CQS New City High Yield Fund Limited : Net Asset V

From:               CQS New City High Yield Fund Limited Date:                23 December 2016

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 22 December 2016 was:

                                                     For further information please contact:

Martin Cassels / Lucy Robertson R&H Fund Services Limited 0131 550 3760/ 3764