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 agreed today to issue and allot 150,000 ordinary shares of no par
    value in the Company at a price of 184.75p per share under its block listing
    facility.  This allotment is to satisfy secondary market demand and is made
    under the annual authority granted by the Company's shareholders for such
    allotments. These shares will not qualify for the dividend due for payment on
    21 August 2015. These shares rank pari passu with the existing shares in issue
    in all other respects.

    Following this issue the total number of ordinary shares in issue is
    84,387,459, which should be used as the denominator for calculating interests
    in the Company.

    .

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

    Contact:

    Hilary Jones
    R&H Fund Services (Jersey) Limited
    Telephone: 01534 825323

    28 July 2015