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CHELVERTON GROWTH TRUST PLC Trust facts September 2011. www.chelvertonam.com. CHELVERTON GROWTH TRUST PLC Trust facts September 2011. Fund Manager’s comment as at 30 September 2011.

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chelvertonam

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

  2. CHELVERTON GROWTH TRUST PLC Trust facts September 2011 Fund Manager’s comment as at 30 September 2011 In the last month large cap outperformed small and mid cap again as investors continued to adopt a ‘risk off’ approach and the macro data remained unremittingly gloomy. In the UK, the relative value of equities against bonds fell to almost a fifty year low, and the absolute rating on individual stocks are at levels typically seen in periods of recession.  . We have recently seen a noticeable pick up in the number of analyst downgrades that have not been Company led but have been a reaction to increased macro pessimism.  We believe that as long as there is no marked downturn in GDP forecasts, i.e. another recession, we are now reaching the point where Company earnings will once again start to beat consensus estimates. In our fund, there were some good figures and a double digit dividend increase from AI Claims and both Northbridge and Belgravium produced reassuring numbers, the latter also highlighting a much strengthened balance sheet. Alliance Pharma released in line figures and Tristel announced that they had received the licences needed to sell their products in China. . 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

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