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 31st January 2008 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 FINANCIALS HEDGE FUND LIMITED                 SHARES                
                                                                             
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                  
                                                                             
INVESTEC AFRICA FUND*                                  SHARES                
                                                                             
NEW STAR ACCELERATOR HEDGE FUND LIMITED*               SHARES                

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