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 30 June 2007 was 52.02p. The
Treasury Net Asset Value, per Ordinary Share of 1p (including current period
revenue) at close of business on 30 June 2007 was 51.67p

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

TOP 20 HOLDINGS

     Name of company                     % of portfolio
                                                       
 1   Oasis Healthcare                             17.19
                                                       
 2   IDOX                                          6.15
                                                       
 3   A1 Claims                                     5.85
                                                       
 4   Belgravium Technologies                       5.32
                                                       
 5   Smallbone                                     4.01
                                                       
 6   Food and Drink Group                          3.72
                                                       
 7   BBI Holdings                                  3.51
                                                       
 8   Northbridge Industrial Services               3.37
                                                       
 9   AT Communications                             2.65
                                                       
 10  Assetco                                       2.65
                                                       
 11  MTI Wireless Edge                             2.63
                                                       
 12  CEPS                                          2.62
                                                       
 13  Tristel                                       2.56
                                                       
 14  Minorplanet Systems                           2.37
                                                       
 15  Petards Group                                 2.18
                                                       
 16  Hartest Holdings                              2.16
                                                       
 17  EBTM Plc                                      2.14
                                                       
 18  Titan Europe                                  2.13
                                                       
 19  Datong Electronic                             2.03
                                                       
 20  Satcom Group                                  1.89
                                                       
     Balance held in 21 holdings                  22.87
                                                       
                                                 100.00