Net Asset Value

To:                HUGIN
From:            New City High Yield Fund Limited
Date:             23 February 2012

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 22 February 2012 was:

	Pence per Share Cum             Ex Income         Income
Basic	56.48             55.97

For further information please contact:

Martin Cassels / Kristina Murray 
R&H Fund Services Limited
0131 625 2951/ 2930

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

HUG#1588543