City Merchants High Yield Trust plc                      

HEADLINE: Appointment of Director

The Board of City Merchants High Yield Trust plc is pleased to announce the
appointment of Mr Richard King as a Director of the Company with effect from 3
March 2003. Mr King has been involved in international equity investment for
over 30 years and was latterly a Partner and Senior Managing Director of
Warburg Pincus Asset Management between 1989 and 1999.

INVESCO Asset Management Limited

4 March 2003



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