Portfolio Update

NEW STAR INVESTMENT TRUST PLC

In accordance with UKLA Listing Rule 15.4.11 (2), the following list represents
the Company's 10 largest investments as at 30th July 2007 and, where
appropriate, any investment with a value greater than 5% of the Company's gross
assets:

INVESTMENT NAME                                        DESCRIPTION           
                                                                             
NEW STAR EUROPEAN GROWTH FUND*                         OEIC                  
                                                                             
NEW STAR ASSET MANAGEMENT GROUP PLC*                   ORD. SHARES           
                                                                             
NEW STAR UK GROWTH FUND*                               OEIC                  
                                                                             
NEW STAR EUROPEAN HEDGE FUND LIMITED*                  SHARES                
                                                                             
NEW STAR UK ALPHA FUND                                 OEIC                  
                                                                             
GLOBAL PROPERTY FUND LIMITED                           SHARES                
                                                                             
NEW STAR GLOBAL FINANCIALS FUND                        OEIC                  
                                                                             
NEW STAR HIDDEN VALUE FUND                             OEIC                  
                                                                             
NEW STAR GLOBAL INVESTMENT FUNDS -                     OEIC                  
                                                                             
PAN EUROPEAN EQUITY FUND                                                     
                                                                             
NEW STAR ACCELERATOR HEDGE FUND LIMITED                SHARES                

*Holding greater than 5% of the Company's gross assets.

END