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 2006 was 35.17p.

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   Oasis Healthcare                              6.58
                                                       
 2   Mavinwood                                     4.72
                                                       
 3   Belgravium Technologies                       4.53
                                                       
 4   Smallbone                                     4.37
                                                       
 5   Clipper Ventures                              4.36
                                                       
 6   A1 Claims                                     4.06
                                                       
 7   IDOX                                          3.96
                                                       
 8   UKBetting                                     3.42
                                                       
 9   BBI Holdings                                  3.29
                                                       
 10  Stanley Gibbons Group                         3.22
                                                       
 11  Titan Europe                                  3.12
                                                       
 12  AT Communications                             3.07
                                                       
 13  Food and Drink Group                          2.83
                                                       
 14  Petards Group                                 2.79
                                                       
 15  Hartest Holdings                              2.73
                                                       
 16  Datong Electronics                            2.71
                                                       
 17  Tristel                                       2.66
                                                       
 18  Bioquell                                      2.60
                                                       
 19  Chromogenex                                   2.30
                                                       
 20  Conder Environmental                          2.26
                                                       
     Balance held in 26 holdings                  30.42
                                                       
                                                 100.00