9th February 2009

                      New Star Asset Management Group PLC                      

On 11 December 2008, New Star announced the temporary suspension of dealings in
the New Star Heart of Africa Fund.

Since that announcement, the investment climate in the sub-Saharan African
equity markets has continued to deteriorate as the repercussions of the credit
crunch are felt more globally.

It has become increasingly apparent that to reopen the fund to dealing would
significantly disadvantage the remaining investors and after due consideration,
and in consultation with the FSA, it has been agreed that the most appropriate
course of action is to seek a winding-up of the fund.

New Star will provide further details to the Fund's investors shortly.

Ends

For further information please contact :

Jamie Legg, New Star UK public relations manager

Tel:0207 225 9567