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 August 2011) at close of business on 30 November
2011 was 31.28p.

TOP 20 HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              33.47
                                                              
     2 AI Claims                                         13.27
                                                              
     3 Parmenion                                          9.66
                                                              
     4 Belgravium Technologies                            7.29
                                                              
     5 Alliance Pharma                                    6.63
                                                              
     6 CEPS                                               4.85
                                                              
     7 Tristel                                            3.69
                                                              
     8 PSG Solutions                                      3.67
                                                              
     9 Pennant International Group                        2.94
                                                              
    10 Northbridge Industrial Services                    2.71
                                                              
    11 LPA Group                                          2.60
                                                              
    12 Titan Europe                                       2.26
                                                              
    13 Sanderson Group                                    1.89
                                                              
    14 One Horizon Group                                  1.44
                                                              
    15 Datong                                             1.16
                                                              
    16 MTI Wireless Edge                                  1.10
                                                              
    17 Richoux Group                                      0.88
                                                              
    18 Petards                                            0.28
                                                              
    19 Universe Group                                     0.21
                                                              
Balance held in 3 holdings                                0.00
                                                              
                                                        100.00