Interim Management Statement

New Star Investment Trust PLC

Unaudited interim management statement for the quarter ended 30th September 2012

This is the Company's interim management statement for the quarter ended 30th
September 2012. The statement is being made solely to comply with the
requirements of the UK Listing Authority'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 Total Return Index and the FTSE All-Share Total Return Index.

Financial summary                                                              
                                                                               
                                        30th September 2012      30th June 2012
                                                                               
Net asset value per share (bid) (p)                  100.35               95.84
                                                                               
Net assets (bid) (£'000)                             71,274              68,067
                                                                               
Share price (p)                                       66.25               66.50

Financial performance                                                          
                                                                               
                                              Quarter ended      Financial year
                                        30th September 2012             to date
                                                                               
                                                   % change            % change
                                                                               
Ordinary share NAV                                     4.71                4.71
                                                                               
Share price                                           -0.38               -0.38
                                                                               
FTSE World Total Return Index                          3.94                3.94
                                                                               
(sterling adjusted)                                                            
                                                                               
FTSE All-Share Total Return Index                      4.70                4.70

Ten largest holdings                                                           
                                                                               
                                                   Value at     % of net assets
                                        30th September 2012                    
                                                                               
                                                    (£'000)                    
                                                                               
                                                                               
                                                                               
Henderson Euro Special Situations                     7,287               10.22
                                                                               
Blackrock Gold & General                              6,030                8.46
                                                                               
Investec Africa                                       4,147                5.82
                                                                               
Trojan                                                3,089                4.33
                                                                               
M&G Optimal Income                                    3,045                4.27
                                                                               
Gold Bullion Securities                               2,941                4.13
                                                                               
Artemis UK Special situations                         2,901                4.07
                                                                               
Brompton UK Quant Fund                                2,511                3.52
                                                                               
Henderson Private Equity                              2,285                3.21
                                                                               
Aquilus Inflection Fund                               2,154                3.02
                                                                               
                                                   --------            --------
                                                                               
Total                                                36,391               51.06



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 2012 and the date of this statement's publication, other than as disclosed
above.

NAV at 31st October 2012

The Company's published net asset value per share at 31st October 2011 was 100.53p.

By order of the Board

Phoenix Administration Services Limited.
Company secretary

9th November 2012

END

For information purposes, the above interim management statement has been put
on the Company's website: www.nsitplc.com.