Net Asset Value(s)

CHELVERTON GROWTH TRUST PLC

The Net Asset Value, based on bid prices, per Ordinary Share of 1p (including
current period revenue) at close of business on 31 December 2006 was 41.07p.
The Treasury Net Asset Value, per Ordinary Share of 1p (including current
period revenue) at close of business on 31 December 2006 was 40.90p

Fair value of the overdraft is not materially different from the par value.

TOP 20 HOLDINGS

Calculated as a % of bid price portfolio

     Name of company                     % of portfolio
                                                       
 1   Oasis Healthcare                              9.27
                                                       
 2   Belgravium Technologies                       5.83
                                                       
 3   A1 Claims                                     5.31
                                                       
 4   BBI Holdings                                  4.20
                                                       
 5   Mavinwood                                     4.11
                                                       
 6   365 Media Group                               3.85
                                                       
 7   Food and Drink Group                          3.75
                                                       
 8   Smallbone                                     3.65
                                                       
 9   Stanley Gibbons Group                         3.45
                                                       
 10  IDOX                                          2.99
                                                       
 11  Titan Europe                                  2.79
                                                       
 12  Petards Group                                 2.75
                                                       
 13  Clipper Ventures                              2.70
                                                       
 14  CEPS                                          2.61
                                                       
 15  Minorplanet Systems                           2.50
                                                       
 16  Northbridge Industrial Services               2.46
                                                       
 17  Hartest Holdings                              2.40
                                                       
 18  Tristel                                       2.35
                                                       
 19  Datong Electronics                            2.25
                                                       
 20  Forest Support                                2.11
                                                       
     Balance held in 25 holdings                  28.67
                                                       
                                                 100.00