PLACING AND OFFER RESULT

RNS Number:6109T
New Star RBC Hedge250 IDX (3X GBP)
23 March 2007


The following replaces the previous announcement made at 15:30 on 22 March 2007
under RNS Reference 5400T.  The currency symbols have been amended.  The full
amendment appears below:


22 March 2007

                                   HEDGE ETS

           New Star RBC Hedge 250 Index(R) Exchange Traded Securities
                                  PCC Limited


  (A closed-ended investment company incorporated in Guernsey with registered
number 45501 under the provisions of The Companies (Guernsey) Laws 1994 to 1996
      and The Protected Cell Companies Ordinance 1997 to 1998, as amended)


                   PLACING AND OFFER FOR SUBSCRIPTION RESULTS

New Star RBC Hedge 250 Index(R) Exchange Traded Securities PCC Limited ("Hedge
ETS") announces that it has issued, subject to admission to the Official List of
the Financial Services Authority (the "FSA") and to trading on the London Stock
Exchange's market for listed securities, shares totalling an aggregate of
US$95.2 million in the following share classes and the following issue prices:

                                Shares                        Issue Price

1X US$ Shares                   39,130,617                     US$1.028625
1X Euro Shares                  20,537,802                     Euro1.024567
1X Sterling Shares              6,598,978                      #1.028511
3X US$ Shares                   6,135,083                      US$1.056609
3X Euro Shares                  1,644,528                      Euro1.050178
3X Sterling Shares              2,352,345                      #1.055049


The Issue Price has been calculated as at close of business on 21 March 2007
rather than 22 March as originally published in the expected timetable in the
Prospectus.  Therefore the trade date has been set at 22 March 2007 rather than
23 March 2007, with settlement on 27 March 2007.An application has been made for
the Shares to be admitted to the Official List of the FSA and unconditional
trading on the London Stock Exchange's market for listed securities at 8.00 a.m.
on 27 March 2007.

UBS Investment Bank acted as sponsor and joint placing agent with Royal Bank of
Canada Investment Management (UK) Ltd for the Issue.

Expected timetable

Unconditional dealings commence                            8.00 a.m. on 27 March

Crediting of CREST and Euroclear accounts pursuant 
to the Issue                                                            27 March

Share certificates expected to be despatched             Week commencing 2 April



Enquiries

Ravi Anand, New Star Asset Management                    020 7225 9292


Important Information

This announcement and the information contained herein is not for publication,
distribution or release in, or into, directly or indirectly, the United States,
Canada, Australia or Japan or to US persons.  The information contained herein
does not constitute an offer of securities for sale including in the United
States, Australia, Canada or Japan.

This announcement and the information contained herein is being issued by New
Star.  New Star is authorised and regulated by the UK Financial Services
Authority.

This announcement is not a prospectus.  Investors should only acquire securities
on the basis of information contained in the prospectus relating to such
securities as and when published.  In the event of any discrepancy between this
announcement and the prospectus, the prospectus will prevail.  Details of where
copies of the prospectus can be obtained will be announced in due course.

The information contained in this announcement is for background purposes only
and does not purport to be full or complete.  No reliance may be placed for any
purpose on the information contained in this announcement or its accuracy or
completeness.  No representation, warranty or undertaking, express or implied,
is given as to the accuracy or completeness of the information contained in this
announcement by New Star or its directors and no liability is accepted by such
persons for the accuracy or completeness of any such information.

This announcement does not constitute or form part of any offer to issue or
sell, or any solicitation of any offer to subscribe or purchase, any investments
nor shall it (or the fact of its distribution) form the basis of, or be relied
on in connection with, any contract therefor.

The information about Hedge ETS set out above is included in this announcement
for information purposes only and is not intended to constitute an invitation or
inducement to invest in the fund.  To the extent that such information is deemed
to constitute such an invitation or inducement, it is made solely to and/or is
directed solely at persons who are both (a) intermediate customers or market
counterparties for the purposes of the FSA's Conduct of Business Sourcebook and
(b) of a kind to or at whom such information may lawfully be issued or, as the
case may be, directed under The Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 ("permitted persons").  Persons other than
permitted persons are not permitted to invest in the funds and should not rely
on the information relating to the fund contained in this announcement.

Acquiring investments to which this announcement relates may expose an investor
to a significant risk of losing all of the amount invested.  Persons considering
investing in such investments should consult an authorised person specialising
in advising on such investments.

UBS Investment Bank is acting, solely as sponsor and placing agent, for Hedge
ETS exclusively and no one else in connection with the global offering. UBS
Investment Bank will not be responsible to anyone other than Hedge ETS for
providing protections afforded to clients of UBS Investment Bank or for
providing advice in connection with the global offering, the contents of these
materials or any matter referred to herein.

Royal Bank of Canada Investment Management (UK) Limited is acting solely as
placing agent for Hedge ETS. Royal Bank of Canada (together with its affiliates,
"RBC") may also act as product provider to New Star and/or Hedge ETS. RBC (i)
has not prepared, and makes no express or implied warranties concerning, the
accuracy or completeness of these materials; and (ii) expressly disclaims any
advisory, fiduciary or similar relationship with any recipient, and any
liability whatsoever for any direct or consequential loss arising from any use
of the information contained herein.


UNITED STATES

The information contained herein is not for publication or distribution to
persons in the United States of America. The securities referenced in this
document have not been and will not be registered under the Securities Act of
1933 (the "1933 Act"). Such securities may not be sold or transferred to United
States persons unless such sale or transfer is registered under the 1933 Act or
exempt from such registration.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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