NAV and Change of Adviser

Starvest PLC
03 October 2006

Net asset value update at 30 September 2006

The Directors are pleased to report the net asset value of the Company's
portfolio at 30 September 2006. Based on mid-market closing prices, the position
was:

   • Company net asset value pre tax: £11.5m
   • Net asset value per share pre tax: 28.29 pence per share, fully diluted
   • Share price: 17 pence
   • Share price discount to NAV: 39.9%

In common with the small-cap natural resources market in which Starvest is
largely invested, the portfolio value has declined during the past months from
£13.4m at 31 July and from £17.7m at 28 April 2006.

Notwithstanding the decline in the net asset value, the Board remains content
with the Company's spread of investments of which nineteen are in the natural
resource sector. As these companies execute their exploration plans, the Board
is confident of a recovery. The remaining five investee companies comprising 22%
of the portfolio are in other business sectors.

The Board expects to declare a profit for the fourteen month trading period
ended on 30 September; an announcement is expected before the end of October.
The annual report expected to be published by mid November will contain a
commentary on each of the investments held.

Appointment of nominated broker

The Directors are pleased to announce the appointment with immediate effect of
Simple CFDs Limited as the Company's nominated broker to replace Keith Bayley
Rogers & Co Limited who have served in this capacity since the Company was
admitted to AIM in 2000.

Enquiries to:

   •Bruce Rowan, telephone [phone]
   •John Watkins, telephone [phone], or to [e-mail]





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