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 30 November 2010) at close of business on 31 January
2011 was 28.55p.

The Investment Manager is pleased to highlight the increase in net asset value
from 26.53p to 28.55p per share, a rise of 7.61%. This is largely as a result
of the recent revaluation of Parmenion Capital Partners LLP following a
valuation review. The value of the Company's investment in Parmenion Capital
Partners LLP has been increased from GBP290,989 to GBP436,426.

TOP 20 HOLDINGS

           Name of company                        % of portfolio
                                                                
     1     IDOX                                            21.88
                                                                
     2     AI Claims                                       15.23
                                                                
     3     Parmenion                                       11.82
                                                                
     4     Alliance Pharma                                  7.39
                                                                
     5     Closed Loop London                               6.82
                                                                
     6     Tristel                                          6.17
                                                                
     7     Belgravium Technologies                          4.40
                                                                
     8     Northbridge Industrial Services                  2.91
                                                                
     9     CEPS                                             2.88
                                                                
    10     Datong                                           2.87
                                                                
    11     Pennant International Group                      2.65
                                                                
    12     MTI Wireless Edge                                2.65
                                                                
    13     Titan Europe                                     2.36
                                                                
    14     Sanderson Group                                  2.27
                                                                
    15     Richoux Group                                    2.26
                                                                
    16     LPA Group                                        1.97
                                                                
    17     PSG Solutions                                    0.97
                                                                
    18     One Horizon Group                                0.87
                                                                
    19     Petards                                          0.81
                                                                
    20     Universe                                         0.51
                                                                
Balance held in 3 holdings                                  0.31
                                                                
                                                          100.00