Compliance with Model Code

City Merchants High Yield Trust Ltd                      

HEADLINE: Listing Rule 15.5.1 - Transactions in a close period

In accordance with LR 15.5.1, the directors of City Merchants High Yield Trust
Ltd (`the Company') confirm that they are satisfied that all inside information
which the Directors and the Company have had to 30 June 2012 has been notified
to a Regulatory Information Service and therefore dealings as referred to in LR
15.5.1 (3) are permitted.

Hilary Jones

For and on behalf of

R&H Fund Services (Jersey) Ltd

1 July 2012