Interim Management Statement

19 May 2008 07:52

NEW STAR INVESTMENT TRUST PLC INTERIM MANAGEMENT STATEMENT

Unaudited Interim Management Statement

for the quarter ended 31st March 2008

This is the Company's interim management statement for the quarter ended 31st March 2008. 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 Index and the FTSE All-Share Index.

Capital Structure

The Company has a simple capital structure consisting of Ordinary shares.

Material Events

There have not been any material events between 1st January 2008 and the date of this statement's publication.

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 Transactions

There have been no material transactions during the period.

Financial Position

NAV and Total Assets at 31st March 2008

31st March 2008 31st December 2007 Net asset value per share 140.50p 150.27p(mid) Net assets (mid) ‚£99,791,136 ‚£106,725,000

Ten largest holdings at 31st March 2008

Value at 31st March 2008 (‚£'000) New Star UK Alpha Fund ‚£8,627

New Star Global Financials Fund ‚£4,896

Investec Africa Fund ‚£4,631 New Star Asset Management Ord ‚£4,583 Global Property Fund B shares ‚£4,515 New Star Hidden Value Fund ‚£4,116 New Star European Hedge Fund ‚£4,000

New Star Accelerator Hedge Fund ‚£3,891 New Star European Growth Fund ‚£3,843 New Star European High Yield Fund ‚£3,665

Financial performance Quarter ended Year to 31st March 2008 30th June 2007 Ordinary Share NAV (6.5)% 18.8% FTSE World Index (9.6)% 13.7% FTSE All-Share Index (10.9)% 14.7%

Further Information on the Company, including fact sheets and annual and interim reports of the Company can be obtained from the Manager's website at www.newstaram.com

By order of the Board

New Star Asset Management Limited

Company Secretary16th May 2008ENDS