To:                   THOMSON REUTERS
From:              CQS New City High Yield Fund Limited
Date:               23 April 2015

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

Third Interim Dividend

CQS New City High Yield Fund Limited (ticker symbol NCYF) today announces a third interim dividend of 0.96 pence per share payable on 29 May 2015 to shareholders on the register on 1 May 2015, having an ex-dividend date of 30 April 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 is at the same level as the second interim dividend paid in February 2015.

It is anticipated 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:

CQS 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 CQS 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 11 year period:

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

Data correct as at 31 March 2015.