RNS Number:3297L
New Star RBC Hedge250 IDX (3X GBP)
08 January 2008

                                   HEDGE ETS

            New Star RBC Hedge 250 Index 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)



8th January 2008



                              CONVERSION FACILITY


New Star RBC Hedge 250 Index Exchange Traded Securities PCC Limited 
("Hedge ETS") announces that it has received Conversion Requests and effected 
Share Conversions as set out below.


Class to be converted from        Class to be              Conversion ratio    Shares           Shares
                                  converted to                                 to be redeemed   to be allotted

1X US Dollar Shares             1X Euro Shares           0.69374286              490,945          340,589

3X Euro Shares                  3X Sterling Shares       0.75467377               16,250           12,263



The new Share capital as a result of the conversions, and the recently announced
buybacks, is set out below.


                                              New Share capital

1X US$ Shares                                     134,733,598

1X Euro Shares                                     47,608,023

1X Sterling Shares                                 14,817,392

3X US$ Shares                                      28,735,282

3X Euro Shares                                      8,971,277

3X Sterling Shares                                  8,109,706




The Conversion Date was 31 December 2007.

An application has been made for the new Shares allotted pursuant to the Share
Conversions to be admitted to the Official List of the FSA and to unconditional
trading on the London Stock Exchange's market for listed securities at 8.00 a.m.
on 15 January 2008.


Expected Timetable


Unconditional dealings commence                     8.00 a.m. on 15 January 2008

Expected date that CREST                                         15 January 2008
accounts will be debited / credited 
pursuant to Share Conversions

Expected date that new Share certificates 
and any balancing Share certificates                             15 January 2008
will be despatched

Capitalised words in this announcement bear the meanings given to them in the
Company's articles of association.



Enquiries

Alison Bilham, HSBC Securities Services (Guernsey) Limited
Tel: + 44 (0)1481 707213


ENDS


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

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