Net Asset Value

To:                HUGIN
From:            New City High Yield Fund Limited
Date:             29 November 2011

Net Asset Value

The unaudited net asset value (NAV) of the Company is noted below in pence per share. NAVs are calculated in accordance with stated policies. Applicable accounting standards and AIC recommendations are followed.

The NAV per ordinary share as at the close of business on 28 November 2011 was:

	Pence per Share Cum             Ex Income         Income
Basic	53.15             52.58

For further information please contact:

Martin Cassels
R&H Fund Services Limited
08707 030 242

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Source: New City High Yield Fund Ltd via Thomson Reuters ONE

HUG#1567317