Net Asset Value(s)

Starvest PLC
15 May 2007



Net asset value update

As at the close of business on 11 May 2007, Starvest had a holding of 8.25m
Ordinary shares in African Platinum plc ('Afplats') valued at £4,537,500.  The
Scheme of Arrangement under which Afplats is being acquired by Impala Platinum
Holdings Limited was sanctioned by a Court Order on 10 May 2007 to be effective
on 14 May 2007.

Accordingly on 28 May 2007, Starvest expects to receive the consideration of
£4,537,500.

Under normal circumstances the next net asset value update would be made
immediately following 30 June 2007.  However, following the conclusion of the
Afplats takeover, the directors are pleased to provide an intermediate update.

Taking into account the consequential tax liability resulting from the Afplats
takeover and other recent changes in the values of the investment portfolio, the
Starvest net asset value as at 11 May 2007 was £16.7m which equates to 40.96
pence per share.  This represents an increase of £1.3m since 30 March 2007.

The net asset value is calculated on a fully diluted basis, after a taxation
provision on estimated trading profits for the current year to 30 September 2007
of £1.525m but without any provision for taxation on unrealised profits.

The closing share price on 11 May 2007 of 26.5 pence was at a discount to net
asset value of 35.3%.

The directors expect to release the next update on 2 July 2007.

Enquiries to:

Bruce Rowan, Chairman, telephone [phone] or

John Watkins, Finance Director, telephone [phone] or to [e-mail]



Grant Thornton Corporate Finance

020 7383 5100

Gerry Beaney

Colin Aaronson

15 May 2007

End


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