City of London Investment Management Company Limited announces purchases of trust units of DPF India Opportunities Fund



    TORONTO, Sept. 15 /CNW/ - City of London Investment Management Company
Limited ("CoL") announced today that various accounts over which CoL exercises
full discretionary investment authority (the "Accounts"), have acquired since
February 2008, through the facilities of the Toronto Stock Exchange, 4,912,200
trust units ("Units") of DPF India Opportunities Fund ("DPF"), which
represented approximately 19.79% of the issued and outstanding Units of DPF as
at August 29, 2008. Due to a buy-back plan by DPF, this now represents 20.05%
of the issued and outstanding Units of DPF. Previously, CoL had disclosed on
the System for Electronic Disclosure by Insiders (SEDI), on an ongoing basis,
its acquisitions and sales of Units of DPF.
    CoL acts as investment manager on behalf of pooled funds and other client
accounts. CoL does not beneficially own any Units of DPF. For purposes of
applicable Canadian securities laws, CoL may be considered to be a joint actor
with the Accounts; however, the issuance of this press release is not an
admission that CoL is a joint actor with the Accounts. The Units of DPF were
acquired for investment purposes. CoL may from time to time acquire, either on
its own behalf or on behalf of the Accounts, additional Units of DPF, dispose
of some or all of the existing or additional Units of DPF or continue to hold
the Units of DPF.

    
    A summary of the transactions whereby the Accounts acquired Units of DPF
is set out below:

    -   In March 2008, the Accounts, on a net basis, acquired an additional
        25,000 Units of DPF at an average cost of $8.20 per Unit of DPF,
        which increased the holdings of the Accounts to 3,939,000 Units of
        DPF, representing approximately 15.83% of the outstanding Units of
        DPF as at March 31, 2008.

    -   In April 2008, the Accounts, on a net basis, acquired an additional
        151,100 Units of DPF at an average cost of $8.25 per Unit of DPF,
        which increased the holdings of the Accounts to 4,090,100 Units of
        DPF, representing approximately 16.43% of the outstanding Units of
        DPF as at April 30, 2008.

    -   In May 2008, the Accounts, on a net basis, acquired an additional
        47,600 Units of DPF at an average cost of $8.01 per Unit of DPF,
        which increased the holdings of the Accounts to 4,137,700 Units of
        DPF, representing approximately 16.62% of the outstanding Units of
        DPF as at May 31, 2008.

    -   In June 2008, the Accounts, on a net basis, acquired an additional
        477,400 Units of DPF at an average cost of $7.11 per Unit of DPF,
        which increased the holdings of the Accounts to 4,615,100 Units of
        DPF, representing approximately 18.54% of the outstanding Units of
        DPF as at June 30, 2008.

    -   In July 2008, the Accounts, on a net basis, acquired an additional
        103,600 Units of DPF at an average cost of $6.09 per Unit of DPF,
        which increased the holdings of the Accounts to 4,718,700 Units of
        DPF, representing approximately 19.00% of the outstanding Units of
        DPF as at July 31, 2008.

    -   In August 2008, the Accounts, on a net basis, acquired an additional
        194,200 Units of DPF at an average cost of $6.44 per Unit of DPF,
        which increased the holdings of the Accounts to 4,912,900 Units of
        DPF, representing approximately 19.79% of the outstanding Units of
        DPF as at August 29, 2008. City of London Investment Management
        Company Limited
    

    CoL is a wholly owned subsidiary of City of London Investment Group PLC,
whose shares are listed and traded on the London "AIM" stock exchange. CoL was
founded in 1991 by Barry Olliff, CEO, and offers discretionary investment
management services to institutional clients around the world. As of August
29, 2008, CoL managed U.S. $3.9 billion in assets from four offices in London,
the U.S., Singapore and Dubai.





For further information:

For further information: please contact Mr. Jay McKenna at (610)
380-0121

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CITY OF LONDON INVESTMENT MANAGEMENT COMPANY LIMITED

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