Interim Management Statement

New Star Investment Trust PLC

Unaudited interim management statement for the quarter ended 31 March 2012

This is the Company's interim management statement for the quarter ended 31
March 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                                                              
                                                                               
                                     31 March 2012          31 December 2011   
                                                                               
Net asset value per share (bid) (p)  100.68                 97.62              
                                                                               
Net assets (bid) (£'000)             71,504                 69,334             
                                                                               
Share price (p)                      70.00                  69.88              

Financial performance                                                          
                                                                               
                                     Quarter ended          Nine months ended  
                                                                               
                                     31 March 2012          31 March 2012      
                                                                               
                                     % change               % change           
                                                                               
Ordinary share NAV                   3.13                   -5.27              
                                                                               
Share price                          0.18                   -4.27              
                                                                               
FTSE World Total Return Index        8.96                   0.04               
                                                                               
(sterling adjusted)                                                            
                                                                               
FTSE All-Share Total Return Index    6.10                   -0.52              

Ten largest holdings                                                           
                                                                               
                                     Value at               % of net assets    
                                                                               
                                     31 March 2012                             
                                                                               
                                     (£'000)                                   
                                                                               
                                                                               
                                                                               
Henderson Euro Special Situations    7,040                  9.85               
                                                                               
Blackrock Gold & General             5,810                  8.13               
                                                                               
Investec Africa                      3,606                  5.04               
                                                                               
Polar Global Technology              3,429                  4.80               
                                                                               
M&G Optimal Income                   2,970                  4.15               
                                                                               
Trojan                               2,965                  4.15               
                                                                               
Henderson Private Equity             2,827                  3.95               
                                                                               
Artemis UK Special Situations        2,794                  3.91               
                                                                               
Gold Bullion Securities              2,793                  3.91               
                                                                               
Atlantis China                       2,260                  3.16               
                                                                               
                                     --------               --------           
                                                                               
Total                                36,494                 51.04              

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

NAV at 30 April 2012

The Company's published net asset value per share at 30 April 2012 was 98.93p.

By order of the board

Phoenix Administration Services Limited

Company secretary

11 May 2012

END

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