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 2007 was 45.37p. The
Treasury Net Asset Value, per Ordinary Share of 1p (including current period
revenue) at close of business on 31 March 2007 was 45.07p

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

TOP 20 HOLDINGS

     Name of company                     % of portfolio
                                                       
 1   Oasis Healthcare                             10.65
                                                       
 2   A1 Claims                                     7.33
                                                       
 3   Belgravium Technologies                       6.00
                                                       
 4   Smallbone                                     4.35
                                                       
 5   BBI Holdings                                  3.94
                                                       
 6   Food and Drink Group                          3.88
                                                       
 7   IDOX                                          3.70
                                                       
 8   Stanley Gibbons Group                         3.55
                                                       
 9   CEPS                                          3.40
                                                       
 10  Northbridge Industrial Services               3.29
                                                       
 11  Petards Group                                 3.05
                                                       
 12  Tristel                                       2.65
                                                       
 13  Titan Europe                                  2.59
                                                       
 14  Assetco                                       2.55
                                                       
 15  AT Communications                             2.45
                                                       
 16  Minorplanet Systems                           2.44
                                                       
 17  Hartest Holdings                              2.23
                                                       
 18  Chromogenex                                   2.22
                                                       
 19  Closed Loop London Ltd (loan                  2.08
     stock)                                            
                                                       
 20  MTI Wireless Edge                             2.01
                                                       
     Balance held in 23 holdings                  25.64
                                                       
                                                 100.00