Statement re Portfolio Manager Changes

City Merchants High Yield Trust Limited

Portfolio Manager Changes

The Board is pleased to announce that Rhys Davies, who is responsible for the day-to-day management of the Company’s portfolio, will be named lead manager and Edward Craven has been appointed as deputy portfolio manager to assist Rhys. Paul Read and Paul Causer, co-heads of the Invesco Henley Fixed Interest team, will step back as co-fund managers but will continue to provide support along with the wider fixed interest team. The changes take effect from today.

Rhys was promoted to portfolio manager in June 2016 to co-manage the Company’s portfolio having been deputy portfolio manager since July 2014 and has been associated with the Company’s portfolio for many years since joining Invesco in 2002.

Edward Craven is a senior credit analyst having been part of the Fixed Interest team for more than nine years. He has more than 17 years’ financial services experience having begun his career at KPMG in Assurance and Corporate Finance, before moving to The Royal Bank of Scotland, where he worked in structured finance.

Paul Read/Paul Causer commented:

“The changes represent a natural progression recognising Rhys’s success as the Company’s portfolio manager and bringing on Edward Craven to work with him as a deputy portfolio manager. Rhys and Edward have our continuing support and that of the fixed interest team.”

Date: 22 July 2020

JTC Fund Solutions (Jersey) Limited

Company Secretary

Contacts:

Hilary Jones, JTC    Tel: [phone]

Will Ellis, Invesco  Tel: [phone]