Net Asset Value(s)

City Merchants High Yield Trust Limited                                        
                                                                               
As at close of business on 31-August-2016                                      
                                                                               
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value               
                                                                               
EXCLUDING undistributed current year revenue                 186.06p           
                                                                               
INCLUDING current year revenue                               187.95p