Result of Equity Issue

New City High Yield Fund Limited
06 March 2008

                                  6 March 2008

                NEW CITY HIGH YIELD FUND LIMITED (the 'COMPANY')

                      RESULT OF ISSUE OF ORDINARY SHARES

Further to the announcement on 28 February 2008, the board of New City High
Yield Fund Limited announces that 9,169,600 ordinary shares of no par value
('Ordinary Shares') have been issued under the Company's block listing facility
by means of a placing by Intelli Stockbrokers with institutional and other
investors (the 'Placing').

The Company's issued share capital now comprises 139,366,428 Ordinary Shares.

Enquiries

Chris Whittingslow/Richard Howell  Intelli Stockbrokers                      Tel: [phone]
Adam Cooke                         New City Investment Managers Limited      Tel: [phone]
Graeme Ross/Phil Brown             R and H Fund Services (Jersey) Limited    Tel: [phone]




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