield TTM % City of London Investment Group PLC's current dividend Current: 5.85 Median: 6.57 High: 13.37 Low: 5.40 CAGR: -1.3% yield is 5.85% based on 13.77 13.77 trailing 12 month dividends. The current yield is below the 12.31 12.31 historically observed median of 6.57% and, over the charted 10.85 10.85 time period, the observed high yield has been 13.37% and the observed low yield has 9.39 9.39 been 5.40%.

7.92 7.92

6.46 6.46

5.00 5.00 2016 2017 2018 2019 2020 2021

Financials/Asset Managers and Custodians Price: 530.00 GBX Report Date: September 23, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % -17.5 -2.0 13.5 28.9 44.4 -25.6 -17.0 -8.4 0.2 8.8

St James's Place PLC 41.6 Intermediate Capital Group Plc 7.2

Intermediate Capital Group Plc 25.1 3i Group Plc 5.5

City of London Investment Group PLC 21.0 City of London Investment Group PLC -0.4

3i Group Plc 14.7 St James's Place PLC -2.7

Peer Group Average 14.0 Peer Group Average -5.0

Schroders PLC 12.9 Schroders PLC -9.3

Hargreaves Lansdown Plc, Bristol -7.9 abrdn plc -14.3

abrdn plc -9.6 Hargreaves Lansdown Plc, Bristol -21.2

-17.5 -2.0 13.5 28.9 44.4 -25.6 -17.0 -8.4 0.2 8.8

Price / EPS TTM Price / Book Value 0.0 15.2 30.5 45.7 60.9 0.0 3.1 6.2 9.4 12.5

St James's Place PLC 58.4 Hargreaves Lansdown Plc, Bristol 11.9 Partners Group Holding AG 23.9 St James's Place PLC 9.0 Hargreaves Lansdown Plc, Bristol 21.3 Partners Group Holding AG 8.4 Julius Baer Group Ltd 18.7 City of London Investment Group PLC 7.4 Peer Group Average 18.3 Peer Group Average 4.5 City of London Investment Group PLC 18.0 Intermediate Capital Group Plc 3.9 Schroders PLC 14.7 Julius Baer Group Ltd 2.0 Intermediate Capital Group Plc 13.7 Schroders PLC 1.9 Janus Henderson Group Plc 9.9 3i Group Plc 1.4 UBS Group AG 8.6 Janus Henderson Group Plc 1.2 3i Group Plc 6.9 UBS Group AG 0.9 abrdn plc 6.8 abrdn plc 0.8 0.0 15.2 30.5 45.7 60.9 0.0 3.1 6.2 9.4 12.5

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -19.9 -3.7 12.6 28.8 45.1 -23.6 -9.7 4.2 18.0 31.9

Julius Baer Group Ltd 42.1 St James's Place PLC 29.4 Intermediate Capital Group Plc 30.3 3i Group Plc 18.5 3i Group Plc 17.6 Janus Henderson Group Plc 18.4 Partners Group Holding AG 15.5 Partners Group Holding AG 18.1 Hargreaves Lansdown Plc, Bristol 14.8 Intermediate Capital Group Plc 13.0 Peer Group Average 11.2 Peer Group Average 9.6 Janus Henderson Group Plc 7.7 Hargreaves Lansdown Plc, Bristol 6.9 UBS Group AG 5.8 Julius Baer Group Ltd 5.9 Schroders PLC 3.5 Schroders PLC 5.9 City of London Investment Group PLC 2.6 City of London Investment Group PLC 5.6 St James's Place PLC -5.2 UBS Group AG 0.6 abrdn plc -11.6 abrdn plc -16.5 -19.9 -3.7 12.6 28.8 45.1 -23.6 -9.7 4.2 18.0 31.9

Financials/Asset Managers and Custodians Price: 530.00 GBX Report Date: September 23, 2021 Abbreviations: CAGR - Cumulative annual growth rate. EBIT - Earnings before interest and taxes. EBITDA - Earnings before interest, taxes, depreciation & amortization. LFY - Last fiscal year M - Million LON - London Stock Exchange

Definitions: Market Value - Weekly Price times latest Shares Outstanding times any applicable ADR factor. Revenue - Sum of the last four quarters of Revenues. Revenue Per Share - Sum of the last four quarters of Total Revenue divided by Weighted Average Shares Outstanding. Operating EPS LFY - EPS excluding non-recurring, non-operating items, fiscal year aligned TTM value. 60-Day Average Volume (000) - The average of the last 60 daily volume values in thousands of shares. Price 52-Week High - The high closing price from the last 52 weeks of daily closing prices. Price 52-Week Low - The low closing price from the last 52 weeks of daily closing prices. Price / 52-Week High - Latest price divided by the high price from the past 52 weeks of daily closing prices. Price / 52-Week Low - Latest price divided by the low price from the past 52 weeks of daily closing prices. 50-Day Average Price - Mean of last 50 daily closing prices. 200-Day Average Price - Mean of last 200 daily closing prices. Price / 50-Day Average Price - Latest closing price divided by mean of last 50 daily closing prices, as a percentage. Price / 200-Day Average Price - Latest closing price divided by mean of last 200 daily closing prices, as a percentage. Relative Strength Index - Relative Strength Index or RSI measures the magnitude of gains over a given time period against the magnitude of losses over that period. The equation is RSI = 100 - 100 / (1 + RS) where RS = (total gains / n) / (total losses / n) and n = number of RSI periods. In this item, 14 days is used and one year of daily prices are considered. A value of 30 or below may imply oversold and 70 or above may imply overbought. Price Volatility - The standard deviation of the last 20 days of daily closing prices. Sharpe Ratio - The 5 year average of the excess monthly return over the risk - free rate(1 - month T - bill) over the 5 year standard deviation of the same series. Sortino Ratio - The same calculation as the Sharpe Ratio but with positive excess returns set to zero for the standard deviation denominator, so only negative volatility weighs in. Dividends Per Share TTM - Sum of the last four quarters of Dividends Per Share. Payout Ratio - Dividends Per Share TTM divided by Operating EPS TTM. Dividend Yield TTM % - Sum of the last four quarter of Dividends Per Share divided by Weekly Price. EBITDA - Sum of the last four quarters of EBITDA (Operating Income + Depreciation & Amortization). Free Cash Flow - Sum of the last four quarters Net Cash from Operations minus Capital Expenditures (Purchase of Property, Plant & Equipment), from the Cash Flow Statement. Book Value Per Share - Total Common Equity last quarter divided by Shares Outstanding last quarter. Gross Margin % - Sum of the last four quarters Gross Profit divided by the sum of the last four quarters Revenues. EBITDA Margin % - Sum of the last four quarters EBITDA divided by the sum of the last four quarters Revenues. Pre-Tax Margin % - Sum of the last four quarters of Earnings Before Taxes divided by sum of the last four quarters Revenues. Net Profit Margin % - Sum of the last four quarters of Operating EPS divided by sum of the last four quarters Revenues Per Share. Return on Equity % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Book Value. Return on Capital % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Capital Per Share. Return on Assets % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Assets Per Share. Price / EPS TTM - Weekly Price divided by the sum of the last four quarters of Operating EPS (capped at 99.9). Price / Sales - Weekly Price divided by Revenues Per Share TTM. Price / Book Value - Weekly Price divided by Book Value Per Share last quarter. Book Value Per Share is Total Common Equity last quarter divided by Shares Outstanding last quarter (capped at 49.9). Free Cash Flow Yield % - Free Cash Flow Per Share TTM divided by Weekly Price. Enterprise Value - Market Value plus Total Debt last year plus Preferred Equity last year minus Cash & Cash Equivalents last year. Enterprise Value / Sales - Enterprise Value divided by the sum of the last four quarters of Revenue. Enterprise Value / EBITDA - Enterprise Value divided by EBITDA TTM. Enterprise Value / EBIT - Enterprise Value divided by trailing four quarters of Operating Income. Enterprise Value / Free Cash Flow- Enterprise Value divided by the sum of the last four quarters of Free Cash Flow. Russell 1000 Index - The largest 1,000 stocks by market cap, the index comprehensively covers the US large cap universe. EPS 5-Year Growth Rate % is capped at 999.9%. Revenue 5-Year Growth Rate % is capped at 999.9%.

Financials/Asset Managers and Custodians Price: 530.00 GBX Report Date: September 23, 2021

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