NEW STAR PRIVATE EQUITY INVESTMENT TRUST PLC

Net Asset Value

The Company announces that the unaudited Net Asset Value per Ordinary share at
30 November 2008 was:

                                    NAV per share        Treasury NAV per share
                                                                               
Cum income                                302.05p                       302.05p
                                                                               
Ex income                                 302.96p                       302.96p

It is the Company's normal policy that unquoted investments are valued at the
latest valuation provided by underlying managers, adjusted for subsequent cash
receipts and drawdowns. However, as announced in the Interim Management
Statement released on 19 November 2008, due to exceptional economic
circumstances a 20% provision has been made against the value of the unquoted
investments. Listed securities are valued on a bid basis.

15 December 2008



END



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