Interim Management Statement

NEW STAR INVESTMENT TRUST PLC                         

                         INTERIM MANAGEMENT STATEMENT                          

Unaudited Interim Management Statement

for the quarter ended 31st March 2008

This is the Company's interim management statement for the quarter ended 31st
March 2008. 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 January 2008 and the date
of this statement's publication.

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 31st March 2008

                                    31st March 2008        31st December 2007
                                                                             
Net asset value per share                   140.50p                   150.27p
(mid)                                                                        
                                                                             
Net assets (mid)                        £99,791,136              £106,725,000

Ten largest holdings at 31st March 2008

                                                     Value at 31st March 2008
                                                                             
                                                                      (£'000)
                                                                             
New Star UK Alpha Fund                                                 £8,627
                                                                             
New Star Global Financials Fund                                        £4,896
                                                                             
Investec Africa Fund                                                   £4,631
                                                                             
New Star Asset Management Ord                                          £4,583
                                                                             
Global Property Fund B shares                                          £4,515
                                                                             
New Star Hidden Value Fund                                             £4,116
                                                                             
New Star European Hedge Fund                                           £4,000
                                                                             
New Star Accelerator Hedge Fund                                        £3,891
                                                                             
New Star European Growth Fund                                          £3,843
                                                                             
New Star European High Yield Fund                                      £3,665

Financial performance

                                      Quarter ended                   Year to
                                                                             
                                    31st March 2008            30th June 2007
                                                                             
Ordinary Share NAV                           (6.5)%                     18.8%
                                                                             
FTSE World Index                             (9.6)%                     13.7%
                                                                             
FTSE All-Share Index                        (10.9)%                     14.7%
                                                                             

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 May 2008

ENDS