Net Asset Value(s)

City Merchants High Yield Trust Limited                                        
                                                                               
As at close of business on 16-December-2015                                    
                                                                               
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value               
                                                                               
EXCLUDING undistributed current year revenue                 175.74p           
                                                                               
INCLUDING current year revenue                               178.06p