Holding(s) in Company

New City High Yield Fund Limited
15 March 2007

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 (place an X inside the appropriate bracket/s)


    An acquisition or disposal of voting rights: ( )

    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: ( x )

    Other (please specify) : ( )

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

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


    Rensburg Sheppards Investment Management Limited

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


    N/A

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

    7th March 2007

6. Date on which issuer notified:


    9th March 2007

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

3%

8. Notified details:

Nominee Holdings

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

Ordinary Shares

JE00B1LZS514


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

                                                                                                          3.49%
                                                                      4,426,987



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.





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




4,426,987                        3.49%



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


    Client holdings registered in the name of Nominee companies 100% owned by
    Rensburg Sheppards Investment Management Limited.

Proxy Voting:

10. Name of the proxy holder:

n/a

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


    n/a

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

n/a

13. Additional information:

n/a

14. Contact name:


    Philip Martin Beardwell

15. Contact telephone number:


    020 7597 1356



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