Net Asset Value(s)

City Merchants High Yield Trust Limited                        
                                                               
As at close of business on 17-February-2016                    
                                                               
NAV per Ordinary share (unaudited) with Debt at Par & Fair     
Value                                                          
                                                               
EXCLUDING undistributed current year            165.66p        
revenue                                                        
                                                               
INCLUDING current year                          167.34p        
revenue                                                        
                                                               
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