Dividend Declaration

City Merchants High Yield Trust Limited                    

HEADLINE: 4th Interim Dividend

The Directors of the Company are pleased to announce the 4th interim dividend,
in respect of the year ended 31 December 2013, of 2.5 pence per Ordinary share.
This dividend will be paid on 28 February 2014, to shareholders on the register
on 24 January 2014. The shares will be marked ex-dividend on 22 January 2014.

With this payment, the Company will have paid total dividends in respect of the
12 months to 31 December 2013, of 10 pence per share. The Board continues to
target total dividends at the same level for the current year.

Issued for and on behalf of City Merchants High Yield Trust Limited

Contacts:

Hilary Jones
R&H Fund Services (Jersey) Limited
Telephone: [phone]

15 January 2014