Dividend Declaration

City Merchants High Yield Trust Limited                    

HEADLINE: Second Interim Dividend

The Directors of the Company have declared a second interim dividend, in
respect of the period from 2 April 2012 to 30 September 2012, of 2.5 pence per
Ordinary share. This dividend will be paid on 30 November 2012, to shareholders
on the register on 26 October 2012.

As envisaged in the prospectus dated 23 February 2012, the Board continues to
target, on the basis of current market conditions, total dividends, for the
period from Admission to 31 December 2012, of 7.6 pence per share which,
together with the Special Dividend of 2.4 pence per share paid by City
Merchants High Yield Trust plc on 28 March 2012, will represent total dividends
of 10 pence per share in respect of the 12 months to 31 December 2012.

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

Contact:

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

18 October 2012