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 January 2008 was 39.07p

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

TOP 20 HOLDINGS

     Name of company                     % of portfolio
                                                       
 1   IDOX                                         11.51
                                                       
 2   A1 Claims                                     7.71
                                                       
 3   Smallbone                                     6.46
                                                       
 4   Belgravium Technologies                       6.09
                                                       
 5   Northbridge Industrial Services               4.37
                                                       
 6   CEPS                                          4.19
                                                       
 7   Minorplanet Systems                           3.58
                                                       
 8   Tristel                                       3.35
                                                       
 9   MTI Wireless Edge                             3.20
                                                       
 10  AT Communications                             3.17
                                                       
 11  Datong                                        3.05
                                                       
 12  Closed Loop London                            2.86
                                                       
 13  Newmark Security                              2.71
                                                       
 14  Hartest Holdings                              2.69
                                                       
 15  Food and Drink Group                          2.68
                                                       
 16  Forest Support                                2.28
                                                       
 17  Clipper Ventures                              2.05
                                                       
 18  PSG Solutions                                 1.90
                                                       
 19  Satcom Group Holdings                         1.83
                                                       
 20  Gourmet Holdings                              1.78
                                                       
     Balance held in 21 holdings                  22.54
                                                       
                                                 100.00