Net Asset Value(s)

City Merchants High Yield Trust Limited (CMHY)                                         
                                                                                       
As at close of business on 18-December-2020                                            
                                                                                       
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value                       
                                                                                       
EXCLUDING undistributed current year revenue                            191.66p        
                                                                                       
INCLUDING current year revenue                                          194.07p        
                                                                                       
Amount of borrowings outstanding under repo contracts:                  GBP13.70m      
                                                                                       
Net borrowing level:                                                    5%             
                                                                                       
LEI: 549300JLX6ELWUZXCX14