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 July 2006 was 35.71p.

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                              6.65
                                                       
 2   Belgravium Technologies                       5.12
                                                       
 3   A1 Claims                                     4.63
                                                       
 4   Mavinwood                                     4.59
                                                       
 5   Smallbone                                     4.48
                                                       
 6   Clipper Ventures                              4.38
                                                       
 7   Stanley Gibbons Group                         3.40
                                                       
 8   IDOX                                          3.30
                                                       
 9   BBI Holdings                                  3.29
                                                       
 10  UKBetting                                     3.23
                                                       
 11  Food and Drink Group                          2.76
                                                       
 12  Titan Europe                                  2.74
                                                       
 13  AT Communications                             2.74
                                                       
 14  Bioquell                                      2.61
                                                       
 15  Tristel                                       2.59
                                                       
 16  Chromogenex                                   2.56
                                                       
 17  Hartest Holdings                              2.53
                                                       
 18  Petards Group                                 2.24
                                                       
 19  Conder Environmental                          2.19
                                                       
 20  Datong Electronics                            2.17
                                                       
     Balance held in 28 holdings                  31.80
                                                       
                                                 100.00