Net Asset Value(s)

City Merchants High Yield Trust Limited         
               
As at close of business on 25-February-2016               
     
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value 

EXCLUDING undistributed current year            166.76p     
revenue                                                     
                                                               
INCLUDING current year                          168.65p        
revenue                                                        
                                                               
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