Net Asset Value(s)

CHELVERTON GROWTH TRUST PLC

The Net Asset Value per Ordinary Share of 1p (including current period revenue)
at close of business on 30 November 2005 was 40.71p.

Fair value of the overdraft is not materially different from the par value, so
no additional fair value Net Asset Value is required.

TOP 10 HOLDINGS

     Name of company                     % of portfolio
                                                       
 1   Belgravium Technology                         6.77
                                                       
 2   IDOX                                          6.54
                                                       
 3   Al Claims                                     5.96
                                                       
 4   Tristel                                       3.77
                                                       
 5   Petards Group                                 3.72
                                                       
 6   Mavinwood                                     3.63
                                                       
 7   UKBetting                                     3.36
                                                       
 8   Chromogenex                                   3.19
                                                       
 9   Elevation Events Group                        3.19
                                                       
 10  Oasis Healthcare                              3.18
                                                       
     Balance held in 34 holdings                  56.69
                                                       
                                                 100.00

9 December 2005