Net Asset Value(s)

City Merchants High Yield Trust Limited                        
                                                               
As at close of business on 02-September-2016                   
                                                               
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value                                                                                                                         
EXCLUDING undistributed current year revenue            185.92p        
                                                               
INCLUDING current year revenue                          187.83p