City of London Investment Management Company Limited intends to oppose the continuation resolution at Advance Developing Markets Fund's annual general meeting on 15 March.

City of London says shareholders are being encouraged to support the continuation for the next five years when, in four out of the past five calendar years, the NAV has underperformed the MSCI Emerging Markets Net Total Return Index.

Cumulatively, over the five years to end December 2012, the NAV performance has been 3.9% which compares with the MSCI Emerging Markets Net Total Return of 17.2% over the same period.