Change of Investment Manager

City Natural Res High Yield Tst PLC
30 March 2005


Stock Exchange Announcement


To: RNS

From : City Natural Resources High Yield Trust plc

Date: 30 March 2005

The Board announces that as envisaged, following the establishment of New City
Investment Managers Limited by Richard Lockwood, the Company has appointed New
City Investment Managers Limited as its Investment Managers with effect from 1
April 2005.  The new Investment Manager has been appointed under the terms of
the existing management agreement in succession to the retiring management
entity. Richard Lockwood will continue to be the principal individual
responsible for the management of the Company's investment portfolio.

New City Investment Managers Limited is Authorised and regulated by the
Financial Services Authority.


For further information contact:

Adrian Collins, Chairman, 
City Natural Resources High Yield Trust plc                  Tel [phone]

Richard Lockwood, 
New City Investment Managers Limited                         Tel [phone]



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