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 28 February
2011 was 30.06p.

TOP 20 HOLDINGS

           Name of company                        % of portfolio
                                                                
     1     IDOX                                            23.79
                                                                
     2     AI Claims                                       15.01
                                                                
     3     Parmenion                                       11.20
                                                                
     4     Alliance Pharma                                  7.53
                                                                
     5     Closed Loop London                               6.47
                                                                
     6     Tristel                                          5.95
                                                                
     7     Belgravium Technologies                          5.77
                                                                
     8     Datong                                           3.18
                                                                
     9     CEPS                                             2.57
                                                                
    10     Northbridge Industrial Services                  2.49
                                                                
    11     Pennant International Group                      2.43
                                                                
    12     MTI Wireless Edge                                2.15
                                                                
    13     Sanderson Group                                  2.15
                                                                
    14     Richoux Group                                    2.14
                                                                
    15     Titan Europe                                     2.05
                                                                
    16     LPA Group                                        1.87
                                                                
    17     PSG Solutions                                    0.92
                                                                
    18     One Horizon Group                                0.83
                                                                
    19     Petards                                          0.77
                                                                
    20     Universe                                         0.44
                                                                
Balance held in 3 holdings                                  0.29
                                                                
                                                          100.00