Interim Management Statement

New Star Investment Trust PLC

Unaudited interim management statement for the quarter ended 31 March 2013

This is the Company's interim management statement for the quarter ended 31
March 2013. 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                                                              
                                                                               
                                     31 March 2013          31 December 2012   
                                                                               
Net asset value per share (bid) (p)  107.67                 100.94             
                                                                               
Net assets (bid) (£'000)             76,474                 71,691             
                                                                               
Share price (p)                      72.38                  63.50              

Financial performance                                                          
                                                                               
                                     Quarter ended          Nine months ended  
                                                                               
                                     31 March 2013          31 March 2013      
                                                                               
                                     % change               % change           
                                                                               
Ordinary share NAV                   6.67                   12.34              
                                                                               
Share price                          13.98                  8.83               
                                                                               
FTSE World Total Return Index        14.45                  21.72              
                                                                               
(sterling adjusted)                                                            
                                                                               
FTSE All-Share Total Return Index    10.32                  19.92              

Ten largest holdings                                                           
                                                                               
                                     Value at               % of net assets    
                                                                               
                                     31 March 2013                             
                                                                               
                                     (£'000)                                   
                                                                               
                                                                               
                                                                               
Henderson Euro Special Situations    7,203                  9.42               
                                                                               
Blackrock Gold & General             4,822                  6.31               
                                                                               
Investec Africa                      4,779                  6.25               
                                                                               
Fundsmith Equity                     4,601                  6.02               
                                                                               
Artemis Special Situations           3,370                  4.41               
                                                                               
Trojan                               3,178                  4.16               
                                                                               
Gold Bullion Securities              2,808                  3.67               
                                                                               
Brompton UK Quant                    2,617                  3.42               
                                                                               
Aquilus Inflection                   2,515                  3.29               
                                                                               
Aberforth Geared Income              2,382                  3.12               
                                                                               
                                     --------               --------           
                                                                               
Total                                38,277                 50.06              

Cash, as a percentage of net assets, at 31 March 2013 was 20.83% (31 December
2012: 18.11%).

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 1
January 2013 and the date of this statement's publication, other than as
disclosed above.

NAV at 30 April 2013

The Company's published net asset value per share at 30 April 2013 was 105.44p.

By order of the Board

Phoenix Administration Services Limited

Corporate Secretary

13 May 2013

END

For information purposes, the above unaudited interim management statement has
been uploadedonto the Company's websiteat: www.nsitplc.com.