Net Asset Value(s)

City Merchants High Yield Trust Limited                        
                                                               
As at close of business on 29-March-2016                       
                                                               
NAV per Ordinary share (unaudited) with Debt at Par & Fair     
Value                                                          
                                                               
EXCLUDING undistributed current year revenue    172.83p        
                                                               
                                                               
INCLUDING current year                          175.19p        
revenue                                                        
                                                               
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