Statement re Management Arrangements

City Merchants High Yield Trust Ltd                      

HEADLINE: Management Arrangements

The Board of City Merchants High Yield Trust Limited is pleased to announce the
appointment of Rhys Davies as Deputy Portfolio Manager to assist Paul Read and
Paul Causer, who will remain lead Portfolio Managers of the Company, with
effect from 3 July 2014.

Rhys, a CFA charter holder, is a senior credit analyst within Invesco
Perpetual's Fixed Interest team, having joined the firm in 2002. He has been
associated directly with the Company's portfolio for several years carrying out
fundamental analysis to help construct the best portfolio to implement the
Company's investment strategy.

Contact:

Andrew Watkins, Invesco Perpetual - 020 3753 1000
Paul Griggs, Invesco Perpetual - 020 3753 1000

10 July 2014