Net Asset Value(s)

City Merchants High Yield Trust Limited                        
                                                               
As at close of business on 21-April-2016                       
                                                               
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value                                                          
                                                               
EXCLUDING undistributed current year revenue    176.42p        
                                                               
INCLUDING current year revenue                  176.89p