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 2011) at close of business on 31 August 2011
was 30.66p.

TOP 20 HOLDINGS

     Name of company                            % of portfolio     
                                                              
     1 IDOX                                              28.43
                                                              
     2 Al Claims                                         14.06
                                                              
     3 Parmenion                                         10.76
                                                              
     4 Belgravium Technologies                            7.71
                                                              
     5 Alliance Pharma                                    6.50
                                                              
     6 CEPS                                               6.41
                                                              
     7 Tristel                                            3.95
                                                              
     8 Northbridge Industrial Services                    3.26
                                                              
     9 Titan Europe                                       3.07
                                                              
    10 Pennant International Group                        2.90
                                                              
    11 PSG Solutions                                      2.81
                                                              
    12 Sanderson Group                                    2.44
                                                              
    13 LPA Group                                          1.92
                                                              
    14 Datong                                             1.53
                                                              
    15 MTI Wireless Edge                                  1.47
                                                              
    16 Richoux Group                                      1.20
                                                              
    17 One Horizon                                        0.80
                                                              
    18 Petards                                            0.27
                                                              
    19 Forest Support Services                            0.26
                                                              
    20 Universal Group                                    0.25
                                                              
Balance held in 3 holdings                                0.00
                                                              
                                                        100.00


  ND