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 2010) at close of business on 31 July 2010 was
24.87p.

TOP 20 HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              16.61
                                                              
     2 AI Claims                                         13.63
                                                              
     3 Closed Loop London                                 9.36
                                                              
     4 Alliance Pharma                                    8.50
                                                              
     5 Hartest Holdings                                   8.34
                                                              
     6 Parmenion                                          8.11
                                                              
     7 Tristel                                            5.68
                                                              
     8 CEPS                                               5.23
                                                              
     9 Forest Support                                     3.43
                                                              
    10 Belgravium Technologies                            3.13
                                                              
    11 MTI Wireless Technologies                          2.34
                                                              
    12 Northbridge Industrial Services                    2.09
                                                              
    13 Datong                                             2.06
                                                              
    14 LPA Group                                          2.03
                                                              
    15 Sanderson Group                                    1.84
                                                              
    16 Titan Europe                                       1.71
                                                              
    17 Pennant International Group                        1.64
                                                              
    18 PSG Solutions                                      1.23
                                                              
    19 Satcom                                             0.87
                                                              
    20 Petards Group                                      0.79
                                                              
Balance held in 12 holdings                               1.38
                                                              
                                                        100.00