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 June 2009 was 19.30p.

Bank overdraft as at 30 June 2009 was £130,000.

TOP 20 HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              22.27
                                                              
     2 Closed Loop London                                12.00
                                                              
     3 AI Claims                                          9.87
                                                              
     4 Tristel                                            6.35
                                                              
     5 Belgravium Technologies                            5.46
                                                              
     6 Forest Support                                     4.32
                                                              
     7 MTI Wireless Edge                                  4.12
                                                              
     8 CEPS                                               3.59
                                                              
     9 Parmenion                                          3.36
                                                              
    10 Hartest Holdings                                   3.20
                                                              
    11 LPA Group                                          2.94
                                                              
    12 Petards Group                                      2.69
                                                              
    13 Alliance Pharma                                    2.16
                                                              
    14 Satcom                                             2.11
                                                              
    15 Northbridge Industrial Services                    1.93
                                                              
    16 Datong                                             1.75
                                                              
    17 Locker Holdings                                    1.71
                                                              
    18 Richoux                                            1.68
                                                              
    19 PSG Solutions                                      1.55
                                                              
    20 Pennant International Group                        1.32
                                                              
Balance held in 13 holdings                               5.62
                                                              
                                                        100.00