Regulatory News

To:                THOMSON REUTERS
From:            New City High Yield Fund Limited
Date:             19 July 2012

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

Fourth Interim Dividend

New City High Yield Fund Limited (ticker symbol NCYF) today announces a fourth
interim dividend of 1.37 pence per share payable on 27 August 2012 to
shareholders on the register on 27 July 2012, having an ex-dividend date of 25
July 2012.  This makes for a total dividend for the year to 30 June 2012 of
4.01 pence per share (2011: 3.87 pence per share).

The 3.6% increase in dividends paid for the year follows the pattern of dividend
increases paid by the Company each year since 2008:

Financial Year     Total dividend     % increase

2007/08                3.57p                        n/a
2008/09                3.65p                        2.2%
2009/10                3.75p                        2.7%
2010/11                3.87p                        3.2%
2011/12                4.01p                        3.6%

For further information please contact:

Ian Francis
New City Investment Managers
0207 201 5366

Beth Harris
Newgate Threadneedle Communications
0207 653 9850

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
b.harris@newgatethreadneedle.com



Please see the below table for the Company's ordinary share and NAV performance
over an 8 year period:

1 3 12 3 5 From 29/10/04
Month Months Months Years Years %
% % % % %

Fund NAV* +0.81 +0.31 +1.70 +63.26 +47.93 +97.30

Share -0.21 -3.89 -3.04 +55.51 +50.84 +111.15
Price*

otal return performance based on bid prices/Source: R&H Fund Services Limited.
Data correct as at 30 June 2012.

This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: New City High Yield Fund Ltd via Thomson Reuters ONE
[HUG#1628017]