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 30 November
2010 was 26.41p.

TOP 20 HOLDINGS

           Name of company                        % of portfolio
                                                                
     1     IDOX                                            22.97
                                                                
     2     AI Claims                                       13.65
                                                                
     3     Alliance Pharma                                  9.26
                                                                
     4     Parmenion                                        8.70
                                                                
     5     Closed Loop London                               7.54
                                                                
     6     Tristel                                          7.53
                                                                
     7     Belgravium Technologies                          4.48
                                                                
     8     Datong                                           2.87
                                                                
     9     CEPS                                             2.81
                                                                
    10     Pennant International Group                      2.73
                                                                
    11     Northbridge Industrial Services                  2.72
                                                                
    12     Richoux Group                                    2.41
                                                                
    13     Sanderson Group                                  2.33
                                                                
    14     MTI Wireless Edge                                2.20
                                                                
    15     LPA Group                                        2.18
                                                                
    16     Titan Europe                                     2.08
                                                                
    17     PSG Solutions                                    1.08
                                                                
    18     Satcom                                           0.97
                                                                
    19     Petards                                          0.65
                                                                
    20     Universe                                         0.51
                                                                
Balance held in 3 holdings                                  0.33
                                                                
                                                          100.00