NZL New Zealand It

    Result of Annual General Meeting                        

I am pleased to announce the outcome of the Company's Annual General Meeting
held today. All resolutions were passed apart from Resolution 14 that had
proposed that the Company shall continue to operate as an investment trust
company.

Of the proxy votes received for the resolutions that were passed, a maximum of
1% of the votes cast were against; regarding resolution 14, 11.26% of proxy
votes received were cast in favour. Full details of the proxy votes cast on all
resolutions will shortly be displayed on the Company's website at
www.newzealandinvestmenttrust.co.uk.

This result means that shareholders have now formally approved the Board's
recommendation to vote against the Company's continuation as an investment
trust. In the light of this we are now actively engaged in evaluating the
options to allow those who wish to retain their investment to do so in a tax
efficient form, and enable others to opt for cash at close to net asset value.

I am also pleased to be able to report that the Company continues to perform
well. Indeed, measured in sterling the diluted net asset value rose by 18.1%*
for the six month period since the Company's last year end (31 October 2006 to
30 April 2007). This result partly reflected further strength in the value of
the New Zealand dollar. Measured in New Zealand dollars the diluted net asset
value rose a highly satisfactory 11.6%*, a result that compares favourably with
the 9.1% rise in the NZX All Index over the same period.

* figures based in accordance with UK GAAP, excluding current period revenue
and the final dividend of 7.5p per share to be paid on 6 June 2007.

Donald M Campbell

Chairman

10 May 2007



END

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