Interim Management Statement

CHELVERTON GROWTH TRUST PLC

INTERIM MANAGEMENT STATEMENT

For the period 1 March 2012 to 30 June 2012

INVESTMENT OBJECTIVE

The investment objective of the Company is to provide capital growth through
investment in companies listed on the Official List and traded on the
Alternative Investment Market (`AIM') with a market capitalisation at the time
of investment of up to £50 million, which are believed to be at a `point of
change'. Its investment objective is to increase net asset value per share at a
higher rate than other quoted smaller company trusts and the FTSE All-Share
Index*.

INVESTMENT POLICY

The Company invests principally in securities of publicly quoted UK companies,
though it may invest in unquoted securities. The concentrated UK portfolio
comprises between 20 to 35 securities. The performance of the Company's
investments is compared to the FTSE All-Share Index*. The Company will also
invest in unquoted investments where it is believed that there is a likelihood
of the shares becoming listed or traded on AIM or the investee company being
sold. The Company will not invest in any listed investment companies or listed
investment trusts.

It is intended from time to time, when deemed appropriate, that the Company
will borrow for investment purposes. It currently has no borrowings.

The investment objective and policy stated above are intended to distinguish
the Company from other investment vehicles which have relatively narrow
investment objectives and which are constrained in their decision making and
asset allocation. The objective and policy allow the Company to be constrained
in its investment selection only by valuation and to be pragmatic in portfolio
construction by only investing in securities which the Investment Manager
considers to be undervalued on an absolute basis.

* The Board are proposing to use a different index, the MSCI UK Small Cap.
Shareholders will be asked to formally approve the adoption of the index at the
Company's AGM in December 2012.

KEY FACTS

Net asset value (NAV) per Ordinary          35.11p 
share*                                             
                                                   
Ordinary share price                        27.00p 
                                                   
Discount                                    23.10%
                                                   

PERFORMANCE - TOTAL RETURN

For the period 1 March 2012 to 30 June 2012

NAV*                                         4.71%
                                                   
Share Price                                  3.85%
                                                   
MSCI UK Small Cap Index                     (5.90%)
                                                   

*Based on NAV including current period revenue

MATERIAL DEVELOPMENTSANDTRANSACTIONS

On 31 May 2012 the Company purchased 100,000 Ordinary 1p shares for treasury at
a price of 26p per share. Following this transaction the number of Ordinary
shares in issue remains 11,884,283 of which 100,000 are now held in treasury.
The number of Ordinary shares for the purpose of total voting rights is
11,784,283.

There were no other material developments or transactions during the period.

DISTRIBUTION OF ASSETS AND LIABILITIES

As at 30 June 2012

                                                  As at            As at
                                                30 June      29 February
                                                   2012             2012
                                                                       
                                                  £'000            £'000 
                                                                       
Listed and AIM traded investments -                                    
                                                                       
Ordinary Shares                                   2,893            3,437
                                                                       
Delisted and unquoted                               557              557
                                                                       
Current assets/(liabilities)                      3,450            3,994
                                                                       
                                                    688               (9)
                                                                       
Net assets                                        4,138            3,985
                                                                       
Net asset value per Ordinary share                35.11p           33.53p

       PORTFOLIO HOLDINGS                                     
                                                              
       Name of company                          % of portfolio     
                                                              
     1 IDOX                                              32.36
                                                              
     2 Parmenion                                         11.53
                                                              
     3 Belgravium Technologies                            9.78
                                                              
     4 CEPS                                               7.10
                                                              
     5 Alliance Pharma                                    5.67
                                                              
     6 PSG Solutions                                      3.98
                                                              
     7 Northbridge Industrial Services                    3.94
                                                              
     8 Sanderson Group                                    3.39
                                                              
     9 LPA Group                                          3.31
                                                              
    10 Metalrax Group                                     3.25
                                                              
    11 Tristel                                            3.25
                                                              
    12 Titan Europe                                       3.04
                                                              
    13 Transflex Vehicle Rental                           2.90
                                                              
    14 One Horizon Group                                  1.72
                                                              
    15 Datong                                             1.56
                                                              
    16 Richoux Group                                      1.29
                                                              
    17 MTI Wireless Edge                                  1.11
                                                              
    18 Petards                                            0.43
                                                              
    19 Universe Group                                     0.39
                                                              
Balance held in 3 holdings                                0.00
                                                              
                                                        100.00

Note: The Directors are not aware of any significant events or transactions
which have occurred between the date of the financial information and the date
of publication, which would have a material impact on the financial position of
the Company.

The net asset value is published on a monthly basis and other useful background
information on the Company including downloads of published documentation such
as previous Annual Reports and Monthly Fact Sheets can be found at
www.chelvertonam.com.

COMPANY INFORMATION

Launch date: 12 May 1999

Year end: 31 August

Results announced:

Half year - April

Final - November

AGM - December

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency rules.
It should not be relied upon by any other party or for any other purposes. In
addition, the views, information and data in this publication should not be
deemed as a financial promotion or recommendation.

Contact:

William van Heesewijk

Chelverton Asset Management Limited

Tel: [phone]