Net Asset Value(s)

City Merchants High Yield Trust Limited                        
                                                               
As at close of business on 26-May-2016                         
                                                               
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value
                                                               
EXCLUDING undistributed current year revenue    176.23p        
                                                               
INCLUDING current year revenue                  177.83p        
                                                               
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