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 31 October
2010 was 26.04p.

TOP 20 HOLDINGS

           Name of company                        % of portfolio
                                                                
     1     IDOX                                            20.15
                                                                
     2     AI Claims                                       14.89
                                                                
     3     Alliance Pharma                                 10.20
                                                                
     4     Parmenion                                        8.85
                                                                
     5     Tristel                                          8.03
                                                                
     6     Closed Loop London                               7.67
                                                                
     7     CEPS                                             4.19
                                                                
     8     Northbridge Industrial Services                  3.18
                                                                
     9     Belgravium Technologies                          3.04
                                                                
    10     Pennant International Group                      2.78
                                                                
    11     Richoux Group                                    2.54
                                                                
    12     Datong                                           2.31
                                                                
    13     MTI Wireless Edge                                2.24
                                                                
    14     Titan Europe                                     2.22
                                                                
    15     Sanderson Group                                  2.01
                                                                
    16     LPA Group                                        2.00
                                                                
    17     PSG Solutions                                    1.34
                                                                
    18     Satcom                                           0.95
                                                                
    19     Petards                                          0.66
                                                                
    20     Universe                                         0.41
                                                                
Balance held in 3 holdings                                  0.34
                                                                
                                                          100.00