Interim Management Statement

NEW STAR INVESTMENT TRUST PLC

Unaudited interim management statement for the quarter ended 31 March 2014

This is the Company's interim management statement for the quarter ended 31
March 2014. 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 IMA Mixed Investment 40-85% Shares Index. The Board also considers the MSCI
AC World Total Return Index and the MSCI UK Total Return Index.

Financial summary                                                              
                                                                               
                                              31 March 2014    31 December 2013
                                                                               
Net asset value per share (bid) (p)                  106.89              106.68
                                                                               
Net assets (bid) (£'000)                             75,914              75,769
                                                                               
Share price (p)                                       71.00               68.50


Financial performance                                                          
                                                                               
                                               Quarter ended  Nine months ended
                                               31 March 2014      31 March 2014
                                                    
                                                    % change           % change
                                                                               
Ordinary share NAV                                      0.19               3.54
                                                                               
Share price                                             3.65               5.19
                                                                               
IMA Mixed Investment 40-85% Shares Index                0.28               6.96
                                                                               
MSCI AC World Total Return Index                        0.55               6.84
                                                                               
(sterling adjusted)                                                            
                                                                               
MSCI UK Total Return Index                             -1.47               8.61



Ten largest holdings                                                           
                                                                               
                                                   Value at     % of net assets
                                              31 March 2014                    
                                                    (£'000)                    
                                                                               
Henderson Euro Special Situations                     7,985               10.52
                                                                               
Fundsmith Equity                                      4,935                6.50
                                                                               
Investec Africa                                       4,402                5.80
                                                                               
Artemis Special Situations                            3,961                5.22
                                                                               
Aberforth Geared Income                               3,410                4.49
                                                                               
Blackrock Gold & General                              3,160                4.16
                                                                               
Trojan Investment                                     2,980                3.93
                                                                               
Aquilus Inflection                                    2,687                3.54
                                                                               
Neptune Russia & Greater Russia                       2,273                2.99
                                                                               
Gold Bullion Securities                               2,057                2.71
                                                                               
                                                   --------            --------
                                                                               
Total                                                37,850               49.86

Cash, as a percentage of net assets, at 31 March 2014 was 16% (30 June 2013: 21%).


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 July
2013 and the date of this statement's publication which have had a material
impact on the financial position of the Company, other than as described above.


NAV at 30 April 2014

The Company's published net asset value per share at 30 April 2014 was 105.77p.


By order of the Board
Phoenix Administration Services Limited
Corporate Secretary
16 May 2013

END

This unaudited Interim Management Statement will shortly be available for
printing and/or downloadingfromthe Company's websiteat: www.nsitplc.com.