Sponsor to New City High Yield on Placing Programme

BDO’s Mergers & Acquisitions team acted as sponsor to New City High Yield Fund Limited in connection with a prospectus required for a Placing Programme to raise approximately £38.6 million by the issue of new ordinary shares. The Placing Programme will be open for the next 12 months, issuing new ordinary shares as demand arises. The funds will be invested in accordance with the Company’s investment policy. The first placing announced on 4 February 2014, raised £11 million, before costs.