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 September
2009 was 20.78p.

TOP 20 HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              16.76
                                                              
     2 Closed Loop London                                11.59
                                                              
     3 AI Claims                                         10.76
                                                              
     4 Tristel                                            7.74
                                                              
     5 Forest Support                                     5.90
                                                              
     6 Belgravium Technologies                            5.68
                                                              
     7 Alliance Pharma                                    5.40
                                                              
     8 Petards Group                                      4.46
                                                              
     9 CEPS                                               4.07
                                                              
    10 Hartest Holdings                                   3.75
                                                              
    11 Parmenion                                          3.73
                                                              
    12 LPA Group                                          2.92
                                                              
    13 MTI Wireless Edge                                  2.72
                                                              
    14 Datong                                             1.95
                                                              
    15 Northbridge Industrial Services                    1.95
                                                              
    16 Pennant International Group                        1.70
                                                              
    17 Satcom                                             1.69
                                                              
    18 Richoux Group                                      1.44
                                                              
    19 Sanderson Group                                    1.26
                                                              
    20 PSG Solutions                                      1.23
                                                              
Balance held in 12 holdings                               3.30
                                                              
                                                        100.00


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