Interim Management Statement

NEW STAR INVESTMENT TRUST PLC                         

                         INTERIM MANAGEMENT STATEMENT                          

New Star Investment Trust PLC

First Interim Management Statement for the year ending on 30th June 2008

To the members of New Star Investment Trust PLC ("the Company")

This is the Company's first interim management statement for the year ending
30th June 2008. It covers the period to 16th November 2007.The statement is
being made solely to comply with the requirements of the UKLA's Disclosure and
Transparency Rules and should not be relied upon by third parties for any other
purpose.

Investment Objective

The Company's objective is to achieve long-term capital growth.

Benchmarks

The Board has agreed that to measure the extent to which the Company is
achieving its investment objective, reference should be made to the returns of
the FTSE World Index and the FTSE All-Share Index.

Capital Structure

The Company has a simple capital structure consisting of Ordinary shares.

Material Events

There have not been any material events between 1st July 2007 and the date of
this statement's publication.

A final dividend of 1.0p net per Ordinary share will be paid on 22nd November
2007to shareholders on the register on 2nd November 2007, subject to the
approval of shareholders at the Company's annual general meeting which will be
held on 21st November 2007.

There have been no changes to the Company's issued or authorised share capital
which remains: 305,000,000 Ordinary shares of £0.01 authorised and 71,023,695
Ordinary shares of £0.01 issued.

Material Transactions

There have been no material transactions during the period.

Financial Position

NAV and Total Assets at 16th November 2007

                               16th November 2007   30th June 2007           
                                                                             
Net asset value per share      159.06p              174.15p                  
(mid)                                                                        
                                                                             
Net assets (mid)               £112,969,492         £123,689,000             

Ten largest holdings at 16th November 2007

                                       Value at 16th November 2007 (£'000)   
                                                                             
New Star Asset Management Group        £10,708                               
                                                                             
New Star European Hedge Fund           £7,600                                
                                                                             
New Star UK Alpha Fund                 £5,895                                
                                                                             
New Star Global Financials Fund        £5,813                                
                                                                             
Global Property Fund B shares          £5,005                                
                                                                             
New Star Hidden Value Fund             £4,777                                
                                                                             
New Star Accelerator Hedge Fund        £4,705                                
                                                                             
Investec Africa Fund                   £4,064                                
                                                                             
New Star European Growth Fund          £3,850                                
                                                                             
New Star UK Special Situations Fund    £3,838                                

Financial performance

                        Period 1st July 2007 to     Year to 30th June 2007   
                        16th November 2007                                   
                                                                             
Portfolio               (8.66) %                    18.8%                    
                                                                             
FTSE World Index        (0.71)%                     13.7%                    
                                                                             
FTSE All-Share Index    (4.19)%                     14.7%                    
                                                                             

Company Information

Year end: 30th June

Interim Results to 31st December 2007 announced March 2008

Further Information on the Company, including fact sheets and annual and
interim reports of the Company can be obtained from the Manager's website at 
www.newstaram.com

By order of the Board

New Star Asset Management Limited

Company Secretary

16th November 2007

ENDS