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 January 2007 was 41.55p. The
Treasury Net Asset Value, per Ordinary Share of 1p (including current period
revenue) at close of business on 31 January 2007 was 41.40p

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

TOP 20 HOLDINGS

     Name of company                     % of portfolio
                                                       
 1   Oasis Healthcare                              9.31
                                                       
 2   Belgravium Technologies                       6.85
                                                       
 3   A1 Claims                                     5.22
                                                       
 4   Food and Drink Group                          4.14
                                                       
 5   BBI Holdings                                  3.99
                                                       
 6   Smallbone                                     3.82
                                                       
 7   Stanley Gibbons Group                         3.69
                                                       
 8   IDOX                                          3.03
                                                       
 9   Minorplanet Systems                           2.99
                                                       
 10  Titan Europe                                  2.82
                                                       
 11  Northbridge Industrial Services               2.79
                                                       
 12  Petards Group                                 2.76
                                                       
 13  Tristel                                       2.76
                                                       
 14  CEPS                                          2.76
                                                       
 15  Mavinwood                                     2.66
                                                       
 16  Hartest Holdings                              2.46
                                                       
 17  Chromogenex                                   2.45
                                                       
 18  Asfare Group                                  2.35
                                                       
 19  Clipper Ventures                              2.34
                                                       
 20  Datong Electronics                            2.25
                                                       
     Balance held in 23 holdings                  28.58
                                                       
                                                 100.00