Holding(s) in Company

New City High Yield Fund Limited
25 January 2008

TR-1: NOTIFICATION OF MAJOR INTERESTS IN SHARES


    1. Identity of the issuer or the underlying issuer of existing shares to
    which voting rights are attached:

    New City High Yield Fund Limited

2. Reason for the notification (please place an X inside the appropriate bracket
   /s):


    An acquisition or disposal of voting rights: ( X )

    An acquisition or disposal of financial instruments which may result in the
    acquisition of shares already issued to which voting rights are attached:( )

    An event changing the breakdown of voting rights: ( )

    Other (please specify) : ( )

    .................

3. Full name of person(s) subject to the notification obligation:

    Philip J Milton & Company Plc


4. Full name of shareholder(s) (if different from 3.) :

    Investment clients of Philip J Milton & Company Plc

    5. Date of the transaction (and date on which the threshold is crossed or
    reached if different):

    8 January 2008

6. Date on which issuer notified:


    21 January 2008

7. Threshold(s) that is/are crossed or reached:


    3%

8. Notified details:


    .................

A: Voting rights attached to shares
Class/type of shares if possible              Situation previous to the Triggering transaction
using the ISIN CODE
                                  Number of shares                   Number of voting Rights

                                  3792618                            3792618

Resulting situation after the triggering transaction
Class/type of shares if      Number of shares         Number of voting rights               % of voting rights
possible using the ISIN CODE
                             Direct                   Direct          Indirect              Direct        Indirect

                             3804850                  3804850

B: Financial Instruments

Resulting situation after the triggering transaction
Type of          Expiration Date         Exercise/Conversion Period Number of voting rights that  % of voting rights
financial                                / Date                     may be acquired if the
instrument                                                          instrument is exercised/
                                                                    converted.
                                                                                                  3%

Total (A+B)
Number of voting rights         % of voting rights

3804850                         3%

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable :


    .................

Proxy Voting:

10. Name of the proxy holder:


    Philip J Milton & Company Plc

11. Number of voting rights proxy holder will cease to hold:


    .................

12. Date on which proxy holder will cease to hold voting rights:


    .................

13. Additional information:


    These shares may be registered under the nominee holders of: Puddle Dock
    Nominees Limited

14. Contact name:

Philip Milton

15. Contact telephone number: 01271 344300


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