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 2010) at close of business on 30 September
2010 was 25.47p.

TOP 20 HOLDINGS

           Name of company                        % of portfolio
                                                                
     1     IDOX                                            17.95
                                                                
     2     AI Claims                                       14.09
                                                                
     3     Alliance Pharma                                 10.08
                                                                
     4     Closed Loop London                               9.90
                                                                
     5     Parmenion                                        8.57
                                                                
     6     Tristel                                          6.13
                                                                
     7     Forest Support                                   5.36
                                                                
     8     CEPS                                             4.05
                                                                
     9     Belgravium Technologies                          3.68
                                                                
    10     Northbridge Industrial Services                  2.77
                                                                
    11     MTI Wireless Edge                                2.27
                                                                
    12     Datong                                           2.24
                                                                
    13     LPA Group                                        2.15
                                                                
    14     Titan Europe                                     2.03
                                                                
    15     Pennant International Group                      2.02
                                                                
    16     Sanderson Group                                  1.94
                                                                
    17     PSG Solutions                                    1.35
                                                                
    18     Richoux Group                                    1.19
                                                                
    19     Satcom                                           0.92
                                                                
    20     Petards                                          0.64
                                                                
Balance held in 9 holdings                                  0.67
                                                                
                                                          100.00