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 January 2006 was 39.70p.

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

TOP 10 HOLDINGS

Calculated as a % of bid price portfolio

     Name of company                     % of portfolio
                                                       
 1   Belgravium Technologies                       7.39
                                                       
 2   IDOX                                          6.45
                                                       
 3   Al Claims                                     5.63
                                                       
 4   Conder Environment                            4.26
                                                       
 5   Clipper Ventures                              4.18
                                                       
 6   UKBetting                                     3.72
                                                       
 7   Mavinwood                                     3.71
                                                       
 8   Smallbone                                     3.40
                                                       
 9   Oasis Healthcare                              3.36
                                                       
 10  Tristel                                       3.30
                                                       
     Balance held in 34 holdings                  54.60
                                                       
                                                 100.00

9 February 2006