NSAI Newstar AB Inc

RNS Number:2530N
New Star Absolute Return Fund PCC 
04 February 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)

4th February 2008

Change to management arrangements

The Company announces that, with effect from 1 February 2008, the arrangements
for the calculation and payment of management and performance fees to its
investment manager will be altered such that they are calculated and paid by New
Star Multi Strategy Master Hedge Fund Limited (the "Master Fund") rather than by
the Company. Substantially all of the Company's assets are invested in the
Master Fund.

This change is being introduced to ensure equitable treatment between the two
cells upon conversions and other cash movements. The economic effect for
Shareholders is minimal.

Enquiries

Ravi Anand / Robert Peel
New Star Asset Management - investment adviser
Tel: +44 (0) 20 7225 9200

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.



END




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