Director Declaration

City Merchants High Yield Trust Ltd

HEADLINE:            Change in Director’s Details

In accordance with LR 9.6.14, the Board of City Merchants High Yield Trust Ltd announces that Win Robbins has been appointed to the Board of Polar Capital Holdings Plc as non-executive Director, with effect from 22 June 2017.

Hilary Jones

For and on behalf of

R&H Fund Services (Jersey) Ltd

23 June 2017