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 2007 was 49.70p. The
Treasury Net Asset Value, per Ordinary Share of 1p (including current period
revenue) at close of business on 31 May 2007 was 49.44p

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

TOP 20 HOLDINGS

     Name of company                     % of portfolio
                                                       
 1   Oasis Healthcare                             14.02
                                                       
 2   A1 Claims                                     6.69
                                                       
 3   Belgravium Technologies                       5.67
                                                       
 4   Smallbone                                     4.62
                                                       
 5   BBI Holdings                                  4.27
                                                       
 6   Food and Drink Group                          4.10
                                                       
 7   Northbridge Industrial Services               3.88
                                                       
 8   IDOX                                          3.55
                                                       
 9   Tristel                                       3.15
                                                       
 10  CEPS                                          2.97
                                                       
 11  Petards Group                                 2.84
                                                       
 12  Assetco                                       2.74
                                                       
 13  MTI Wireless Edge                             2.73
                                                       
 14  Minorplanet Systems                           2.68
                                                       
 15  AT Communications                             2.68
                                                       
 16  Closed Loop London Ltd                        2.57
                                                       
 17  Titan Europe                                  2.36
                                                       
 18  Hartest Holdings                              2.28
                                                       
 19  Satcom Group                                  1.99
                                                       
 20  Datong Electronic                             1.90
                                                       
     Balance held in 19 holdings                  22.32
                                                       
                                                 100.00