Tuesday 3 April 2012 Net asset value update The Company announces the net asset values as at 30 March 2012 as follows: 31 March 31 December 2011 30 September 31 March 2012 2011 2011 Trading portfolio £4.31m £4.75m £5.47m £10.03m value Company asset value £4.98m £5.42m £6.62m £10.10m net of debt Net asset value per 13.33 pence 14.6 pence 17.57 pence 26.16 pence share - fully diluted Share price - mid 10.00 pence 12.00 pence 13.00 pence 13.75 pence Share price discount 25% 17% 26% 47% to fully diluted net asset value Market capitalisation £3.71m £4.41m £4.77m £5.05m All valuations are based on the closing market bid prices or lower directors' valuation as described in the 2011 annual report. The steady decline in valuations since early 2011 has continued during the quarter with a fall of 8% reflecting the fragile state of junior markets during the period. The Company expects to announce its interim results for the six months to 31 March 2012 towards the end of April. R Bruce Rowan Chairman & Chief Executive 3 April 2012 Enquiries to: Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance Director 07768 512404; john@starvest.co.uk Gerry Beaney, Colin Aaronson or David Hignell, Grant Thornton Corporate Finance 020 7383 5100 END This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Starvest plc via Thomson Reuters ONE [HUG#1599530]