Investment Manager

City Natural Res High Yield Tst PLC
21 September 2007



To:                            RNS

From:                          City Natural Resources High Yield Trust plc

Date:                          21 September 2007



Investment Manager



The Company's investment manager, New City Investment Managers Limited ('New
City'), has today announced that, subject to regulatory approval, it will join
with CQS, the US $8.6 billion asset manager.



New City will continue to act on behalf of the Company and its personnel will
continue the focus on investment management which has underpinned the Company's
success in recent years.



New City believes that the Company will benefit from complimentary and adjacent
skill sets in natural resources and fixed interest, supported by CQS' robust
infrastructure platform.





For further information please contact:



Richard Lockwood / Andrew Ferguson - New City:  0207 557 4370



Martin Cassels                       - F&C Asset Management plc:  0131 718 1095




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