Net Asset Value(s)

City Merchants High Yield Trust Limited                        
                                                              
As at close of business on 23-June-2015                        
                                                              
NAV per Ordinary share (unaudited) with Debt at Par & Fair     
Value                                                          
                                                              
EXCLUDING undistributed current year revenue    183.26p        
                                                              
                                                              
INCLUDING current year                          185.68p        
revenue