Issue of Equity

City Merchants High Yield Trust Limited                    

HEADLINE: Issue of Equity

The Board of City Merchants High Yield Trust Limited (the `Company') announces
that it has agreed to issue and allot 300,000 ordinary shares of no par value
in the Company at a price of 187.25p per share. This allotment is to satisfy
secondary market demand and is made under the annual authority granted by the
Company's shareholders for such allotments. These shares will not qualify for
the dividend payable on 27 February 2015, but rank pari passu with the existing
shares in issue in all other respects.

Applications are being made to the UK Listing Authority and to the London Stock
Exchange for the new shares to be admitted to the Official List and to trading
on the main market of the London Stock Exchange, respectively. It is expected
that admission will become effective and dealings in the ordinary shares will
commence on the London Stock Exchange at 8.00 a.m. on 4 February 2015.

Following this issue the total number of ordinary shares in issue is
81,462,459, which should be used as the denominator for calculating interests
in the Company.

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

Contact:

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

29 January 2015