Dividend Declaration

New City High Yield Fund Limited
23 October 2007


To:          RNS

From:        New City High Yield Fund Limited

Date:        23 October 2007


Second Interim Dividend


New City High Yield Fund Limited announces a second interim dividend of 0.85
pence per share (first interim : 0.85 pence) payable on 23 November 2007 to
shareholders on the register on 2 November 2007, having an ex-dividend date of
31 October 2007.


This is directly in line with the dividend payment anticipated in the Prospectus
published in February 2007.

Enquiries:

Richard Lockwood - New City Investment Managers Ltd, Tel: [phone]


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