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 July 2011 was
31.69p.

TOP 20 HOLDINGS

           Name of company                        % of portfolio
                                                                
     1     IDOX                                            30.17
                                                                
     2     AI Claims                                       13.34
                                                                
     3     Parmenion                                       10.35
                                                                
     4     Belgravium Technologies                          7.11
                                                                
     5     CEPS                                             6.40
                                                                
     6     Alliance Pharma                                  5.92
                                                                
     7     Tristel                                          4.27
                                                                
     8     Northbridge Industrial Services                  3.38
                                                        
     9     Titan Europe                                     3.13
                                                                
    10     Pennant International Group                      3.02
                                                                
    11     Sanderson Group                                  2.49
                                                                
    12     PSG Solutions                                    2.37
                                                                
    13     LPA Group                                        1.96
                                                                
    14     Datong                                           1.86
                                                                
    15     MTI Wireless Edge                                1.50
                                                                
    16     Richoux Group                                    1.19
                                                                
    17     One Horizon                                      0.77
                                                                
    18     Petards                                          0.28
                                                                
    19     Forest Support Services                          0.25
                                                                
    20     Universe Group                                   0.24
                                                                
Balance held in 3 holdings                                  0.00
                                                                
                                                          100.00