New Star Absolute Return Fund PCC Limited (the 'Company')

Statement re: Suspension

21 August 2008

Further to the announcement of 4 August 2008 outlining the recommended proposals for the reconstruction and winding up of the Company, the shares in the Company will be suspended from trading on AIM and CISX with immediate effect pending the results of the shareholder meetings on 22 August 2008. A further announcement regarding the results of the shareholder meetings will be made in due course.

Enquiries: 

Alison Bilham, HSBC Securities Services (Guernsey) Limited - company secretary, +44 (0) 1481 707213 

Susan Walker, KPMG Corporate Finance - nominated adviser,       +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 Company for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement. 

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