Net Asset Value(s)

City Merchants High Yield Trust Limited                                     
                                                                            
As at close of business on 09-September-2016                                
                                                                            
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value            
                                                                            
EXCLUDING undistributed current year revenue                 185.96p        
                                                                            
INCLUDING current year revenue                               188.05p