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 August 2006 was 36.21p.

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                              7.05
                                                       
 2   Belgravium Technologies                       5.04
                                                       
 3   Mavinwood                                     4.87
                                                       
 4   Smallbone                                     4.32
                                                       
 5   A1 Claims                                     4.16
                                                       
 6   Clipper Ventures                              3.96
                                                       
 7   BBI Holdings                                  3.52
                                                       
 8   IDOX                                          3.38
                                                       
 9   UKBetting                                     3.24
                                                       
 10  Stanley Gibbons Group                         3.15
                                                       
 11  Food and Drink Group                          2.87
                                                       
 12  Titan Europe                                  2.86
                                                       
 13  AT Communications                             2.82
                                                       
 14  Tristel                                       2.72
                                                       
 15  Chromogenex                                   2.67
                                                       
 16  Hartest Holdings                              2.61
                                                       
 17  Bioquell                                      2.52
                                                       
 18  Transport Sytsems                             2.42
                                                       
 19  Datong Electronics                            2.34
                                                       
 20  Minorplanet Systems                           2.22
                                                       
     Balance held in 28 holdings                  31.26
                                                       
                                                 100.00