Net Asset Value(s)

City Merchants High Yield Trust Limited                                       
                                                                              
As at close of business on 18-November-2016                                   
                                                                              
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value              
                                                                              
EXCLUDING undistributed current year revenue               183.18p            
                                                                              
INCLUDING current year revenue                             184.86p            
                                                                              
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