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 2006 was 37.15p. The
Treasury Net Asset Value, per Ordinary Share of 1p (including current period
revenue) at close of business on 31 October 2006 was 37.10p

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                              8.05
                                                       
 2   Belgravium Technologies                       5.86
                                                       
 3   Mavinwood                                     4.91
                                                       
 4   A1 Claims                                     4.69
                                                       
 5   Smallbone                                     4.32
                                                       
 6   BBI Holdings                                  4.04
                                                       
 7   Clipper Ventures                              3.53
                                                       
 8   UKBetting                                     3.33
                                                       
 9   IDOX                                          3.25
                                                       
 10  Stanley Gibbons Group                         3.06
                                                       
 11  Food and Drink Group                          2.89
                                                       
 12  Northbridge Industrial Services               2.73
                                                       
 13  Forest Support                                2.69
                                                       
 14  Titan Europe                                  2.63
                                                       
 15  Tristel                                       2.55
                                                       
 16  Hartest Holdings                              2.53
                                                       
 17  Datong Electronics                            2.39
                                                       
 18  Chromogenex                                   2.36
                                                       
 19  Concateno                                     2.29
                                                       
 20  MTI Wireless Edge                             2.23
                                                       
     Balance held in 28 holdings                  29.67
                                                       
                                                 100.00