Rule 8.3- (City Merchants)

Rathbone Brothers PLC
10 October 2005


                                                                        FORM 8.3


   DEALINGS BY PERSONS WHO OWN OR CONTROL 1% OR MORE OF ANY CLASS OF RELEVANT
                                    SECURITY
              (Rule 8.3 of The City Code on Takeovers and Mergers)

Name of purchaser/vendor *                   Rathbone Brothers Plc (entity
                                             reporting)
                                             Rathbone Investment Management Ltd
                                             (entity dealing)

Company dealt in                             CITY MERCHANTS HIGH YIELD TRUST PLC  

Relevant security dealt in                   25p Ordinary

If a connected EFM, name of offeree/offeror  n/a
with which connected

If a connected EFM, nature of connection #   n/a

Date of dealing                              7th October 2005

DEALINGS +

Amount bought         Price per unit (currency must be stated)


Amount sold           Price per unit (currency must be stated)
8250                                         185p

Resultant total amount and percentage of the same
relevant security owned or controlled                     1,574,240 (4.16%)


IS A SUPPLEMENTAL FORM 8 (DERIVATIVE)/FORM 8 (OPTION) ATTACHED?     NO

Date of disclosure                        10th October 2005

Contact name                              John Moorley

Telephone number                          020 7399 0171

* Specify the owner or controller in addition to the person dealing. The naming
of nominees or vehicle companies is insufficient. In the case of disclosure of
dealings by fund managers on behalf of discretionary clients, the clients need
not be named.

# See the definition of 'connected fund managers and principal traders' in the
Definitions Section of the Code.

+ If disclosing dealings/holdings in derivatives or options, please attach
Supplemental Form 8 (Derivative) or Supplemental Form 8 (Option), as
appropriate.

For details of the Code's dealing disclosure requirements, see Rule 8 and its
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.





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