NZL New Zealand It

    THE NEW ZEALAND INVESTMENT TRUST PLC

The diluted net asset value per ordinary 25p share of the Company at 20
February 2008 was 462.71 pence sterling (NZ: 1,130.12 cents).

The current period revenue to 31 January 2008 was a 1.79 pence per share (NZ:
4.37 cents). This is not included in the above net asset value.

Holders of shares on 22 February 2008 will receive a dividend of 2.5p (NZ: 6.11
cents at current exchange rates) per Ordinary share which will be payable on 29
February 2008. This has not been deducted from the net asset value set out
above.

The exchange rate at which this was calculated was �=NZ$2.4424

The Directors have proposed a reorganisation and liquidation of the Company, to
be voted on in shareholder meetings on the 22nd and 29th February. Presently
estimated costs for this, including the fees of the liquidators and the
liquidators' proposed retention, are approximately 6 pence per share (NZ 15
cents per share), and these have not been deducted from the net asset values
per share set out above.

As at 20 February the portfolio currently comprised around 10% in quoted New
Zealand companies' shares, 2 % in quoted Australian companies' shares, 49% in
New Zealand Treasuries, 16% in UK Gilts and 23% in cash.

The Company has applied revised UK GAAP to its results for the first time for
the financial year ending 31 October 2006. In keeping with AIC guidance, we
began calculating the net asset value from 1 January 2006 at the last traded
prices of the securities held in the portfolio, consistent with revised UK
GAAP.

 23 Cathedral Yard. EXETER. Devon. EX1 1HB Tel: 01392 412122 Fax: 01392 253282 

 An investment company as defined under Section 266 pf the Companies Act 1985  

          Company Registration No: 2282283 : Incorporated in England.          

THE NEW ZEALAND INVESTMENT TRUST plc



END

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