Interim Management Statement

NEW STAR INVESTMENT TRUST PLC                         

                          INTERIM MANAGEMENT STATEMENT                          

Unaudited Interim Management Statement

for the quarter ended 30th September 2009

This is the Company's interim management statement for the quarter ended 30th
September 2009. 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.

Financial Summary

                                       30th September 2009     30th June 2009
                                                                             
Net asset value per share (bid)                      91.7p              82.7p
                                                                             
Net assets (bid)                               £65,129,000        £58,746,000
                                                                             
Share price                                          64.3p              58.0p

Financial performance

                                             Quarter ended          Financial
                                       30th September 2009       Year to date
                                                                             
Ordinary Share NAV                                   10.8%              10.8%
                                                                             
Share price                                          10.8%              10.8%
                                                                             
FTSE World Index (sterling adjusted)                 21.7%              21.7%
                                                                             
FTSE All-Share Index                                 22.3%              22.3%

Ten largest holdings

                                                  Value at    % of Net Assets
                                       30th September 2009                   
                                                                             
                                                   (£'000)                   
                                                                             
Blackrock Gold and General Fund                      4,946                7.6
                                                                             
Natixis Loomis Sayles Multisector                    3,781                5.8
Income Fund                                                                  
                                                                             
Investec Africa Fund                                 3,734                5.7
                                                                             
Occam Umbrella Asia Focus Fund                       3,717                5.7
                                                                             
Lyxor Gold Bullion Securities ETF                    3,400                5.2
                                                                             
New Star European Special Situations                 3,000                4.6
                                                                             
Skandia UK Strategic Best Ideas Fund                 2,994                4.6
                                                                             
M&G Optimal Income Fund                              2,376                3.6
                                                                             
Artemis UK Special Situations Fund                   2,289                3.5
                                                                             
Trojan Fund                                          2,262                3.5
                                                                             
TOTAL                                               32,499               49.8

Portfolio Manager

The Company's portfolio manager is Mr Simon Akroyd. Mr Akroyd was appointed
portfolio manager on 10 December 2008.

Board composition

On 30 October 2009 the Company announced that it has accepted with great regret
the retirement of Mr James Roe due to ill health.

Investment Manager

On 30 October 2009 the Company announced that it has given notice to terminate
New Star Asset Management Limited's appointment as its Investment Manager.
Termination will occur on 31 January 2010 or earlier by agreement. On
termination, Brompton Asset Management LLP will commence acting as the
Company's Investment Manager.

Capital Structure

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

There have been no material events or related party transactions between
1st July 2009 and the date of this statement's publication, other than as
disclosed above.

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
18th November 2009