Net Asset Value

To:                HUGIN
From:            New City High Yield Fund Limited
Date:             26 September 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 23 September 2011 was:

                       Pence per    Share
                       Cum             Ex
                       Income         Income


               Basic   53.64             53.08



For further information please contact:

Martin A Cassels

F&C Investment Business Limited
0207 628 8000







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

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