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 30 April 2006 was 40.77p.

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   Belgravium Technologies                       6.91
                                                       
 2   IDOX                                          5.56
                                                       
 3   A1 Claims                                     4.79
                                                       
 4   Mavinwood                                     4.50
                                                       
 5   Smallbone                                     4.33
                                                       
 6   UKBetting                                     3.65
                                                       
 7   Petards Group                                 3.65
                                                       
 8   Clipper Ventures                              3.47
                                                       
 9   Stanley Gibbons Group                         3.39
                                                       
 10  Tristel                                       3.18
                                                       
 11  Brandon Hire                                  3.14
                                                       
 12  BBI Holdings                                  2.84
                                                       
 13  Oasis Healthcare                              2.81
                                                       
 14  Titan Europe                                  2.77
                                                       
 15  Chromogenex                                   2.53
                                                       
 16  AT Communications                             2.51
                                                       
 17  Bioquell                                      2.47
                                                       
 18  Food and Drink Group                          2.45
                                                       
 19  Datong Electronics                            2.40
                                                       
 20  Hartest Holdings                              2.26
                                                       
     Balance held in 27 holdings                  30.39
                                                       
                                                 100.00

9 May 2006