Result of EGM

Dated: 22 August 2002

                         New Star Investment Trust PLC                         
                                (the 'Company')                                

            Approval of the Proposed Reconstruction of the Company             

The Board of Directors announces that the proposals for the reconstruction of
the Company described in a circular sent to the Company's shareholders
('Shareholders') on 12 July 2002 and as amended by the circular sent to
Shareholders on 25 July 2002 (the 'Proposals'), were approved by the
Shareholders at an extraordinary general meeting of the Company held today
('EGM'). Prior to the extraordinary general meeting the requisite confirmations
were received from the Inland Revenue and, accordingly, the Proposals are no
longer conditional on receipt of clearances from the Inland Revenue. The
Proposals remain conditional on a court hearing to approve a reduction in the
Company's share capital. The court hearing is expected to take place on 25
September 2002.

Under the terms of the reconstruction Shareholders have been given the
opportunity to elect (subject to scaling back) to transfer all or part of their
investment in the Company into a unit trust managed by Jupiter Unit Trust
Managers Limited (the 'Neptune Fund'). The closing date for Shareholders to
make an election has passed and elections have been accepted in respect of
38,796,331 ordinary shares of 1p each ('Elected Shares') representing
approximately 35.3 per cent of the Company's current issued share capital.
Shareholders who made elections (other than certain shareholders who, in
accordance with the terms of the Proposals, agreed to accept differing
treatment) have had approximately 72.4 per cent of the shares tendered by them
accepted for cancellation.

As a result of the approval of the Proposals at the EGM the Elected Shares were
redesignated and shall be know hereafter as 'Neptune Pool Shares'. The
Proposals remain conditional on the admission to listing of the Neptune Pool
Shares. Application has therefore been made to the UK Listing Authority for the
Neptune Pool Shares to be admitted to the Official List of the UK Listing
Authority and to the London Stock Exchange for the Neptune Pool Shares to be
admitted to trading on the London Stock Exchange's market for listed
securities. It is expected that such admission will become effective, and that
dealings in the Neptune Pool Shares will commence, on 23 August 2002.

All enquiries should, in the first instance, be directed to Philip Butt at New
Star Asset Management - Telephone [phone].

Copies of this announcement are not being, and must not be, directly or
indirectly, mailed or otherwise forwarded, distributed or sent in or into or
from the United States, Canada, Australia, Japan or the Republic of Ireland and
persons receiving this announcement (including custodians, nominees and
trustees) must not mail or otherwise forward, distribute or send it in or into
or from the United States, Canada, Australia, Japan or the Republic of Ireland.

END OF ANNOUNCEMENT

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