RNS Number:9097P
City of London Investment Group PLC
18 September 2003


                                                      FORM SAR 5


                                       Date of disclosure 18TH SEPTEMBER 2003

             DISCLOSURE UNDER NOTE 3 OF RULE 5 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

                 
Date of sale 17TH SEPTEMBER 2003

Sale of CITY NATURAL RESOURCES HIGH YIELD FUND PLC (name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares sold          sold, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

    ORDINARY                  250,000 shares            ......N/A...........
                              ...N/A..........rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

    5,711,375     (28.56%)    .....N/A.......(    %)    .............(28.56%)


(3) Party making disclosure CITY OF LONDON INVESTMENT GROUP PLC 

(4)  (a)  Name of person selling shares or rights over shares GLOBAL EMERGING 
          MARKETS COUNTRY FUND, INVESTABLE EMERGING MARKETS COUNTRY TRUST AND 
          THE EMERGING WORLD FUND.

          and, if different, beneficial owner............................... 

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)............................


Signed, for and on behalf of the party named in (3) above...................

(Also print name of signatory)
P O'SULLIVAN

Telephone and extension number
0207 711 0771


For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, 
Tel. No: 020 7382 9026.


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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