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 2006 was 40.63p.

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   Belgravium Technologies                       6.70
                                                       
 2   IDOX                                          5.93
                                                       
 3   Al Claims                                     5.02
                                                       
 4   Mavinwood                                     4.61
                                                       
 5   UKBetting                                     3.77
                                                       
 6   Clipper Ventures                              3.62
                                                       
 7   Petards Group                                 3.45
                                                       
 8   Smallbone                                     3.42
                                                       
 9   Brandon Hire                                  3.23
                                                       
 10  Oasis Healthcare                              3.11
                                                       
 11  Tristel                                       3.11
                                                       
 12  Chromogenex                                   3.02
                                                       
 13  Stanley Gibbons Group                         2.94
                                                       
 14  Titan Europe                                  2.91
                                                       
 15  Bioquell                                      2.65
                                                       
 16  AT Communications                             2.63
                                                       
 17  Hartford Group                                2.43
                                                       
 18  Hartest Holdings                              2.39
                                                       
 19  MTI Wireless Edge                             2.26
                                                       
 20  BBI Holdings                                  2.25
                                                       
     Balance held in 26 holdings                  30.55
                                                       
                                                 100.00

7 April 2006