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 July 2009) at close of business on 31 August 2009
was 19.35p.

Bank overdraft was repaid on 28 August 2009.

TOP 20 HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              18.46
                                                              
     2 Closed Loop London                                12.44
                                                              
     3 AI Claims                                         10.23
                                                              
     4 Tristel                                            7.52
                                                              
     5 Alliance Pharma                                    5.48
                                                              
     6 Forest Support                                     4.84
                                                              
     7 Belgravium Technologies                            4.79
                                                              
     8 MTI Wireless Edge                                  4.02
                                                              
     9 Parmenion                                          4.00
                                                              
    10 CEPS                                               3.72
                                                              
    11 LPA Group                                          2.88
                                                              
    12 Petards Group                                      2.70
                                                              
    13 Hartest Holdings                                   2.49
                                                              
    14 Datong                                             2.23
                                                              
    15 Northbridge Industrial Services                    2.12
                                                              
    16 Richoux                                            1.74
                                                              
    17 Satcom                                             1.64
                                                              
    18 Pennant International Group                        1.59
                                                              
    19 Sanderson Group                                    1.57
                                                              
    20 PSG Solutions                                      1.32
                                                              
Balance held in 12 holdings                               4.22
                                                              
                                                        100.00

The Net Asset Value at 31 August 2009 includes a refund of VAT on investment
management fees of £131,786. This represents 0.89p per Ordinary 1p share.