Net Asset Value(s)

City Merchants High Yield Trust Limited                                    
                                                                           
As at close of business on 26-June-2015                                    
                                                                           
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value           
                                                                           
EXCLUDING undistributed current year revenue                182.57p        
                                                                           
INCLUDING current year revenue                              185.07p        
                                                                           
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