Net Asset Value(s)

City Merchants High Yield Trust Limited                                     
                                                                           
As at close of business on 08-February-2016                                 
                                                                           
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value            
                                                                           
EXCLUDING undistributed current year revenue                 167.47p        
                                                                           
INCLUDING current year revenue                               168.89p        
                                                                           
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