Net Asset Value(s)

City Merchants High Yield Trust Limited (CMHY)                                                 
                                                                                               
As at close of business on 20-January-2021                                                     
                                                                                               
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value                               
                                                                                               
EXCLUDING undistributed current year revenue                                  191.81p          
                                                                                               
INCLUDING current year revenue                                                195.10p          
                                                                                               
Amount of borrowings outstanding under repo contracts:                        GBP12.89m        
                                                                                               
Net borrowing level:                                                          4%               
                                                                                               
LEI: 549300JLX6ELWUZXCX14