Notification and public disclosure of transactions by persons discharging   
         managerial responsibilities and persons closely associated with them      

    1   Details  of  the  person  discharging  managerial  responsibilities  /      
         person  closely associated                                                 
                                                                                    
    a)  Name                       Philip Taylor                                    
                                                                                    
    2   Reason for the notification                                                 
                                                                                    
    a)  Position/status            Non-executive Director                           
                                                                                    
    b)  Initial notification/      Initial Notification                             
        Amendment                                                                   
                                                                                    
    3   Details of the issuer, emission allowance market participant, auction       
        platform, auctioneer or auction monitor                                     
                                                                                    
    a)  Name                       City Merchants High Yield Trust Limited          
                                                                                    
    b)  LEI                        N/A                                              
                                                                                    
    4   Details of the transaction(s): section to be repeated for (i) each type of  
        instrument;                                                                 
        (ii) each type of transaction; (iii) each date; and (iv) each place where   
        transactions have been conducted                                            
                                                                                    
    a)  Description of the         Ordinary Shares of no par value                  
        financial instrument, type                                                  
        of instrument                                                               
        Identification code        JE00B6RMDP68                                     
                                                                                    
    b)  Nature of the transaction  Dividend Reinvestment                            
                                                                                    
    c)  Price(s) and volume(s)     Price(s)                 Volume(s)               
                                                                                    
                                   £1.89                    2,445                   
                                                                                    
    d)  Aggregated information                                                      
                                                                                    
        -Aggregated volume         As per c) above                                  
                                                                                    
    e)  Date of the transaction    2016-08-24                                       
                                                                                    
    f)  Place of the transaction   London Stock Exchange