Net Asset Value(s)

City Merchants High Yield Trust Limited                                     
                                                                           
As at close of business on 09-July-2015                                     
                                                                           
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value            
                                                                           
EXCLUDING undistributed current year revenue                 180.69p        
                                                                           
INCLUDING current year revenue                               183.67p