CHY Chemometec AS

    City Merchants High Yield Trust plc                      

Headline: First Interim Dividend

The Directors have declared the first dividend for the year ending 31 December
2003 of 3p per Ordinary Share payable on 8 July 2003 to Ordinary Shareholders
on the register on 20 June 2003.

Andrew Norman

for and on behalf of

INVESCO Asset Management Limited

9 June 2003



END