Net Asset Value

To: HUGIN

From: New City High Yield Fund Limited

Date: 21 February 2012

Net Asset Value

The unaudited net asset value (NAV) of the Company is noted below in pence per share. NAVs are calculated in accordance with stated policies. Applicable accounting standards and AIC recommendations are followed.

The NAV per ordinary share as at the close of business on 20 February 2012 was:

	Pence per Share Cum             Ex Income        Income
Basic	56.10           55.60

For further information please contact:

Martin Cassels / Kristina Murray

R&H Fund Services Limited

0131 625 2951/ 2930

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Source: New City High Yield Fund Ltd via Thomson Reuters ONE

HUG#1587859