To:                   RNS
From:               CQS New City High Yield Fund Limited (the "Company")
Date:                31 July 2015

Board changes

The Company announces the following changes to its Board of Directors with immediate effect.

Graeme Ross today resigned from the Board after serving as a non-executive director since 17 January 2007.

Duncan Baxter has joined the Board as a non-executive Director with immediate effect. Duncan is a retired senior banker with over 25 years' experience of international banking, latterly as managing Director of Swiss Bank Corporation in Jersey.  He is a Jersey resident and holds several non-executive directorships, including Aberdeen Asian Income Fund Limited.

Duncan Baxter is a non-executive director of Highland Gold Mining Limited and Evraz Plc, and within the last five years, Alternative Investment Strategies Limited.  There is no additional disclosure to be made in respect of Duncan Baxter pursuant to paragraph LR 9.6.13R of the Listing Rules of the UK Listing Authority.

This announcement is made pursuant to Listing Rule 9.6.11 of the Listing Rules of the UK Listing Authority.

The Chairman, Jimmy West, thanked Graeme Ross for his contributions during a period that had seen the Company's shareholders' funds treble from £68m to £208m, and welcomed Duncan Baxter to the Board.

Enquiries:

Martin Cassels
R&H Fund Services Limited
Tel:       +44 (0) 131 524 6140