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 March 2008 was 35.90p

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

TOP 20 HOLDINGS

     Name of company                     % of portfolio
                                                       
 1   IDOX                                         10.48
                                                       
 2   Smallbone                                     7.44
                                                       
 3   AI Claims                                     7.03
                                                       
 4   Belgravium Technologies                       6.87
                                                       
 5   Northbridge Industrial Services               4.79
                                                       
 6   Tristel                                       3.47
                                                       
 7   CEPS                                          3.44
                                                       
 8   AT Communications                             3.36
                                                       
 9   Datong                                        3.17
                                                       
 10  MTI Wireless Edge                             3.06
                                                       
 11  Closed Loop London                            3.03
                                                       
 12  Newmark Security                              2.98
                                                       
 13  Minorplanet Systems                           2.83
                                                       
 14  Hartest Holdings                              2.64
                                                       
 15  Satcom Group Holdings                         2.45
                                                       
 16  Clipper Ventures                              2.23
                                                       
 17  PSG Solutions                                 2.20
                                                       
 18  Food & Drink Group                            2.20
                                                       
 19  Titan Europe                                  1.94
                                                       
 20  Forest Support                                1.82
                                                       
     Balance held in 22 holdings                  22.57
                                                       
                                                 100.00


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