Net Asset Value(s)

City Merchants High Yield Trust Limited                        
                                                               
As at close of business on 16-March-2016                       
                                                               
NAV per Ordinary share (unaudited) with Debt at Par & Fair     
Value                                                          
                                                               
EXCLUDING undistributed current year revenue    173.11p        
                                                               
                                                               
INCLUDING current year                          175.53p        
revenue