Result of AGM

City Merchants High Yield Trust Limited

Result of AGM

Result of the Annual General Meeting of City Merchants High Yield Trust Limited
held on 13 June 2013:

All of the resolutions put to shareholders at the Meeting were passed.

Proxy votes lodged with the Registrar in respect of each resolution were as
follows:

         Resolution           Votes For       Votes Against      Votes Withheld
                    (including votes at                                        
                      the discretion of                                        
                          the Chairman)                                        
Ordinary resolutions:

                 1.           9,462,147             872,121               3,043
                                                                               
                 2.          10,322,038               6,157               9,116
                                                                               
                 3.           9,531,297             795,931              10,083
                                                                               
                 4.          10,010,832             316,363              10,116
                                                                               
                 5.          10,328,917               1,778               6,616
                                                                               
                 6.          10,304,692              25,003               7,616
                                                                               
                 7.          10,307,258              22,664               7,389
                                                                               
                 8.          10,186,563              97,686              53,062

Special resolutions:

                 9.           9,385,497             930,780              21,034
                                                                               
                10.          10,277,642              44,266              15,403
                                                                               
                11.           9,802,152             523,216              11,943

Total Voting Rights were 72,786,327.


The full text of the resolutions passed was as follows:

Ordinary Resolutions:

The following Ordinary Resolutions were passed at the Annual General Meeting
held on 13 June 2013:

1. To receive the Annual Financial Report, including the financial statements
   and Auditor's Report for the period ended 31 December 2012.

2. To elect Mr Clive Nicholson a Director of the Company.

3. To elect Mr Philip Austin a Director of the Company.

4. To elect Mr John Boothman a Director of the Compnay.

5. To elect Ms Winifred Robbins a Director of the Company.

6. To elect Mr Philip Taylor a Director of the Company.

7. To reappoint the Auditor, Ernst & Young LLP, and authorise the Directors to
   determine their remuneration.

8. THAT, in accordance with Article 158 of the Company's Articles of
   Association, the Directors of the Company be and they are hereby released
   from their obligation pursuant to such Article to convene a general meeting
   of the Company within six months of the AGM at which a special resolution
   would be proposed to wind up the Company.

Special Resolutions:

The following Special Resolutions were passed at the Annual General Meeting
held on 13 June 2013:

9. THAT, pursuant to Article 14.1 of the Company's Articles of Association, the
   Directors be and are hereby empowered to issue shares, up to 10% of the
   existing shares in issue at the time of the AGM, without pre-emption.

10. THAT, pursuant to Article 8.2 of the Company's Articles of Association and
    Article 57 of the Companies (Jersey) Law 1991 as amended (the Law), the Company
    be generally and unconditionally authorised:

    (a) to make purchases of its issued ordinary shares of no par value (Shares) to
    be cancelled or held as treasury shares provided that:

    (i) the maximum number of Shares hereby authorised to be purchased shall be
    14.99% of the Company's issued ordinary shares, this being 72,786,327 on the
    date of this notice;

    (ii) the minimum price which may be paid for a Share is 1p;

    (iii) the maximum price, exclusive of expenses, which may be paid for a Share
    is an amount equal to 105% of the average of the middle market quotations for a
    Share taken from the London Stock Exchange Daily Official List for the five
    business days immediately preceding the day on which the Share is purchased;
    and

    (iv) the authority hereby conferred shall expire on the earlier of the
    conclusion of the next AGM of the Company held after passing of this resolution
    or 15 months from the date of the passing of this resolution, whichever is the
    earlier.

11. THAT, the period of notice required for general meetings of the Company
    (other than AGMs) shall not be less than 14 days.


13 June 2013

Contact:

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