19 May 2023

CQS New City High Yield Fund Limited

("the Company")

Block Listing Application

The Board announces that an application has been made to the FCA and the London Stock Exchange for the block listing of 21,690,000 new shares of no par value in the capital of the Company ("Shares"). This block listing will be used for the purposes of responding to satisfy market demand and, as a result, ensure an efficient market in its shares. It is expected that this block listing will become effective at 8.00 a.m. on 22 May 2023.

Any Shares issued in connection with this block listing application:

•             will be issued at prices which shall be a premium to latest net asset value per Share prior to the issue and, therefore, will not result in any dilution of the net asset value per existing Shares

•             will rank, when issued, pari passu with the Shares already in issue.

ENQUIRIES

For the Investment Manager

New City Investment Managers

Craig Cleland

0207 201 5368

For the Company Secretary and Administrator

BNP Paribas S.A. Jersey Branch

Dean Plowman / Ann-Marie Pereira

01534 813 967/ 01534 709198

For the Broker

Singer Capital Markets

James Maxwell / Asha Chotai (Corporate Finance)

Alan Geeves (Sales)

020 7496 3000