Statement re Reconstruction

New Star Investment Trust PLC
26 September 2002


New Star Investment Trust announces that the High Court yesterday approved the
cancellation of the Neptune Pool Shares created as part of the reorganisation of
the Company recently approved by shareholders. Following registration of the
Court order at Companies House the Neptune Pool Shares will be cancelled and the
Neptune Pool shareholders will have units in the Neptune Fund issued to them.
Cancellation of the Neptune Pool shares is expected to occur by 27 September
2002.


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