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 July 2012) at close of business on 31 July 2012
was 35.55p.

This is based on 11,784,283 Ordinary Shares, being the issued capital of
11,884,283 Ordinary Shares less 100,000 Ordinary Shares held in treasury.

PORTFOLIO HOLDINGS

     Name of company                     % of portfolio     
                                                            
   1 IDOX                                              29.86
                                                            
   2 Parmenion                                         10.88
                                                            
   3 Belgravium Technologies                            9.23
                                                            
   4 CEPS                                               6.70
                                                            
   5 Alliance Pharma                                    6.16
                                                            
   6 PSG Solutions                                      4.15
                                                            
   7 LPA Group                                          4.05
                                                            
   8 Tristel                                            3.72
                                                            
   9 Northbridge Industrial Services                    3.70
                                                            
  10 Titan Europe                                       3.24
                                                            
  11 Metalrax Group                                     3.08
                                                            
  12 Lombard Risk Management                            3.08
                                                            
  13 Sanderson Group                                    3.03
                                                            
  14 Transflex Vehicle Rental                           2.73
                                                            
  15 Datong                                             1.70
                                                            
  16 One Horizon Group                                  1.62
                                                            
  17 Richoux Group                                      1.25
                                                            
  18 MTI Wireless Edge Petards                          1.00
                                                            
  19 Universe Group                                     0.42
                                                            
  20 Petards Group                                      0.40
                                                            
Balance held in 3 holdings                              0.00
                                                            
                                                      100.00