Interim Management Statement

NEW STAR INVESTMENT TRUST PLC


Unaudited Interim Management Statement for the quarter ended 30th September 2010

This is the Company's Interim Management Statement for the quarter ended 30th
September 2010. 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 Total Return Index and the FTSE All-Share Total Return Index.


Financial Summary
                                          30th September 2010    30th June 2010
                                                                                
Net asset value (NAV) per share                        99.83p            95.70p
                                                                               
Net assets                                        £70,903,000       £67,972,000
                                                                               
Share price                                            72.00p            70.00p


Financial performance
                                                Quarter ended    Financial Year
                                          30th September 2010           to date
                                                                               
Ordinary share NAV                                       4.3%              4.3%
                                                                               
Share price                                              2.9%              2.9%
                                                                               
FTSE World Index (in sterling)                           8.7%              8.7%
                                                                               
FTSE All-Share Index                                    13.6%             13.6%


Ten largest holdings
                                                     Value at                  
                                          30th September 2010              % of
                                                       (£'000)       net assets
                                                                               
BlackRock Gold & General Fund                           6,579               9.3
                                                                               
Henderson European Special Situations Fund              6,540               9.2
                                                                               
Investec Africa Fund                                    4,244               6.0
                                                                               
Occam Asia Focus Fund                                   4,177               5.9
                                                                               
Atlantis China Fund                                     3,020               4.3
                                                                               
Polar Capital Global Technology Fund                    2,874               4.1
                                                                               
M&G Optimal Income Fund                                 2,657               3.8
                                                                               
Trojan Fund                                             2,604               3.7
                                                                               
Artemis UK Special Situations Fund                      2,504               3.5
                                                                               
Gold Bullion Securities ETF                             2,224               3.1
                                                                               
TOTAL                                                  37,424              52.9


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 2010 and the date of this statement's publication, other than as disclosed
above.


Latest net asset value

The Company's published net asset value per share at 31st October 2010 was
102.02p.


By order of the Board

Phoenix Administration Services Limited
Corporate Secretary

18th November 2010

END

For information purposes, the above Interim Management Statement has been put
on the Company's website: www.nsitplc.com