Net Asset Value(s)

City Merchants High Yield Trust Limited                                     
                                                                            
As at close of business on 26-August-2015                                   
                                                                            
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value            
                                                                            
EXCLUDING undistributed current year revenue                 176.35p        
                                                                            
INCLUDING current year revenue                               178.08p        
                                                                            
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