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 31 December
2010 was 26.53p.

TOP 20 HOLDINGS

           Name of company                        % of portfolio
                                                                
     1     IDOX                                            21.44
                                                                
     2     AI Claims                                       15.04
                                                                
     3     Parmenion                                        8.56
                                                                
     4     Alliance Pharma                                  8.37
                                                                
     5     Closed Loop London                               7.42
                                                                
     6     Tristel                                          7.18
                                                                
     7     Belgravium Technologies                          4.41
                                                                
     8     Datong                                           3.53
                                                                
     9     CEPS                                             3.13
                                                                
    10     Northbridge Industrial Services                  2.85
                                                                
    11     Pennant International Group                      2.69
                                                                
    12     Richoux Group                                    2.45
                                                                
    13     Titan Europe                                     2.41
                                                                
    14     Sanderson Group                                  2.38
                                                                
    15     LPA Group                                        2.29
                                                                
    16     MTI Wireless Edge                                2.06
                                                                
    17     PSG Solutions                                    1.06
                                                                
    18     Satcom                                           0.95
                                                                
    19     Petards                                          0.80
                                                                
    20     Universe                                         0.65
                                                                
Balance held in 3 holdings                                  0.33
                                                                
                                                          100.00