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 30 November 2011) at close of business on 29 February
2012 was 33.67p.

PORTFOLIO HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              29.41
                                                              
     2 AI Claims                                         11.89
                                                              
     3 Parmenion                                          9.96
                                                              
     4 Belgravium Technologies                            9.39
                                                              
     5 Alliance Pharma                                    6.49
                                                              
     6 CEPS                                               5.01
                                                              
     7 PSG Solutions                                      3.61
                                                              
     8 Tristel                                            3.61
                                                              
     9 Titan Europe                                       3.46
                                                              
    10 Northbridge Industrial Services                    3.19
                                                              
    11 LPA Group                                          2.80
                                                              
    12 Sanderson Group                                    2.78
                                                              
    13 Transflex Vehicle Rental                           2.50
                                                              
    14 MTI Wireless Edge                                  1.58
                                                              
    15 One Horizon Group                                  1.48
                                                              
    16 Datong                                             1.30
                                                              
    17 Richoux Group                                      0.97
                                                              
    18 Petards                                            0.31
                                                              
    19 Universe Group                                     0.26
                                                              
Balance held in 3 holdings                                0.00
                                                              
                                                        100.00