To:                   THOMSON REUTERS
From:              New City High Yield Fund Limited
Date:               22 January 2015

New City High Yield Fund Limited
("the Company")

Second Interim Dividend

New City High Yield Fund Limited (ticker symbol NCYF) today announces a second interim dividend of 0.96 pence per share payable on 27 February 2015 to shareholders on the register on 30 January 2015, having an ex-dividend date of 29 January 2015.

The payment of 0.96 pence per share represents a 4.3% increase on the 0.92 pence per share paid in respect of the same period last year, and a 2.1% increase on the 0.94 pence per share first interim dividend paid in November 2014.

The Company has in recent years paid three interim dividends at the same rate and a larger fourth interim dividend.  The gap between the size of the first three interim dividends and the fourth has become increasingly large, and the Board has concluded that it would be in shareholders' interests for the gap to be narrowed.

It is anticipated that the third interim dividend will be at least equal to the second interim dividend, and that the fourth interim dividend will be maintained at last year's level.

For further information please contact:

Ian Francis
New City Investment Managers
0207 201 5366

Martin Cassels
R&H Fund Services Limited
0131 524 6140

Note to Editors:

New City High Yield is managed by Ian Francis of New City Investment Managers.

The investment objective of the Company is to provide a high gross dividend yield and the potential for capital growth by investing mainly in high yielding fixed interest securities.

If you would like to receive the monthly factsheet on New City High Yield Fund Limited or any of the other New City Investment Managers' funds please email: clientservice@cqsm.com                 

Please see the below table for the Company's ordinary share and NAV performance over a 10 year period:

*Total return performance based on bid prices/Source: R&H Fund Services Limited.

Data correct as at 31 December 2014.