New Star Absolute Return Fund PCC 
08 April 2008

                   NEW STAR ABSOLUTE RETURN FUND PCC LIMITED

  (A closed-ended investment company incorporated in Guernsey with registered
 number 45060 under the provisions of The Companies (Guernsey) Law 1994 to 1996
      and the Protected Cell Companies Ordinance 1997 to 1998, as amended)

8th April 2008

                           TRANSACTION IN OWN SHARES


New Star Absolute Return Fund PCC Limited (the 'Company') announces that on 8th
April 2008 it purchased the number of shares at the prices set out below; the
resulting share capital per class is also set out in the table below


                             Shares repurchased         Repurchase price       Resulting share capital

      Income Shares                60,000                   GBP 0.952                  8,497,940

                                                            


      Growth Shares                 n/a                       n/a                     12,147,881

                                     


All shares purchased will be cancelled.


All shareholders have equal voting rights based on the number of shares held. 
Accordingly, the total number of voting rights in the Company is 20,645,821 and
this figure may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their interest in,
or a change to their interest in, the Company under the FSA's Disclosure and
Transparency Rules.



Enquiries:


Alison Bilham, HSBC Securities Services (Guernsey) Limited
Tel: +44 (0) 1481 707213


Ends


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