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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)

2nd July 2008

CONVERSION FACILITY

New Star Absolute Return Fund PCC Limited (the 'Company') announces that it has received Conversion Requests and affected Share Conversions as set out below.

Class to be converted from	Class to be converted	Conversion Ratio	Shares to be Redeemed	Shares to be Allotted
Income Shares	Growth Shares	0.92888810	458,593	425,981
Growth Shares	Income Shares	1.07655594	28,044	30,190

The new Share capital as a result of the conversions is set out below.

	Income shares	Growth shares
Shares in issue excluding treasury shares	6,794,537	10,941,818
Treasury shares	800,000	704,000
Shares in issue including treasury shares	7,594,537	11,645,818

The Conversion Date was 1 July 2008.

All shares carry equal voting rights. Following admission of the newly allotted shares to trading on AIM, the total voting rights which shareholders should use 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 will be 17,736,355.

An application will be made for the new Shares allotted pursuant to the Share Conversions to be admitted to trading on the AIM Market of the London Stock Exchange's at 8.00 a.m. on 11 July 2008.

Expected Timetable

Unconditional dealings commence	8.00 a.m. on 11 July 2008
Expected date that CREST accounts will be debited / credited pursuant to Share Conversions	11 July 2008
Expected date that new Share certificates and any balancing Share certificates will be despatched	11 July 2008

Capitalised words in this announcement bear the meanings given to them in the Company's articles of association.

Enquiries

Alison Bilham, HSBC Securities Services (Guernsey) Limited

Tel: + 44 (0)1481 707213

Susan Walker, KPMG Corporate Finance - nominated adviser

Tel: +44 (0) 20 7311 1000

KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated by the Financial Services Authority for investment business activities, is acting for the Company as nominated adviser in relation to the matters set out in this announcement and is not acting for any other person in relation to these matters. KPMG Corporate Finance will not be responsible to anyone other than the Company for providing the protections afforded its clients or for providing advice in relation to the contents of this announcement.

ENDS

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