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 2011) at close of business on 31 October
2011 was 30.81p.

TOP 20 HOLDINGS

     Name of company                            % of portfolio     
                                                              
     1 IDOX                                              29.63
                                                              
     2 Al Claims                                         14.59
                                                              
     3 Parmenion                                          9.77
                                                              
     4 Belgravium Technologies                            8.60
                                                              
     5 Alliance Pharma                                    6.82
                                                              
     6 CEPS                                               5.41
                                                              
     7 Tristel                                            3.64
                                                              
     8 PSG Solutions                                      3.23
                                                              
     9 Northbridge Industrial Services                    2.97
                                                              
    10 Pennant International Group                        2.89
                                                              
    11 Titan Europe                                       2.70
                                                              
    12 LPA Group                                          2.21
                                                              
    13 Sanderson Group                                    2.06
                                                              
    14 One Horizon Group                                  1.46
                                                              
    15 MTI Wireless Edge                                  1.33
                                                              
    16 Richoux Group                                      1.02
                                                              
    17 Datong                                             0.93
                                                              
    18 Petards                                            0.27
                                                              
    19 Bakabo (formerly Forest Support                    0.26
       Services)                                              
                                                              
    20 Universe Group                                     0.21
                                                              
Balance held in 3 holdings                                0.00
                                                              
                                                        100.00