Net Asset Value(s)

    THE NEW ZEALAND INVESTMENT TRUST PLC

The diluted net asset value per ordinary 25p share of the Company at 31 January
2008 was 450.46 pence sterling (NZ: 1,143.13 cents).

The current period revenue to 31 December 2007 was 1.69 pence per share (NZ:
4.29cents). This is not included in the above net asset value.

The exchange rate at which this was calculated was £=NZ$2.5377

As previously announced, the Directors will be proposing a reorganisation and
liquidation of the Company. 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.

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.

New Zealand Equities:                Portfolio %             
                                                             
Auckland International Airport           3.42                
                                                             
Contact Energy                           7.24                
                                                             
Fletcher Building                        3.65                
                                                             
Sky City Entertainment Group             2.97                
                                                             
Sky Network TV                           4.55                
                                                             
New Zealand Gilts:                                           
                                                             
NZ Government 6% 15/07/08               24.28                
                                                             
NZ Government 7% 15/07/09               24.40                
                                                             
TOTAL                                               70.51   
                                                             
Australian Equities:                                         
                                                             
Australian Stock Exchange                1.34                
                                                             
Macquarie Infrastructure Group           1.02                
                                                             
Oil Search                               0.99                
                                                             
QBE Insurance                            2.29                
                                                             
Australian Gilts:                                            
                                                             
Australian Government 7.5% 15/09/09      9.33                
                                                             
TOTAL                                              14.97     
                                                             
CASH                                               14.52   
                                                             
GRAND TOTAL                                       100.00  

 


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