Tuesday 3 July 2012 Net asset value update at 29 June 2012 The steady decline in valuations since early 2011 has again continued during the quarter, although this time it has been a more dramatic 22% fall against just 8% during the March quarter. Undoubtedly, the reasons behind this have little to do with the operations of the companies we continue to support, but are much more reflective of the general economic uncertainty prevailing in Europe and the reported slowing of increase in activity in China, although notwithstanding the Chinese economy continues to grow apace. The challenge for the junior companies we support is to raise sufficient new capital to continue their exploration and development plans and to do so at prices that do not excessively dilute the existing shareholders. This challenge has become tougher with the steady eroding of share prices during the past eighteen months since the high point in late 2010, a period in which the Company price discount to net asset value has also widened, perhaps excessively. Against this background, the Company announces the net asset values as at 29 June 2012 as follows: 29 June 31 March 31 December 2011 30 September 2012 2012 2011 Trading portfolio £3.41m £4.31m £4.75m £5.47m value Company asset value £3.87m £4.98m £5.42m £6.62m net of debt Net asset value per 10.43 pence 13.33 pence 14.6 pence 17.57 pence share - fully diluted Share price - mid 6.38 pence 10.00 pence 12.00 pence 13.00 pence Share price discount 39% 25% 17% 26% to fully diluted net asset value Market capitalisation £2.37m £3.71m £4.41m £4.77m All valuations are based on the closing market bid prices or lower directors' valuation as described in the 2011 annual report. The Company expects to announce its 30 September 2012 valuation in early October and its full year results to 30 September 2012 towards the end of October 2012. R Bruce Rowan Chairman & Chief Executive 3 July 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 Higell - 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#1623620]