SAR 5 - JP Morgan Russ

City of London Investment Group PLC
04 May 2006

                                                                    FORM SAR 5


                              DISCLOSURE OF DISPOSALS
       (Rule 5 of The Rules Governing Substantial Acquisitions of Shares)


Name of seller                              CITY OF LONDON INVESTMENT GROUP PLC

Beneficial owner, if different from above                N/A



Names of any other persons acting by agreement           N/A
or understanding (see SAR 5) 

Company dealt in                                    JP MORGAN RUSSIAN SECURITIES

Class of voting shares (eg ordinary shares)               ORDINARY

Date of disposal                                      3RD MAY 2006



Number of shares disposed of                           250,000

Number of rights over shares disposed of #              N/A

Nature of rights over shares                            N/A



Total holding of voting shares (and percentage of     13,884,969  (24.72%)
total voting shares in issue)

Total holding of rights over shares (and                 N/A
percentage of total voting shares in issue)

Combined total holding (and percentage) of            13,884,969 (24.72%)
voting shares and rights over shares



Date of disclosure                                       4TH MAY 2006

Contact name                                             OLIVER MARSCHNER

Telephone number                                         0207 860 8340


#     See the definition of  'rights over shares' in the Definitions Section
      of the SARs.

For details of the SARs disclosure requirements, see SARs 3 and 5 and their 
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.






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