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 28 February 2006 was 41.36p.

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   Belgravium Technologies                       6.75
                                                       
 2   IDOX                                          5.98
                                                       
 3   Al Claims                                     5.18
                                                       
 4   Petards Group                                 4.34
                                                       
 5   Mavinwood                                     4.32
                                                       
 6   Conder Environment                            4.12
                                                       
 7   Tristel                                       3.86
                                                       
 8   Clipper Ventures                              3.77
                                                       
 9   UKBetting                                     3.59
                                                       
 10  Smallbone                                     3.16
                                                       
 11  Oasis Healthcare                              3.13
                                                       
 12  Bioquell                                      2.94
                                                       
 13  Brandon Hire                                  2.89
                                                       
 14  AT Communications                             2.87
                                                       
 15  Titan Europe                                  2.84
                                                       
 16  Stanley Gibbons Group                         2.78
                                                       
 17  Chromogenex                                   2.75
                                                       
 18  Plus Markets Group                            2.50
                                                       
 19  Minorplanet Systems                           2.32
                                                       
 20  Hartford Group                                2.32
                                                       
     Balance held in 24 holdings                  27.59
                                                       
                                                 100.00

6 March 2006