Net Asset Value(s)

City Merchants High Yield Trust Limited                        
                                                               
As at close of business on 08-September-2016                   
                                                               
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value    
                                                               
EXCLUDING undistributed current year revenue           186.46p        
                                                               
INCLUDING current year revenue                         188.52p