Compliance with Model Code

City Merchants High Yield Trust Limited

Statement re Compliance with the Model Code

Listing Rule 15.5.1 - Transactions in a close period

In accordance with LR 15.5.1(4), the Directors of City Merchants High Yield
Trust Limited (`the Company') confirm that at 31 December 2014 and for the
period since they are satisfied that all inside information which the Directors
and the Company have leading up to the announcement of the annual financial
results has been notified to a Regulated Information Service. Should the
Directors or the Company come into possession of inside information before the
annual financial results are announced this will be notified to a RIS before
any such dealings are transacted.

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

Contact:

Hilary Jones
R&H Fund Services (Jersey) Limited
Telephone: [phone]

9 March 2015