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 April 2007 was 47.54p. The
Treasury Net Asset Value, per Ordinary Share of 1p (including current period
revenue) at close of business on 30 April 2007 was 47.22p

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

TOP 20 HOLDINGS

     Name of company                     % of portfolio
                                                       
 1   Oasis Healthcare                             12.90
                                                       
 2   A1 Claims                                     6.64
                                                       
 3   Belgravium Technologies                       6.11
                                                       
 4   Food and Drink Group                          4.24
                                                       
 5   Smallbone                                     4.08
                                                       
 6   Northbridge Industrial Services               3.77
                                                       
 7   BBI Holdings                                  3.74
                                                       
 8   IDOX                                          3.47
                                                       
 9   Petards Group                                 3.09
                                                       
 10  CEPS                                          3.10
                                                       
 11  Minorplanet Systems                           2.96
                                                       
 12  Assetco                                       2.80
                                                       
 13  AT Communications                             2.79
                                                       
 14  Tristel                                       2.76
                                                       
 15  Closed Loop London Ltd                        2.69
                                                       
 16  Titan Europe                                  2.60
                                                       
 17  Stanley Gibbons Group                         2.35
                                                       
 18  MTI Wireless Edge                             2.26
                                                       
 19  Hartest Holdings                              2.23
                                                       
 20  Satcom Group                                  2.13
                                                       
     Balance held in 19 holdings                  23.29
                                                       
                                                 100.00