Net Asset Value(s)

City Merchants High Yield Trust Limited                                        
                                                                              
As at close of business on 15-September-2015                                   
                                                                              
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value               
                                                                              
EXCLUDING undistributed current year revenue                 177.78p           
                                                                              
INCLUDING current year revenue                               180.02p           
                                                                              
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