Interim Management Statement

NEW STARINVESTMENTTRUST                            

                         Interim Management Statement                          

                    for the three months to 31st March 2010                    

This is the Company's interim management statement for the three months to 31st
March 2010. 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 Index and the FTSE All-Share Index.

Financial summary

                                           31st March 2010   31st December 2009
                                                                               
Net asset value per share (bid) (p)                   99.0                 93.9
                                                                               
Net assets (bid) (£'000)                            70,332               66,685
                                                                               
Share price (bid) (p)                                 77.0                 70.0

Financial performance

                                             Quarter ended    Nine months ended
                                           31st March 2010      31st March 2010
                                                  % change             % change
                                                                               
Ordinary share net asset value                         5.5                 19.7
                                                                               
Share price                                           10.0                 32.8
                                                                               
FTSE World Total Return Index (sterling                9.9                 38.5
adjusted)                                                                      
                                                                               
FTSE All-Share Total Return Index                      6.4                 37.4

Ten largest holdings

                                                  Value at      % of net assets
                                           31st March 2010                     
                                                                               
                                                   (£'000)                     
                                                                               
Blackrock Gold & General                             5,427                  7.7
                                                                               
New Star European Special Situations                 5,385                  7.7
                                                                               
Investec Africa                                      4,376                  6.2
                                                                               
Occam Asia Focus                                     4,319                  6.1
                                                                               
Atlantis China                                       2,883                  4.1
                                                                               
Polar Global Technology                              2,693                  3.8
                                                                               
M&G Optimal Income                                   2,543                  3.6
                                                                               
Trojan                                               2,483                  3.5
                                                                               
Artemis UK Special Situations                        2,426                  3.4
                                                                               
iShares FTSE/Xinhua China 25 ETF                     2,195                  3.1
                                                                               
TOTAL                                               34,729                 49.4

Capital structure

The Company has a simple capital structure consisting of Ordinary shares of £
0.01 nominal each in issue. There have been no changes to the Company's issued
or authorised share capital, which remain at 305,000,000 Ordinary shares
authorised, and 71,023,695 Ordinary shares issued.

Material events

There have been no material events or related party transactions between 1st
January 2010 and the date of publication of this interim management statement,
other than as disclosed above.

NAV at 30th April 2010

At 30th April 2010, the net asset value per share on a bid basis was 99.34p.

Further information on the Company, including interim and annual reports, and
interim management statements, can be obtained from the New Star Investment
Trust plc's website at www.nsitplc.com.

By order of the Board

Phoenix Administration Services Limited- Company secretary

14th May 2010