Result of Open Offer

NSF Securities Limited
11 November 2005


New Star Financial Opportunities Fund Limited
NSF Securities Limited
11 November 2005

Result of open offer

The Board of NSF Securities Limited is pleased to announce the results of the
placing and open offer of 14,175,000 New Zero Dividend Preference Shares of 25p
each.

Applications have been received from Qualifying Shareholders in respect of
3,829,374 New Zero Dividend Preference Shares. The balance of 10,345,626 New
Zero Dividend Preference Shares has been placed with investors procured by
Winterflood Securities. Therefore, subject to the remaining conditions to the
placing agreement being satisfied, 14,175,000 New Zero Dividend Preference
Shares will be issued raising approximately £20.2 million net of expenses.

As set out in the circular to shareholders and subsequent to the Extraordinary
General Meeting held on 2 November 2005 the Board of New Star Financial
Opportunities Fund Limited now intends, following admission, to repay the full
balance of approximately £20.3 million remaining on the Bank Loan by the end of
November 2005. Following repayment of the Bank Loan, it is not intended that the
Group incurs any further fixed or long-term bank borrowings in the future other
than for short-term liquidity purposes.

Application has been made to the UKLA for the New Zero Dividend Preference
Shares to be admitted to the Official List and to the London Stock Exchange for
the New Zero Dividend Preference Shares to be admitted to trading on its market
for listed securities. Application has also been made to the Channel Islands
Stock Exchange for the New Zero Dividend Preference Shares to be admitted to the
Official List of the Channel Islands Stock Exchange. It is expected that such
admissions will become effective and that dealings will commence on 17 November
2005.

The New Zero Dividend Preference Shares will rank pari passu in all respects
with the existing Zero Dividend Preference Shares and, following this issue of
new shares NSF Securities Limited will have 24,675,000 Zero Dividend Preference
Shares in issue.


Enquiries:

Nick Brind/Philip A Butt
New Star Asset Management Limited
Tel: [phone]

Winterflood Securities Limited which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting for NSF Securities
Limited in relation to its issue of shares and for no other person and will not
be responsible to any other person other than these companies for providing the
protections offered to customers of Winterflood Securities or for providing
advice in relation to the issue.



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