Net Asset Value(s)

Starvest PLC
03 January 2008





Chairman's update for shareholders - January 2008

Investment performance

The past three months have been challenging.  Since publishing our 2007 annual
report in which we declared a net asset value of £15.1m, the markets have
drifted lower taking with them many of the small cap mineral exploration and
other stocks in which your Company is invested.  However, this is not true of
all our investments so that the net asset value at 31 December 2007 was
marginally ahead at £15.2m.

The closing valuations of Oracle Coalfields, Lisungwe and Lotus Resources, three
new PLUS market investments, moved ahead during the quarter and closed well
above cost.

Company statistics
                                       31 December 2007   Change since 31   30 September    31 December
                                                            December 2006           2007           2006
Portfolio net asset value                        £15.2m              +15%         £15.1m         £13.2m
Net asset value - basic per share                43.63p              +22%         42.89p         35.54p
Net asset value - fully diluted per              39.06p              +21%         38.45p         32.26p
share
Share price                                      24.25p              +42%         29.75p            17p
Share price discount to fully diluted            37.92%      -9.39 points         22.63%         47.31%
net asset value
Market capitalisation                            £8.46m              +33%        £10.46m         £6.32m



Other points of note during the quarter:

  • With one exception, the net asset values are based on mid-market closing
    prices on Monday 31 December 2007 and after making a full provision for tax
    on realised investment profits and the dividend payable on 11 January 2008.
    The exception relates to the valuation of the investment in Concorde Oil &
    Gas plc which, as a matter of prudence, has been set at 0.9 pence as
    explained in the last annual report.
  • The Company has made further investments in AIM quoted Ariana Resources
    plc, in PLUS quoted Agricola Resources plc and DTT plc and in Goliath
    Resources Inc.
  • The Company has completed its investment in Lotus Resources plc, a company
    with mineral interests in China.  Lotus was admitted to PLUS in December
    2007.
  • Also, the Company has made new investments in:
      • AIM quoted Alba Mineral Resources plc, a company with a variety of
        mineral interests including nickel, uranium and gold in Scotland,
        Mauritania, Sweden and Ireland; and
      • PLUS quoted Lisungwe plc which has nickel and other mineral
        exploration interests in Malawi, eastern Africa.
  • The Company purchased a total of 250,000 of its own shares in November at
    an average price of 29.1 pence per share; the Company now holds 2,300,000
    shares in treasury.
  • At the AGM on 12 December 2007, the Members approved the payment of a
    final dividend of 0.5 pence per share for the year to 30 September 2007,
    making 1.5 pence per share for the year.  This dividend is payable on 11
    January 2008.

Conclusion:

The Board continues to be pleased with the 33 investments now held, is
encouraged by the overall investment performance during the quarter and expects
exciting growth in the medium term.  The positive trading news from these
companies, coupled with the continuing strength in the world's natural resource
markets where high demand levels from China, India and other developing nations
continue, encourages your Board to view 2008 with optimism.

The Company now holds trade investments in the following companies:

•          Addworth plc - Active capital investment company - www.addworth.co.uk

•          Agricola Resources plc - Platinum and uranium exploration -
www.agricolaresources.com

•          Alba Mineral Resources plc - Portfolio of mineral exploration
interests - www.albamineralresources.com

•          Ariana Resources plc - Gold exploration in Turkey -
www.arianaresources.com

•          Belmore Resources (Holdings) plc - Zinc exploration in Ireland -
www.belmoreresources.com

•          Beowulf Mining plc - Gold and copper exploration in Sweden -
www.beowulfmining.com

•          Black Rock Oil & Gas plc - Oil and gas in Southern England, Columbia
- www.blackrockpertroleum.com.au

•          Brazilian Diamonds Limited - Diamond exploration in Brazil -
www.braziliandiamonds.com

•          Carpathian Resources Limited - Oil and gas in the Czech and Slovak
Republics - www.carpathian.com.au

•          Concorde Oil & Gas plc - Operational oil & gas projects in the
Russian Federation - www.concordeoilandgas.com

•          The Core Business plc - Personal care and beauty products -
www.thecorebusiness.co.uk

•          DTT plc - driver training and recruitment services to the road
haulage industry - www.drivertransporttraining.co.uk

•          Equity Resources plc, formerly Franchise Investment Strategies plc -
Investment company

•          Franconia Minerals Corporation - North American minerals -
www.franconiaminerals.com

•          Fundy Minerals Limited - Gold and base metal exploration in Canada
and West Africa - www.fundyminerals.com

•          Gippsland Limited - Tantalum exploration in Egypt -
www.gippslandltd.com.au

•          Goliath Resources Inc. -  Copper, gold and molybdenum in Canada and
Zambia - www.goliathresources.com

•          Greatland Gold Limited - Gold exploration in Western Australia and
Tasmania - www.greatlandgold.com

•          Guild Acquisitions plc - Fledgling investment company

•          Hidefield Gold plc - Gold exploration in North and South America -
www.hidefield.co.uk

•          India Star Energy plc - Gold, platinum group metals and uranium -
www.indiastarenergy.co.uk

•          Kefi Minerals plc - Mineral exploration in Turkey -
www.kefi-minerals.com

•          Lisungwe plc - Nickel and other minerals in Malawi - www.lisungwe.com

•          Lotus Resources plc - Mineral exploration in China -
www.lotus-resources.com

•          Matisse Holdings plc - Cash shell

•          Myhome International plc - Home services franchiser -
www.myhomeplc.com

•          Oracle Coalfields plc - Coal in Pakistan - www.oraclecoalfields.com

•          Red Rock Resources plc - Iron ore and manganese exploration in
Australia and Zambia. - rrrplc.com

•          Regency Mines plc - Copper & nickel exploration in Australia and
Papua New Guinea - www.regency-mines.com

•          Sheba Exploration (UK) plc - Gold exploration in Ethiopia -
www.shebagold.com

•          St Helen's Capital plc - Corporate finance advisor -
www.sthelenscapital.co.uk

•          Sunrise Diamonds plc - Diamond exploration in Finland -
www.sunrisediamonds.com

•          Treslow Limited  - Copper-nickel in Canada

Shareholders who wish to receive electronic copies of announcements are invited
to register their email address on the home page of the Company website:
www.starvest.co.uk.

R Bruce Rowan

Chairman & Chief Executive

3 January 2008





Enquiries to:

Bruce Rowan, Chairman 020 7486 3997 or John Watkins, Finance Director 01483
771992; [e-mail]



Gerry Beaney or Colin Aaronson Grant Thornton Corporate Finance 020 7383 5100

END





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