chelvertonam

1. CHELVERTON GROWTH TRUST PLC Trust facts June 2011 www.chelvertonam.com

2. CHELVERTON GROWTH TRUST PLC Trust facts June 2011 Fund Manager’s comment as at 30 June 2011 . Last month was a case of  ‘risk off’ in the first weeks as the UK equity market fell reflecting continued worries over a Greek default and poor domestic macro data. The last week was back to ‘risk on’ when markets bounced back as the underlying corporate news continued, on balance, to be positive and upgrades continued to outweigh downgrades, albeit marginally.  At the same time there was a relative improvement in the performance of UK centric stocks compared to overseas earners which will have benefited our fund and the first tentative signs of a pick up in corporate activity.  We expect markets to continue to be volatile over the summer months At the stock level we believe that some of the earnings forecasts for 2012 appear to be rather optimistic given the macro background and whilst we still expect decent earnings growth, in aggregate, we expect a period of adjustment for some of the top of the range forecasts.  Our largest holding, IDOX reported a good set of interim results highlighting the good cash generation within the business and Titan Europe released a positive trading update.  LPA released figures showing a welcome return to profitability and there was notification of Directors purchases at Sanderson. The information contained in this document has been obtained from sources that Chelverton Asset Management Limited (“CAM”) considers to be reliable. However, CAM cannot guarantee the accuracy or completeness of the information provided, and therefore no investment decision should be based solely on this data. This document is issued by CAM, authorised and regulated by the Financial Services Authority. This documents does not represent a recommendation by CAM to purchase shares in this Trust. We recommend private investors seek the services of a Financial Adviser. Risk Factors The value of investments and the income from them may go down as well as up and you may not get back your original investment. Investment trusts can borrow money to make additional investments on top of shareholders funds (gearing). If the value of these investments fall in value, gearing will magnify the negative impact on performance. Particular share classes may also be structurally geared by other share classes that have earlier entitlement to the Company’s assets up to a predetermined limit. If an investment trust incorporates a large amount of gearing the value of its shares may be subject to sudden and large falls in value and you could get back nothing at all. An investor could lose all of their capital. Smaller companies are riskier and less liquid than larger companies which means their share price may be more volatile. Some of the annual management fee is currently charged to the capital of the Fund. Whilst this increases the yield, it will restrict the potential for capital growth. The level of yield may be subject to fluctuation and is not guaranteed. Net Asset Value (“NAV”) performance is not the same as share price performance and investors may not realise returns the same as NAV performance. Risk rating of Shares Ordinary shares High Chelverton Growth Trust PLC is registered in England. Company no. 2989519 Reuters: CGW.L SEDOL: 02621349 Market Makers: FairFax IS & Winterflood Price Information: Financial Times HOW TO CONTACT US Telephone : 01225 483 030 Email: cam@chelvertonam.com By Post: Chelverton Asset Management Limited 12b George Street, Bath BA1 2EH www.chelvertonam.com