Net Asset Value(s)

City Merchants High Yield Trust Limited                                    
                                                                           
As at close of business on 22-September-2015                               
                                                                           
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value           
                                                                           
EXCLUDING undistributed current year revenue                176.59p        
                                                                           
INCLUDING current year revenue                              179.00p