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 November 2006 was 39.26p.
The Treasury Net Asset Value, per Ordinary Share of 1p (including current
period revenue) at close of business on 30 November 2006 was 39.12p

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                             10.06
                                                       
 2   A1 Claims                                     6.14
                                                       
 3   Belgravium Technologies                       5.26
                                                       
 4   BBI Holdings                                  4.54
                                                       
 5   Mavinwood                                     4.42
                                                       
 6   Smallbone                                     4.12
                                                       
 7   365 Media Group                               3.74
                                                       
 8   Clipper Ventures                              3.31
                                                       
 9   Stanley Gibbons Group                         3.22
                                                       
 10  Food and Drink Group                          2.90
                                                       
 11  Titan Europe                                  2.68
                                                       
 12  Tristel                                       2.65
                                                       
 13  Hartest Holdings                              2.59
                                                       
 14  Petards Group                                 2.45
                                                       
 15  Datong Electronics                            2.38
                                                       
 16  Northbridge Industrial Services               2.38
                                                       
 17  Chromogenex                                   2.30
                                                       
 18  IDOX                                          2.24
                                                       
 19  AT Communications                             2.16
                                                       
 20  Forest Support                                2.10
                                                       
     Balance held in 28 holdings                  28.36
                                                       
                                                 100.00