Interim Management Statement

NEW STARINVESTMENT TRUSTPLC

Unaudited interim management statement for the quarter ended 30 September 2013

This is the Company's interim management statement for the quarter ended 30
September 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.

Performance Indicators

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                                                              
                                     30 September 2013      30 June 2013       
                                                                               
Net asset value per share (bid) (p)  104.67                 103.23             
Net assets (bid) (£'000)             74,340                 73,320             
Share price (p)                      69.00                  67.50              


Financial performance                                                          
                                      Quarter ended         Financial year to  
                                      30 September          date
                                      % change              % change                                 
                                                                               
Ordinary share NAV                    1.39                  1.39               
Share price                           2.22                  2.22               
IMA Mixed Investment 40-85% Shares
Index                                 3.11                  3.11                
MSCI AC World Total Return Index               
(sterling adjusted)                   1.17                  1.17              
MSCI UK Total Return Index            4.95                  4.95               


Ten largest holdings                                                           
                                     Value at               % of net assets    
                                     30 September 2013                         
                                     (£'000)                                   
                                                                               
Henderson Euro Special Situations    7,516                  10.11              
Fundsmith Equity                     4,628                  6.23               
Investec Africa                      4,525                  6.09               
Artemis Special Situations           3,632                  4.89               
Blackrock Gold & General             3,303                  4.44               
Aberforth Geared Income              2,972                  4.00               
Trojan                               2,945                  3.96               
Aquilus Inflection Fund              2,512                  3.38               
Gold Bullion Securities              2,190                  2.95               
Polar Global Technology              1,900                  2.56               
                                     --------               --------           
Total                                36,123                 48.59              

Cash, as a percentage of net assets, at 30 September 2013 was 22% (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, other than as disclosed
above.


NAV at 31 October 2013

The Company's published net asset value per share at 31 October 2013 was
107.37p.


By order of the Board
Phoenix Administration Services Limited
Corporate Secretary
8 November 2013

END

For information purposes, the above unaudited interim management statement has
been uploaded onto the Company's website at: www.nsitplc.com.