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 28 February 2011) at close of business on 31 March
2011 was 30.32p.

TOP 20 HOLDINGS

           Name of company                        % of portfolio
                                                                
     1     IDOX                                            24.02
                                                                
     2     AI Claims                                       15.51
                                                                
     3     Parmenion                                       11.14
                                                                
     4     Alliance Pharma                                  8.03
                                                                
     5     Closed Loop Recycling                            6.44
                                                                
     6     Tristel                                          5.62
                                                                
     7     Belgravium Technologies                          5.43
                                                                
     8     Pennant International Group                      3.34
                                                                
     9     Datong                                           2.81
                                                                
    10     Northbridge Industrial Services                  2.77
                                                                
    11     CEPS                                             2.56
                                                                
    12     Sanderson Group                                  2.07
                                                                
    13     Titan Europe                                     1.89
                                                                
    14     MTI Wireless Edge                                1.88
                                                                
    15     LPA Group                                        1.86
                                                                
    16     Richoux Group                                    1.42
                                                                
    17     PSG Solutions                                    1.17
                                                                
    18     One Horizon Group                                0.83
                                                                
    19     Petards                                          0.70
                                                                
    20     Bakabo                                           0.27
                                                                
Balance held in 3 holdings                                  0.24
                                                                
                                                          100.00