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 December 2007 was 45.43p

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

TOP 20 HOLDINGS

     Name of company                     % of portfolio
                                                       
 1   IDOX                                         10.18
                                                       
 2   A1 Claims                                     7.46
                                                       
 3   BBI Holdings                                  5.66
                                                       
 4   Smallbone                                     5.38
                                                       
 5   Food and Drink Group                          5.35
                                                       
 6   Belgravium Technologies                       4.90
                                                       
 7   CEPS                                          4.17
                                                       
 8   Tristel                                       3.52
                                                       
 9   Northbridge Industrial Services               3.50
                                                       
 10  Minorplanet Systems                           3.02
                                                       
 11  AT Communications                             2.86
                                                       
 12  MTI Wireless Edge                             2.81
                                                       
 13  Datong                                        2.51
                                                       
 14  Hartest Holdings                              2.48
                                                       
 15  Newmark Security                              2.46
                                                       
 16  EBTM                                          2.45
                                                       
 17  Closed Loop London                            2.36
                                                       
 18  Forest Support                                2.15
                                                       
 19  Clipper Ventures                              1.91
                                                       
 20  Satcom Group Holdings                         1.90
                                                       
     Balance held in 22 holdings                  22.97
                                                       
                                                 100.00