City of London Group founder and executive chairman John Greenhalgh, and deputy chairman Peter Doye, have decided to step down after 20 years as executive directors in order to facilitate the search for a new chief executive to run the investment and financial services group. Mr. Greenhalgh has agreed to serve COLG as a non-executive director. Mr. Doye retires from the Board but will continue in a transitional executive role.

Following discussions with major shareholders Mr. Greenhalgh, who holds 20p.c. of the equity in COLG, said: "After careful thought and wishing to be helpful, Peter and I accepted the point made that we, the old guard, might possibly impede the search for a new chief executive. Our decision now makes it easier and more attractive for a new incumbent to move the company forward. It is also a good time in our lives, with both of us in our 70s and still with plenty of energy, to take partial retirement.

"The company changed direction to the financial services field last December following disposal of the public relations division. We have served the group in its listed form since 1988. It is in very good shape with cash and assets of around £7.5m and may be seen as an attractive main market shell. In these times of immensely tricky stock markets there are perhaps more snakes than ladders to be encountered, but there is also outstanding opportunity for the right business leaders over the next several years. Bearing this in mind it is a good time to pass the baton and accelerate the group's progress. We will both continue to assist the company during the hand over period".

Mr. David Walton Masters, who has wide international fund management experience, becomes executive chairman of the company during the transitional phase as the search for a new chief executive is conducted.

City of London Group NAV per share at 31st July, 2008 was 74.6p (81.2p at 30th March, 2008).

COLG announces that its 100p.c. owned City of London Financial Services has entered merger discussions with Glasgow-based Fundamental Tracker Investment Management Limited (FTIM Limited) , which has launched a low-cost fund based on the FTSE 350 companies and in which COLG already has a 49.9p.c. shareholding. A merger, with COLG holding a controlling interest, would be subject to FSA approval.

Further Info:
John Greenhalgh Chairman City of London Tel: 020-7628-5518 Group Plc.
David Walton Chairman-Elect City of London Tel: 020-7628-5518 Masters Group Plc

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