Net Asset Value(s)

City Merchants High Yield Trust Limited                                     
                                                                           
As at close of business on 02-March-2016                                    
                                                                           
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value            
                                                                           
EXCLUDING undistributed current year revenue                 168.92p        
                                                                           
INCLUDING current year revenue                               170.96p        
                                                                           
---