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 October 2007 was 48.96p

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

TOP 20 HOLDINGS

     Name of company                     % of portfolio
                                                       
 1   IDOX                                          9.73
                                                       
 2   A1 Claims                                     6.98
                                                       
 3   Food and Drink Group                          6.06
                                                       
 4   Smallbone                                     5.40
                                                       
 5   Belgravium Technologies                       5.05
                                                       
 6   BBI Holdings                                  4.52
                                                       
 7   CEPS                                          4.09
                                                       
 8   Minorplanet Systems                           3.76
                                                       
 9   Northbridge Industrial Services               3.60
                                                       
 10  Tristel                                       3.36
                                                       
 11  MTI Wireless Edge                             3.04
                                                       
 12  Closed Loop London                            2.94
                                                       
 13  AT Communications                             2.67
                                                       
 14  Titan Europe                                  2.60
                                                       
 15  EBTM Plc                                      2.41
                                                       
 16  Hartest Holdings                              2.40
                                                       
 17  Datong                                        2.37
                                                       
 18  Forest Support                                2.26
                                                       
 19  Cliper Venture                                2.24
                                                       
 20  Satcom Group                                  2.03
                                                       
     Balance held in 20 holdings                  22.49
                                                       
                                                 100.00