Transactions in a Close period

NEW STAR INVESTMENT TRUST PLC

Listing Rule 15.5.1 (4) - Transactions in a Close Period

In accordance with Listing Rule 15.5.1 (4), the Directors of the Company
confirm:

a) that they are satisfied that all inside information known to the Directors
and the Company up to the date of this notice has been notified to a Regulated
Information Service ('RIS'); and

b) that any further inside information leading up to the announcement of the
half year results of the Company for the six months ended 31 December 2010 will
be notified to a RIS.

The Company and persons discharging managerial responsibilities for the Company
accordingly hereby take exemption from the close company provisions of the
Model Code in respect of dealings in the Company's own securities during the
period leading up to the announcement of results.

The Company confirms that if either it or any person(s) discharging managerial
responsibilities comes into possession of any unpublished inside information,
they shall not deal in the Company's own securities unless and until such
inside information has been notified to a RIS.

Phoenix Administration Services Limited - Company Secretary

13 January 2011