KGR ABSOLUTE RETURN PCC LIMITED

(Registered in Guernsey - Number 43789 )

Registered Office:

MARTELLO COURT, ADMIRAL PARK, ST PETER PORT, GUERNSEY, GY1 3HB

__________________________

TELEPHONE: +44 1481 751000

FACSIMILE: +44 1481 751001

e-mail: fundcosec@gg.fortis.com

For immediate release 9th January 2009

KGR ABSOLUTE RETURN PCC LIMITED - KGR ASIA DYNAMIC 1 (GBP)

(a closed-ended protected cell company incorporated in Guernsey with
registration number 43789)

Estimated Net Asset Value

As at the close of business on 31st December 2008, the estimated NAV per share
of the above fund was 100.15 pence. As announced on 29th December 2008, the
company is now hedging 100% of its US$ exposure. The exchange rate as at 31st
December 2008 of US$1.4629 = �1 has been used to calculate this estimate. The
estimated US$ value of the underlying investments was up 0.45% in the month of
December.

Please note the above estimate is after estimated costs and fees. This
valuation, which has been prepared in good faith by the Company's Investment
Manager, is for information purposes only and is based on the unaudited
estimated valuations supplied to the Company's Investment Adviser by investee
funds, their managers, investment advisers or administrators. Although the
Investment Manager and the Investment Advisor have evaluated all available
information and data, they have not confirmed the completeness or accuracy of
such information or data. In some cases managers or administrators of
underlying hedge funds may not be able to provide their estimated value in a
timely manner, and as a result no change will be made to their estimated value
for the purposes of this valuation. When finally determined, the actual
month-end Net Asset Value (or `final published price') may therefore be
materially different from this estimated value. Accordingly, no reliance should
be placed on such estimated Net Asset Value and it should only be taken as an
indicative guide.

Enquiries:

Fortis Fund Services (Guernsey) Limited
Company Secretary
Martello Court
Admiral Park
St Peter Port
Guernsey
GY1 3HB

Tel: 01481 751000
Fax: 01481 751001



END


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