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 2009) at close of business on 29 January
2010 was 23.12p.

The Managers are pleased to highlight the increase in the Net Asset Value per
Share from 21.86p to 23.12p per share an increase of 5.8%. This is largely as a
result of an investment by several Third Parties at a valuation of £5m; the
value of our investment has increased from £114,970 to £290,985.

TOP 20 HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              15.49
                                                              
     2 AI Claims                                         12.08
                                                              
     3 Closed Loop London                                 9.83
                                                              
     4 Parmenion                                          8.51
                                                              
     5 Alliance Pharma                                    7.03
                                                              
     6 Tristel                                            6.78
                                                              
     7 Hartest Holdings                                   6.46
                                                              
     8 Belgravium Technologies                            4.75
                                                              
     9 CEPS                                               4.40
                                                              
    10 Forest Support                                     4.38
                                                              
    11 Petards Group                                      2.92
                                                              
    12 Datong                                             2.51
                                                              
    13 MTI Wireless Edge                                  2.25
                                                              
    14 LPA Group                                          2.06
                                                              
    15 Satcom                                             1.99
                                                              
    16 Northbridge Industrial Services                    1.83
                                                              
    17 Sanderson Group                                    1.40
                                                              
    18 PSG Solutions                                      1.34
                                                              
    19 Pennant International Group                        1.15
                                                              
    20 Richoux Group                                      1.14
                                                              
Balance held in 12 holdings                               1.70
                                                              
                                                        100.00