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 to 31 August 2009) at close of business on 30 November
2009 was 21.92p.

TOP 20 HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              18.06
                                                              
     2 Closed Loop London                                11.06
                                                              
     3 AI Claims                                          9.77
                                                              
     4 Tristel                                            7.06
                                                              
     5 Alliance Pharma                                    6.45
                                                              
     6 Hartest Holdings                                   5.69
                                                              
     7 Belgravium Technologies                            5.42
                                                              
     8 Forest Support                                     4.48
                                                              
     9 CEPS                                               4.28
                                                              
    10 Petards Group                                      3.87
                                                              
    11 Parmenion                                          3.56
                                                              
    12 LPA Group                                          2.71
                                                              
    13 MTI Wireless Edge                                  2.60
                                                              
    14 Satcom                                             2.43
                                                              
    15 Northbridge Industrial Services                    2.09
                                                              
    16 Datong                                             1.92
                                                              
    17 Sanderson Group                                    1.67
                                                              
    18 Richoux Group                                      1.38
                                                              
    19 Pennant International Group                        1.32
                                                              
    20 PSG Solutions                                      1.24
                                                              
Balance held in 12 holdings                               2.94
                                                              
                                                        100.00


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