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 May 2006 was 35.38p.

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   Mavinwood                                     5.54
                                                       
 2   Belgravium Technologies                       5.01
                                                       
 3   A1 Claims                                     4.75
                                                       
 4   Smallbone                                     4.59
                                                       
 5   IDOX                                          4.52
                                                       
 6   Clipper Ventures                              4.13
                                                       
 7   UKBetting                                     3.97
                                                       
 8   Petards Group                                 3.61
                                                       
 9   Oasis Healthcare                              3.54
                                                       
 10  BBI Holdings                                  3.54
                                                       
 11  Stanley Gibbons Group                         3.10
                                                       
 12  Hartest Holdings                              3.08
                                                       
 13  Food and Drink Group                          2.83
                                                       
 14  Titan Europe                                  2.72
                                                       
 15  AT Communications                             2.69
                                                       
 16  Bioquell                                      2.68
                                                       
 17  Chromogenex                                   2.63
                                                       
 18  Tristel                                       2.54
                                                       
 19  Datong Electronics                            2.39
                                                       
 20  MTI Wireless Edge                             2.27
                                                       
     Balance held in 26 holdings                  29.87
                                                       
                                                 100.00

9 May 2006