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 May 2011) at close of business on 30 June 2011 was
32.72p.

TOP 20 HOLDINGS

           Name of company                        % of portfolio
                                                                
     1     IDOX                                            28.93
                                                                
     2     AI Claims                                       13.19
                                                                
     3     Parmenion                                       10.03
                                                                
     4     Belgravium Technologies                          9.19
                                                                
     5     CEPS                                             6.66
                                                                
     6     Alliance Pharma                                  5.85
                                                                
     7     Tristel                                          4.23
                                                                
     8     Titan Europe                                     3.42
                                                                
     9     Northbridge Industrial Services                  3.15
                                                                
    10     Pennant International Group                      3.00
                                                                
    11     Datong                                           2.34
                                                                
    12     Sanderson Group                                  1.93
                                                                
    13     LPA Group                                        1.90
                                                                
    14     MTI Wireless Edge                                1.69
                                                                
    15     PSG Solutions                                    1.52
                                                                
    16     Richoux Group                                    1.21
                                                                
    17     One Horizon                                      0.74
                                                                
    18     Petards                                          0.50
                                                                
    19     Universe Group                                   0.27
                                                                
    20     Bakabo                                           0.25
                                                                
Balance held in 3 holdings                                  0.00
                                                                
                                                          100.00