Net Asset Value

To:                HUGIN
From:            New City High Yield Fund Limited
Date:             9 December 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 8 December 2011 was:

                          Pence per Share
                       Cum             Ex
                       Income         Income


               Basic   53.82             53.16



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

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