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 31 May 2011
was 32.08p.

TOP 20 HOLDINGS

           Name of company                        % of portfolio
                                                                
     1     IDOX                                            25.40
                                                                
     2     AI Claims                                       12.94
                                                                
     3     Parmenion                                       10.46
                                                                
     4     Belgravium Technologies                          7.79
                                                                
     5     Alliance Pharma                                  6.54
                                                                
     6     Closed Loop Recycling                            6.04
                                                                
     7     Tristel                                          4.22
                                                                
     8     CEPS                                             4.12
                                                                
     9     Pennant International Group                      3.13
                                                                
    10     Northbridge Industrial Services                  3.00
                                                                
    11     Titan Europe                                     2.92
                                                                
    12     Datong                                           2.64
                                                                
    13     Sanderson Group                                  2.16
                                                                
    14     MTI Wireless Edge                                1.85
                                                                
    15     PSG Solutions                                    1.77
                                                                
    16     LPA Group                                        1.69
                                                                
    17     Richoux Group                                    1.53
                                                                
    18     One Horizon                                      0.77
                                                                
    19     Petards                                          0.46
                                                                
    20     Universe Group                                   0.33
                                                                
Balance held in 3 holdings                                  0.24
                                                                
                                                          100.00