Net Asset Value(s)

City Merchants High Yield Trust Limited                                    
                                                                          
As at close of business on 02-June-2015                                    
                                                                          
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value           
                                                                          
EXCLUDING undistributed current year revenue                186.00p        
                                                                          
INCLUDING current year revenue                              187.37p