Appointment of AIFM and Depositary

City Merchants High Yield Trust Ltd                      

                      APPOINTMENT OF AIFM AND DEPOSITARY                       

City Merchants High Yield Trust Ltd announces that, effective today, the
Company has entered into arrangements necessary to ensure compliance with the
Alternative Investment Fund Managers Directive (`AIFMD').

The Board of Directors (the `Board') has approved the appointment of Invesco
Fund Managers Limited (`IFML') as the Company's Alternative Investment Fund
Manager (`AIFM') by way of a new investment management agreement between the
Company and IFML dated today. IFML is an affiliate of the Company's current
investment manager, Invesco Asset Management Limited (`IAML') and has been
authorised as an AIFM by the UK's Financial Conduct Authority. The existing
investment management agreement between the Company and IAML has been
terminated, although IAML will continue to manage the Company's investment
portfolio under delegated authority from IFML. The management fee and notice
period remain unchanged.

The Company has also appointed BNY Mellon Trust & Depositary (UK) Limited (the
`Depositary'), to act as the Company's depositary (as required by the AIFMD) on
the terms of a depositary agreement also dated today and entered into between
the Company, the AIFM and the Depositary. The Depositary has delegated safe
keeping of the Company's investments to the Company's previous custodian, The
Bank of New York Mellon (London Branch).

It is not expected or intended that these new arrangements will result in any
change to the way the Company's assets are invested.

22 July 2014

For enquiries please contact:

Angus Pottinger
Invesco Perpetual
020 3753 1000