Statement re Largest Investments

CHELVERTON GROWTH TRUST PLC (the 'Company')

In accordance with UKLA Listing Rule 21.20(l)(ii), the following list
represents the Company's 10 largest investments as at 31st May 2004 and where
appropriate, any investment with a value greater than 5% of the Company's gross
assets:

Name of company                 Class of     
                                share        
                                             
Merrydown                       Ordinary     
                                             
Auto Indemnity Group            Ordinary     
                                             
Bioquell                        Ordinary     
                                             
I-Documentsystems Group         Ordinary     
                                             
Transport Systems               Ordinary     
                                             
Oasis Healthcare                Ordinary     
                                             
Chelverton Asset Management     Ordinary     
                                             
Stanley Gibbons                 Ordinary     
                                             
Ukbetting                       Ordinary     
                                             
Clipper Ventures                Ordinary