Net Asset Value(s)

City Merchants High Yield Trust Limited                                        
                                                                               
As at close of business on 05-July-2016                                        
                                                                               
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value               
                                                                               
EXCLUDING undistributed current year revenue                 176.58p           
                                                                               
INCLUDING current year revenue                               179.46p