NZL New Zealand It

    The New Zealand Investment Trust PLC

Monthly Update as at 30 November 2007.

 

Investment Objective: The objective of the Company is to provide shareholders
with the maximum possible total return primarily from investment in quoted
securities in New Zealand and, to a limited extent, in Australia.

Diluted Net Asset Value 455.10p (NZc1220.58)

Total Assets: �49.10m (NZ$131.68m)

Current Period Revenue (not included in the Nav) to 31 October 2007 - 7.43p
(NZc19.93)

Ten largest holdings                                    %
                                                         
Fletcher Building                                    11.3
                                                         
Contact Energy                                        9.9
                                                         
Sky TV                                                5.6
                                                         
Australian Stock Exchange                             5.4
                                                         
QBE Insurance                                         5.0
                                                         
Auckland International Airport                        4.7
                                                         
Sky City Entertainment Group                          4.6
                                                         
Metlifecare                                           3.6
                                                         
Coates Hire                                           3.0
                                                         
Cabcharge                                             2.9

 

 

Portfolio Composition                   %
                                         
NZ Equities                          51.1
                                         
Australian Equities                  23.7
                                         
Cash & Treasury                      25.2

 

Performance    1 Year                  5 Years           Since Launch          
                                                                               
                   �       NZ$            �       NZ$         �         NZ$    
                                                                               
Share price      +25.5    +16.3         +186.1   +138.0    +332.0      +302.4  
                                                                               
Net Asset        +18.9    +11.0         +171.9   +133.8    +378.6      +353.0  
Value                                                                          
                                                                               
NZSX All Index   + 7.5    + 0.4         + 78.4   + 53.4    + 75.3      + 66.0  

 

Fund Facts

Launch Date: November 1988

Year End: October

AGM: March/April

XD Date: April

Dividend Date: June

Management Fee: 0.4% p.a.

Adviser's Fee: 0.45% p.a.

Manager: Exeter Asset Management: Richard Scott

Adviser: Brook Asset Management: Andrew South

Chairman: Donald Campbell

Capital Structure

No of ordinary shares: 10,750,220

No of ordinary shares held in Treasury: 1,075,000

Gearing: none

Dividend: A dividend of 7.5p (NZc20.12) per Ordinary share was paid to
shareholders on 6 June 2007.

All statistics to 30 November 2007, unless otherwise stated. Source of all
statistics: Exeter Asset Management Limited.

Investment Manager's Comment:

An announcement was made on the UK and New Zealand stock exchanges last month
regarding the Board of Directors proposals to reconstruct the Company. In
summary, it is proposed that the Company will be liquidated with the default
option for shareholders being cash. For regulatory reasons it has not been
possible to provide the same choice of roll-over vehicles for all shareholders.
An open-ended fund managed by the Company's Investment Adviser, Brook Asset
Management, will be offered as a roll-over vehicle for shareholders outside the
UK. The Tasman Fund has a broadly similar mandate to The New Zealand Investment
Trust (NZIT). However, as this fund can not offered in the UK, the CF iimia
Growth & Income Fund which is a fund of funds with a global mandate managed by
NZIT's Investment Manager is being made available to UK-based shareholders as a
roll-over vehicle.

The reconstruction is due to be completed by 31 March 2008, and the Company's
directors will provide further details via stock exchange announcements in due
course.

Exeter Asset Management Limited, which is a subsidiary of iimia MitonOptimal
plc, is authorised and regulated by the Financial Services Authority and is
registered in England No. 2048239 at 23 Cathedral Yard, Exeter EX1 1HB. Tel:
01392 475900 (from outside UK +44 1392 475900) Fax: 01392 498311 (from outside
UK +44 1392 498311) Email: enquiries@iimia.co.uk. iimia MitonOptimal plc is the
ultimate holding company of Exeter Asset Management Limited.

IMPORTANT INFORMATION

The distribution of this document may be restricted by law and persons into
whose possession it comes are required to inform themselves of and comply with
any such restrictions.

This document does not constitute an offer or invitation to any person to
purchase shares in the Company. It does not constitute a recommendation.
Investors and Prospective Investors are further referred to the original
prospectus of the Company.

This document is for information only, the information and opinions contained
have been compiled or arrived at from sources believed to be reliable and given
in good faith but no representation is made as to their accuracy, completeness
or correctness.

Investments may fall as well as rise and investors may not get back the amount
invested. Past performance is not a guide to future performance. In addition,
changes in rates of exchange will cause the value of investments to go up or
down.

Exeter Asset Management Limited, its directors, officers, employees and their
associates may have a holding in the Fund as well as in the securities referred
to herein



END

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