Issue of Equity

City Merchants High Yield Trust Limited                    

HEADLINE: Issue of Equity

The Board of City Merchants High Yield Trust Limited (the `Company') announces
that it has today issued and allotted 350,000 ordinary shares of no par value
in the Company at a price of 189.5p per share to satisfy demand.

The new shares rank pari passu with the existing shares in issue. Application
is being made for them to be admitted to the Official List and to trading on
the main market of the London Stock Exchange.

Following this issue the total number of ordinary shares in issue is 73,136,327
which should be used as the denominator for calculating interests in the
Company.

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

Contacts:

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

21 January 2014