City Merchants High Yield Trust plc                      

Headline: Third Interim Dividend

The Directors have declared a third quarterly dividend of 3.0p (2002: 3.0p) per
Ordinary Share payable on 9 January 2004 to Shareholders on the register as at
12 December 2003 in respect of the year ending 31 December 2003.

2 December 2003

Andrew Norman

for and on behalf of

INVESCO Asset Management Limited



END