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 December 2005 was 38.74p.

The Net Asset Value, based on mid prices, per Ordinary Share of 1p (including
current period revenue) at close of business on 31 December 2005 was 40.83p.

Fair value of the overdraft is not materially different from the par value, so
no additional fair value Net Asset Value is required.

TOP 10 HOLDINGS

Calculated as a % of bid price portfolio

     Name of company                     % of portfolio
                                                       
 1   IDOX                                          7.28
                                                       
 2   Belgravium Technology                         6.47
                                                       
 3   Al Claims                                     6.28
                                                       
 4   Conder Environment                            4.15
                                                       
 5   Tristel                                       3.64
                                                       
 6   Petards Group                                 3.61
                                                       
 7   Mavinwood                                     3.53
                                                       
 8   Bioquell                                      3.46
                                                       
 9   UKBetting                                     3.45
                                                       
 10  Smallbone                                     3.42
                                                       
     Balance held in 33 holdings                  54.71
                                                       
                                                 100.00

11 January 2006