Portfolio Management Arrangements

City Merchants High Yield Trust Limited

Headline:  Portfolio Management Arrangements

The Board of City Merchants High Yield Trust Limited is pleased to announce that Rhys Davies has been promoted to portfolio manager to co-manage the Company’s portfolio alongside Paul Causer and Paul Read, with effect from 14 June 2016.

Rhys, a CFA charter holder, has been deputy portfolio manager of the Company since 2 June 2014, having joined Invesco in 2002.

R&H Fund Services (Jersey) Limited

Company Secretary

15 June 2016