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 30 April
2011 was 31.45p.

TOP 20 HOLDINGS

           Name of company                        % of portfolio
                                                                
     1     IDOX                                            25.69
                                                                
     2     AI Claims                                       15.18
                                                                
     3     Parmenion                                       10.71
                                                                
     4     Alliance Pharma                                  7.77
                                                                
     5     Closed Loop Recycling                            6.19
                                                                
     6     Belgravium Technologies                          5.52
                                                                
     7     Tristel                                          3.83
                                                                
     8     Pennant International Group                      3.37
                                                                
     9     CEPS                                             3.08
                                                                
    10     Northbridge Industrial Services                  2.97
                                                                
    11     Datong                                           2.65
                                                                
    12     Titan Europe                                     2.63
                                                                
    13     Sanderson Group                                  1.95
                                                                
    14     Richoux Group                                    1.84
                                                                
    15     LPA Group                                        1.73
                                                                
    16     MTI Wireless Edge                                1.72
                                                                
    17     PSG Solutions                                    1.18
                                                                
    18     One Horizon Group                                0.79
                                                                
    19     Petards                                          0.60
                                                                
    20     Universe Group                                   0.33
                                                                
Balance held in 3 holdings                                  0.27
                                                                
                                                          100.00