Director/PDMR Shareholding

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS  DISCHARGING MANAGERIAL
RESPONSIBILITY OR CONNECTED PERSONS

This form is intended for use by an issuer to make a RIS notification required
by DR 3.1.4R(1).

(1)           An issuer making a notification in respect of a transaction
relating to the shares or debentures of the issuer should complete boxes 1 to
16, 23 and 24.

(2)           An issuer making a notification in respect of a derivative
relating the shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14,
16, 23 and 24.

(3)           An issuer making a notification in respect of options granted to
a director/person discharging managerial responsibilities should complete boxes
1 to 3 and 17 to 24.

(4)           An issuer making a notification in respect of a financial
instrument relating to the shares of the issuer (other than a debenture) should
complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

Please complete all relevant boxes should in block capital letters.

                                           State whether the notification    
                                           relates to (i) a transaction      
                                           notified in accordance with DR    
                                           3.1.4R(1)(a); or                  
1.   Name of the issuer               2.   (ii) DR 3.1.4(R)(1)(b) a          
                                           disclosure made in accordance with
                                           section 324 (as extended by       
                                           section 328) of the Companies Act 
                                           1985; or                          
                                           (iii) both (i) and (ii)           
                                                                             
     City Merchants High Yield Trust       (i)                               
     Limited                                                                 
                                                                             
                                           State whether notification relates
     Name of person discharging            to a person connected with a      
3.   managerial responsibilities/     4.   person discharging managerial     
     director                              responsibilities/director named in
                                           3 and identify the connected      
                                           person                            
                                                                             
     Philip Taylor                         N/A                               
                                                                             
     Indicate whether the                  Description of shares (including  
     notification is in respect of a       class), debentures or derivatives 
5.   holding of the person referred   6.   or financial instruments relating 
     to in 3 or 4 above or in respect      to shares                         
     of a non-beneficial interest[1]                                         
                                                                             
     Notification is in respect of         Ordinary Shares                   
     the Director named in 3 above                                           
                                                                             
     Name of registered shareholders                                         
7.   (s) and, if more than one, the   8    State the nature of the           
     number of shares held by each of      transaction                       
     them                                                                    
                                                                             
                                           Dividend re-investment            
     Pont Marquet Investments Limited                                        
                                                                             
                                                                             
                                                                             
                                           Percentage of issued class        
     Number of shares, debentures or       acquired (treasury shares of that 
9.   financial instruments relating   10.  class should not be taken into    
     to shares acquired                    account when calculating          
                                           percentage)                       
                                                                             
     1046 ordinary                         0.001%                            
                                                                             
                                           Percentage of issued class        
     Number of shares, debentures or       disposed (treasury shares of that 
11.  financial instruments relating   12.  class should not be taken into    
     to shares disposed                    account when calculating          
                                           percentage)                       
                                                                             
     N/A                                   N/A                               
                                                                             
13.  Price per share or value of      14.  Date and place of transaction     
     transaction                                                             
                                                                             
     £1.8618 per share                     28 May 2015                       
                                                                             
     Total holding following                                                 
     notification and total                                                  
     percentage holding following          Date issuer informed of           
15.  notification (any treasury       16.  transaction                       
     shares should not be taken into                                         
     account when calculating                                                
     percentage)                                                             
                                                                             
     79,297              0.095%            28 May 2015                       

If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes

17   Date of grant                    18.  Period during which or date on   
                                           which it can be exercised        
                                                                            
     N/A                                   N/A                              
                                                                            
     Total amount paid (if any) for        Description of shares or         
19.  grant of the option              20.  debentures involved (class and   
                                           number)                          
                                                                            
     N/A                                   N/A                              
                                                                            
     Exercise price (if fixed at time      Total number of shares or        
21.  of grant) or indication that     22.  debentures over which options    
     price is to be fixed at the time      held following notification      
     of exercise                                                            
                                                                            
     N/A                                   N/A                              
                                                                            
23.  Any additional information       24.  Name of contact and telephone    
                                           number for queries               
                                                                            
     N/A                                   Paul Griggs - 0203 753 1517      

   

Name and signature of duly authorised officer of issuer responsible for   
making notification                                                       
Paul Griggs                                                               
Date of notification                                                      
28 May 2015